Azerbaijan’s Milli Majlis (National Assembly) has passed at first reading a bill allowing debt claims to be enforced against securities.
Operative Information Center-OMM reports that draft amendments to the laws “On Enforcement” and “On the Securities Market” were discussed at today’s plenary session of parliament.
The bill proposes adding a new Article 46-1 to the law “On Enforcement,” titled “Enforcement of a claim against the debtor’s securities.”
The article sets out procedures for enforcing a claim against documentary securities found in the debtor’s possession, uncertificated securities registered in the debtor’s name, and documentary securities held at a central depository.
Under the bill, requests for information about a debtor’s securities, the seizure of those securities and enforcement of claims against them will be handled through the Electronic Enforcement information system. The draft also provides for related amendments to the law “On the Securities Market.”
The bill was put to a vote after discussion and passed at first reading.
At first reading, parliament considers a bill’s general principles and main provisions. A bill may be amended during subsequent readings before it is finally adopted.
