Baku, Azerbaijan, Sept. 13
By Azad Hasanli – Trend:
Azerbaijan’s Financial Market Supervisory Authority (FIMSA) and the International Finance Corporation (IFC) are developing a new legal framework for regulating the activities of leasing companies, a source in Azerbaijan’s financial market told Trend.
“Earlier, the two bodies met with officials of the country's operating leasing companies. The focus of the discussions was the creation of legislation to regulate the leasing market. In general, leasing companies welcomed this decision because it will contribute to the development of this segment of the financial market,” the source said.
The source noted that leasing companies stand for the appearance of a regulator in their market. At present, the activities of leasing companies are almost not regulated – there are items in some of the laws and regulations of the Civil Code, which are related to their activities.
“Naturally, the absence of specialized legislation seriously hampers the development of the leasing market. Therefore, both the government and market participants are very interested in the development of new laws,” said the source.
The source noted that for this purpose, IFC will provide technical assistance to FIMSA.
“Soon, the two bodies will sign a corresponding agreement. IFC already has experience with Azerbaijan’s leasing companies. Besides, IFC plans to involve international experts in this process.”
Azerbaijan has been cooperating with IFC since 1995.