capital markets - current and past projects |
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May 2008 Present projects Albania: Advisory Support to the Albanian Securities Commission on Drafting the new Law on Bonds The Albanian financial system is currently centred on banks while the equity market is remarkably underdeveloped. In 2002, bank assets counted for 98.1 % of the assets of all financial intermediaries - the highest in South-Eastern Europe (SEE) - while the stock market capitalisation is the lowest in SEE. At the request of the Albanian Securities Commission (now Financial Supervisory Authority), the EBRD is undertaking a project in order to enhance the securities market legislation in the country and provide corporations and municipalities an alternative means of raising debt capital and finance their development. An Action Plan
Kyrgyz Republic: Reform of Investors’ Protection Legislation At the request of the State Commission under the Government of the Kyrgyz Republic (now Financial Market Supervision and Regulation Service of the Kyrgyz Republic), the EBRD is undertaking a project to enhance the quality of investors’ protection legislation in the country. The project aims to review the relevant legislation, propose recommendations for improvements and draft the legislation in line with international standards and best practices. An Action Plan was developed and approved by the Kyrgyz Authorities. The Action Plan is available in English
Regional: Securities Markets Legislation Assessment Update In 2004-2005 the EBRD assessed the quality of securities markets legislation in its countries of operations. The initiative has been repeated in 2007 and is benchmarking the laws and regulations in each country against the IOSCO Principles, providing a clear analysis of gaps in the existing legislative framework and identifying future legal reform needs. The assessment update was implemented taking also into consideration the EBRD Core Principles for Securities Market, the IOSCO Principles and the methodology for assessing the implementation of the Principles. The assessment report and checklists of each country are available on the EBRD website. The initiative was internally funded. Regional: Legal Indicator Survey 2007 – Securities Market Legislation The EBRD recently undertook a survey in order to evaluate the effectiveness (i.e. how the law works in practice) of legislation on securities markets in all countries of operations. The methodology employed in the 2007 Legal Indicator Survey followed on from previous initiatives. Accordingly, it involved working with leading law firms in the region. These law firms were provided with a case study involving a securities market legislation scenario and an extensive questionnaire. The scenario took the perspective of an investor facing substantial losses after having purchased some shares in a well-known company on the basis of wrong information included in that company’s prospectus. In this scenario the investor is considering starting a legal action in order to obtain some form of redress through a private action in court or otherwise. Further, a questionnaire was designed to establish how effective each country’s legal system is in protecting investors’ interests. Law firms were asked to respond to the questionnaire as if they were advising the client on how best to protect its rights and preserve the value of its financial investment. The findings of the survey have been published in the Legal Annex of the EBRD Transition Report 2007 and will be subject of an extensive article to be published in the spring 2008 edition of Law in transition. Read more about the survey on the EBRD website.
Past projects Azerbaijan: Amendments to the Foreign Investment Protection Law The EBRD assisted a working group to prepare a new draft law based on internationally recognised guidelines for foreign investment laws. The draft provided solutions to key omissions and shortcomings in the existing legal framework and proposed additional measures to be taken to ensure the effectiveness of the law. This project was funded by the German government and was completed in January 1999. Azerbaijan: Legal Advisory Services to Azerbaijan in Connection with Drafting Securities Market related Primary Law At the request of the Azerbaijan State Committee for Securities, the EBRD provided advice and assistance in drafting two pieces of primary legislation governing the securities market of Azerbaijan, i.e., a new Law on Joint Stock Companies and a new Law on Securities. This project was funded by the UK government and was completed in December 2001. Czech Republic: Assistance in Establishing a Securities Commission The EBRD assisted the Czech Securities Commission with the re-engineering of the Czech financial market regulatory function. The project, funded by EU Phare, consisted of the following key elements: recommendations for changes to Czech financial market legislation and draft regulations; structuring of the Czech Securities Commission and its regulatory function; advising on funding and budgeting issues for the Czech Securities Commission; and training of its staff. The project was completed in December 2000. Czech Republic: Close-out Netting Legislation At the request of the Czech National Bank, the EBRD undertook a project to assist the Czech Republic in developing its bankruptcy-related legislation to strengthen the enforceability of close-out netting for over-the-counter derivatives contracts. The EBRD worked on this project with International Swaps and Derivatives Association, Inc. This project was funded by the UK government and was completed in June 2004. Georgia: Review of the Banking Law The EBRD reviewed and provided commentary to a draft report produced by a USAID-supported project designed to amend the existing Georgian banking law. This project was internally funded and