AZERBAIJAN: new departments established in Central Bank due to transfer of regulatory and supervisory functions

20 January 2020 — Marina MAGNAVAL
As the Central Bank of Azerbaijan announced on its website, there has been some structural changes in connection with the transfer to the Central Bank of the powers of the Financial Market Supervisory Authority (FIMSA), which was abolished under the president's decree, Trend reports.

The market operations department, the economic analysis department, the risk management department and the procurement department were abolished in the Central Bank. Instead of those, new departments have been established: the credit organizations' activity control department, the financial markets operations department, the insurance activities control department, the foreign exchange reserves governance department, the licensing department and the financial monitoring department.

Based on the above mentioned president's decree, FIMSA was abolished on November 28, 2019, in order to improve management of the regulatory system and the control over the financial services market. According to the official document, FIMSA's functions related to licensing, regulation and supervision of the financial services market, protection of the rights of investors and consumers of financial services were all transferred to the Central Bank of Azerbaijan.

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