Baku, Azerbaijan, March 4
By Azad Hasanli - Trend:
Azerbaijan's parliament passed a package of amendments to the country's laws at its plenary session March 4, which stipulates establishing the Financial Market Supervisory Chamber.
In particular, amendments were made to Azerbaijan's Tax Code, Civil Code, Code of Administrative Offences, Law on Central Bank, Law on Banks, Law on Postal Service, Law on Securities Market, Law on Investment Funds, Law on Insurance Activity, Law on Lotteries, Law on Non-Bank Credit Organizations, and others.
Azerbaijan's President Ilham Aliyev signed a decree in February to establish the Financial Market Supervisory Chamber, which received the powers of licensing, regulation and control over securities market, investment funds, insurance companies and credit institutions (banks, non-bank credit organizations and postal operator) and payment systems.
The new amendments stipulate restricting the rights of members of the Central Bank's board, as well as their close relatives to own predominant shares in financial institutions.
Previously, the above-mentioned individuals were prohibited to own shares only in the credit organizations controlled by the Central Bank.
However, under the new amendments, their owning shares in the credit institutions, insurance (reinsurance) and investment companies, controlled by the Azerbaijani government, can also be prohibited.
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