completed in April 2001. Hungary: Close-out Netting Legislation At the request of the Ministry of Finance, the EBRD undertook a project to assist Hungary in developing its bankruptcy-related legislation to strengthen the enforceability of close-out netting for over-the-counter derivatives contracts. The EBRD worked with the International Swaps and Derivatives Association, Inc. on this project, which was funded by the UK government and completed in December 2001. Hungary: Legal Advisory Services for New Securities Act The EBRD provided assistance to the Ministry of Finance in drafting a new comprehensive securities law. As a result, a new comprehensive Act on Capital Market, in line with EU directives and international best practices was adopted by the Hungarian Parliament on 18 December 2001 and entered into force on 1 January 2002. This project was funded by the UK government and was completed in December 2001. Lithuania: Privatisation Laws The EBRD proposed amendments to Lithuanian law to permit the conversion of debt into equity of a State Stock Enterprise in the context of privatisation. This project was internally funded and was completed in May 1997. Moldova: Improving Leasing Transactions Related Legislation The EBRD provided assistance to the Moldovan Ministry of Economy in drafting a modern and comprehensive law on leasing. A detailed assessment of the Moldovan legal framework was performed and a legislative proposal prepared and sent to the Government for approval. The legislative proposal led to the enactment of a new law on leasing which was approved by the Parliament on April 28, 2005 and published on the Official Gazette on July 8, 2005. The new legislation (Moldovan version
Regional: CIS Model Securities Law This project aimed to develop a CIS Model Securities Law. The EBRD sponsored the project and participated in a drafting group that developed the model law "On Securities Markets," (english
Russian Federation: Amendments and Additions to Laws Regulating Legal Entities and Securities Market This project helped develop the legal framework in the areas of company law and corporate governance; capital markets (securities transactions law and law on electronic documents), and investment funds law. As a result of the project, amendments to the Russian Company Law were approved by the Duma, as well as the new Investment Fund Law. This project was funded by the Japanese government and was completed in June 2000. Russian Federation: Legal and Regulatory Reform related to the Issuance of Debt Securities in the Russian Federation by Foreign Issuers The EBRD assisted the Russian FCSM in improving the Russian legal and regulatory framework governing the debt capital markets by bringing it into line with the sound practice of international bond markets. The project aimed to clarify the Russian regulatory regime so that foreign issuers with good credit ratings are able to raise capital in roubles by issuing rouble-denominated bonds and paying debt securities in a cost-efficient way. This project was funded by the EU and was completed in March 2005. In May 2005, the EBRD launched the first rouble bond issue in Russia. For further information, please see the EBRD Press Release on the operation. Serbia: Study on remittances The EBRD has completed an extensive review of the legislation and policies governing remittances in Serbia in order to improve the efficiency and development impact of the remittances flows (lower transaction costs, better financial intermediation, more productive investments). The project was financed by Switzerland. The Legal Report detailing the legal framework in Serbia is available on the Bank’s website
Serbia and Montenegro: Legal Advisory Programme on Privatisation With the assistance of the EBRD, the Serbian Ministry of Economy and Privatisation prepared a new Privatisation Law which creates three methods for privatising companies: 1) competitive tendering process; 2) auction; and 3) out-of-court restructuring process. The EBRD, in cooperation with the World Bank, also helped the Ministry to develop key implementing regulations. This project was funded by the UK government and by the Balkan Region Special Fund and was completed in March 2002. Slovenia: Equity Investment Survey In order to assess the legal framework for equity investments, the Bank conducted a survey of legal issues relating to the acquisition of shares in companies incorporated in Slovenia. This project was internally funded and was completed in April 1997.
Tajikistan: Anti Money Laundering and Counter Terrorism Financing (AML/CTF) Assessment Turkmenistan: Development of Taxation, Accounting & Investment Related laws The EBRD reviewed the existing tax and foreign investment legislation of Turkmenistan and made a recommendation to the Turkmen Government on appropriate reforms to the legislation. Turkmenistan’s VAT legislation was amended according to the Bank's recommendations. The project was completed in July 1997. Uzbekistan: Leasing Law Project The EBRD provided advice to enhance the legal and tax environment for leasing transactions In Uzbekistan. The objective of the project was to encourage the development of a legal environment to facilitate the operation of financial and non-financial leasing transactions in the country and to ensure that the legislation on leasing in Uzbekistan is consistent with international standards. The main recommendations made under the Project were adopted and transformed into two Presidential Decrees, one issued in August and another in December 2002. The amendments resolved all the barriers to leasing in Uzbekistan including removing the ban on leasing operations to raise debt financing and addressing a number of tax disadvantages and discrepancies. The project was funded by the Japanese government and was completed in June 2002.
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