Ilham Aliyev changes composition of Azerbaijan-Uzbekistan Intergovernmental Commission
Azerbaijani President Ilham Aliyev has signed a decree making changes to the "Decree on Approval of New Composition of the Azerbaijan-Uzbekistan Intergovernmental Joint Commission for Cooperation from the Azerbaijani Side", dated November 22, 2007.
According to the changes, the words "Iltimas Mammadov - Deputy Minister of Transport, Communications and High Technologies" and "Ilgar Fatizade - First Deputy Minister of Finance" are excluded from the order.
Moreover, the words "Rovnag Abdullayev - President of Azerbaijan’s State Oil Company SOCAR", "Javid Gurbanov - Chairman of the Azerbaijan Railways CJSC and “Taleh Ziyadov - Director General of Baku International Sea Commercial Port" are added after the words "Adalat Valiyev - Deputy Minister of Culture and Tourism".
According to the changes, the words "Kamal Ismayilzade - Head of the Department of CIS Economic Relations of the Office of Cabinet of Ministers (the commission's senior secretary)" are replaced with the words "Aghadai Aghayev - Head of the Department of International Relations of the Cabinet of Ministers".
Azerbaijan's Foreign Ministry has been tasked to notify the Uzbek side about the changes.
Azerbaijan to have new regulatory framework for financial markets
In 2018, it is expected to adopt a law on regulating and supervising financial markets in Azerbaijan, Nurlan Babayev, head of Legal and Methodology Department of the Financial Market Supervisory Authority of Azerbaijan (FIMSA) said. Babayev said that the FIMSA expects to submit the corresponding draft law for discussion at the autumn session of the Azerbaijani Parliament next year.
He noted that this law will make possible to create single legal framework to regulate financial markets, implement preventive measures, as well as regulate the sphere of payment systems and much more.
“In essence, this law will shape the future appearance of Azerbaijan’s financial markets,” Babayev added.
Speaking of the advantages of the new law, Babayev noted that after its adoption, the FIMSA will be able to switch to risk-based supervision.
That is, if currently, the FIMSA can take some measures only after deterioration of the situation in a bank, after the adoption of the law, it will become possible to take measures even before the situation in a bank deteriorates, for example, when capital position and overall situation in a bank are normal, but stress tests and trends in the economy give reason to believe that the bank’s further situation will worsen, he added.