MM approves amendments on directing debt claims to securities

The Milli Majlis has adopted in the third reading amendments allowing debt claims to be directed to securities.

As Report informs, the relevant bill on amendments to the laws "On Enforcement" and "On the Securities Market" was discussed at today's plenary session of the parliament.

According to the document, a new Article 46-1, "Levying a claim against the debtor's securities," is being added to the law "On Enforcement."

The new article defines the mechanism for levying a claim both against a documentary security found in the possession of the debtor and against a book-entry security registered in the debtor's name, as well as against a documentary security held at the central depository.

According to the draft, measures to request information about the debtor's securities, to seize them, and to levy a claim against these securities are organized through the "Electronic Enforcement" information system. The bill also provides for corresponding harmonizing amendments to the law "On the Securities Market."

After the discussions, the document was put to a vote and adopted in the final reading.