Memorandum Of Understanding Between KDPW And The National Depository Center Of The Azerbaijan Republic

The Polish National Depository for Securities (KDPW) has signed a Memorandum of Understanding with the central securities depository of Azerbaijan – the National Depository Center of the Azerbaijan Republic. The MoU was signed in Baku at the celebrations of the 15th anniversary of the National Depository Center of the Azerbaijan Republic.

The Memorandum of Understanding sets out the framework of co-operation between the depositories, including exchange of information and statistics and organisation of internship and exchange of know-how between experts of the Polish and the Azerbaijani depositories. These initiatives are the first step on the road to establishing an operational link between KDPW and the Azerbaijani depository, which would in future enable the dual-listing of companies on the stock exchanges in Warsaw and Baku.

“The Memorandum of Understanding is the first step towards a cross-border link with Azerbaijan. KDPW is keenly looking at developments on the Eastern markets. We signed a similar Memorandum of Understanding with the central depository of Belarus in 2009 and now we are also looking with interest at the Russian market,” said KDPW CEO and President Iwona Sroka.

“This is a remarkable year in Polish and Azerbaijani securities markets relationship. We believe that these two platforms will stimulate mutually beneficial cooperation between two markets and we foretaste fruitful collaborations on legislative, operational and technological aspects of it” – said Fariz Azizov the Chairman of the National Depository Center of the Azerbaijan Republic

Representatives of the National Depository will take part in the EU twinning project for supervision of the capital market in the Azerbaijan Republic. The objective of the project is to strengthen the legal framework and enhance the supervisory and institutional capabilities of the State Committee for Securities of the Azerbaijan Republic by holding advisory meetings, workshops and internships in EU supervisory bodies. The initiative is addressed to representatives of Azerbaijan’s capital market infrastructure institutions: the Central Securities Depository, the National Depository Centre, the Committee for Securities.