Legal regulation of private credit bureaus to be ready by end of year in Azerbaijan
Baku, Azerbaijan, May 1
By Emin Aliyev - Trend:
The legislative framework for the operation of the first private credit bureau in Azerbaijan will be established by the end of the year, the project coordinator of the International Finance Corporation on the strengthening the financial infrastructure in Central Asia and Azerbaijan Teymur Heybatov told Trend.
"We hope that the corresponding procedures will be completed by the end of year," he said.
The work on the creation of a private credit bureau is conducted in two directions - the formation of the legal framework in accordance with which the bureau will work, as well as cooperation with the private sector and attracting investors, according to the project coordinator.
"As regard to legislation, the draft law on private credit bureau was submitted by the Central Bank of the country on April 8 to the government in the form of a package of amendments to the laws on personal data, on banks, non-bank credit organizations and on the Code to the Administrative Offences. In accordance with the existing procedure, these documents will be reviewed within 60 days, " Heybatov said.
The decision on the change the format from independent law into a package of amendments is dictated by the fact that the legal base for the activity of the country's first private credit bureau will be formed soon, according to the project coordinator.
"Furthermore, it is European practice, there is no specific law on the activities of private credit bureaus," he added.
Translated by S.I.
Edited by C.N.