BAKU, Azerbaijan, February 13. The Board of the Central Bank of Azerbaijan (CBA) has made changes to the "Procedure for conducting investment services (operations) by investment companies", Trend reports.
The corresponding decision was signed by the CBA Governor Taleh Kazimov.
By the resolution, the document has been renamed to the "Procedure for conducting investment services (operations) by banks and investment companies".
Banks will now be required to provide investing services via specialized departments. Bank workers who provide investment services must have the necessary qualifications, and managerial staff must have at least two years of experience in the field.
Furthermore, credit institutions must develop a plan for offering investment services to clients, establish risk management procedures, and ensure access to digital technology.
Underwriters who place securities must perform an analysis of actual or possible risks and give investors with written information.
The CBA's Legal Department has been directed to submit this decision to the Ministry of Justice for inclusion in the State Register of Legal Acts within three days.
Stay up to date with more news on Trend News Agency's WhatsApp channel