BAKU, Azerbaijan, July 6. Azerbaijan is on the way of changing the rules for issuing bank licences, Trend reports.
This is reflected in the proposed amendments to the law "On the Central Bank of the Republic of Azerbaijan", which were submitted for discussion at today's meeting of the Milli Majlis (Parliament) of Azerbaijan.
In accordance with the legislation of Azerbaijan "On the Central Bank of the Republic of Azerbaijan", "On Banks", "On Insurance Activities", "On Non-bank credit organizations", "On Credit Unions", "On Currency Regulation", "On the Securities Market", "On Investment Funds" for obtaining a banking license for the following information should be provided to the request of the bank:
- extracts from the state register of commercial legal entities and the charter, the composition of the heads and founders of the management bodies of a commercial legal entity and information about their shares in the authorized capital;
- information on the shares of individuals in the authorized capital of commercial legal entities;
- information on the profits (income and expenditure) of individuals, commercial legal entities and their managers, founders and legal entities in which they participate.
Moreover, stemming from the draft law, tax authorities and their officials may provide information about taxpayers only in certain cases to other authorities by virtue of an appropriate procedure established by law.
After deliberations, the amendments were put to the vote and adopted in the third reading.