AZERBAIJAN: financial markets supervision transferred to the Central Bank

On November 28, by Order of the President of the Republic of Azerbaijan, the Chamber of Financial Supervision of the Republic of Azerbaijan (FIMSA) was abolished, its task being transferred to the Central Bank.

The presidential order's text shows that the measure aims to improve the regulation and supervision of the financial services market, according to the provisions of clause 32 of Article 109 of the Constitution of the Republic of Azerbaijan.

The Central Bank of the Republic of Azerbaijan was, thus, assigned the powers and rights of the former Financial Market Supervision Authority, including licensing, regulation and supervision in the financial services market and protection of the rights of investors and consumers of financial services. Within one month, the Central Bank has to prepare and submit to the President of the Republic of Azerbaijan proposals on necessary changes to the laws "On the Central Bank of the Republic of Azerbaijan", "On Banks", "On Non-Banking Credit Institutions", "On Insurance Activities", "On Securities Market", "Currency Regulation" and other legislative acts. Also, it has to take all the necessary measures to carry out the relevant handover operations. Any other issues that may arise from the transfer process will be solved by the Cabinet of Ministers of the Republic of Azerbaijan.

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