Azerbaijan introducing unified regulation of financial markets (UPDATE)

Details added (first version posted on 12:02)

Baku, Azerbaijan, Feb. 4

By Anvar Mammadov - Trend:

Creation of the financial market supervisory body in Azerbaijan will provide a unified regulation of the country's financial market, the office of the aide on economic reforms under the president of Azerbaijan reported Feb. 4.

The principle of a single regulator on the financial market is successfully applied in global financial centers, and the financial market supervisory body in its work will be guided namely by this progressive international experience, said the report.

The financial market supervisory body was established within the framework of ongoing structural reforms to improve the business environment, promote transparency and increase efficiency of public administration, the report said.

"The financial market supervisory body will implement all aspects of regulation of financial and banking activities of markets of insurance and securities, investment funds, payment systems, credit institutions, as well as the national postal operator based on best international principles," the report said.

"Along with licensing, determination and control over the application of legal norms of behavior in these areas, financial market supervisory body will also work in the sphere of counteraction to legalization of money or other property received by criminal way and financing of terrorism," according to the report.

The report said that in order to ensure transparency, financial market supervisory body will be managed in accordance with principles of collegial governance, and principles of operational and financial independence will be taken as a basis.