BAKU, Azerbaijan, June 6. Azerbaijan may set new rules in connection with the Board of the Central Bank, Trend reports.
This is reflected in the proposed amendment to the law "On the Central Bank of the Republic of Azerbaijan", which was submitted for discussion at the meeting of the Committee of the Milli Majlis (Parliament) on economic policy, industry and entrepreneurship.
According to the amendment, members of the Board of the Central Bank, as well as their close relatives (spouses, parents, parents of spouses, grandparents, children, grandchildren, adopted children, brothers and sisters) cannot directly or indirectly own a substantial share (direct or indirect ownership of a share of 10 percent or more of the authorized capital, or the ability, on the basis of an agreement, to have a significant influence on the decision-making of a legal entity to which they are a participant) to participate in entities controlled by the Central Bank, as well as to be founders or participants of legal entities, created or participating in the activities of the Central Bank.
This requirement currently is: members of the Central Bank's Management Board, as well as their close relatives (spouses, parents, parents of spouses, grandparents, children, adopted children, brothers and sisters) cannot own a significant stake in entities controlled by the Central Bank and the financial Market supervisory authority.