15:51 - 6.07.2023

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July 6, Fineko/abc.az. The new powers are granted to the Board of the Central Bank of Azerbaijan.

ABC.AZ reports that this was reflected in the proposed amendment to the Law on the Central Bank of the Republic of Azerbaijan, submitted for discussion at today’s Milli Majlis meeting.

The CBA Board, in accordance with the laws regulating financial markets, will decide on the issuance and cancellation of licenses in this area, appointment and termination of activity of a temporary administrator in entities controlled by the Central Bank in cases envisaged by laws regulating financial markets, as well as on the adoption of resolute measures.

In order to ensure the stability of the functioning of financial markets, the CBA will license banks’ activity, non-bank credit institutions, professional participants in the insurance market, investment companies and other licensed persons in the securities market, investment funds, investment fund managers, persons engaged in clearing (processing) activities, credit bureaus and other persons determined by the laws regulating financial markets as entities controlled by the Central Bank, regulation and control of their activities.

The bill was put to the vote and adopted in the 3rd reading.