12:04 - 20.11.2023
November 20, Fineko/abc.az. Azerbaijan has changed the procedure of Central Bank’s approval of the heads of banks, insurance companies and investment companies – members of the board and supervisory boards of directors.
ABC.AZ reports that this is envisaged by CBA Board’s Resolution from September 21, 2023 on the approval of the Procedure for conducting interviews of members of the Supervisory (Board of Directors) and executive bodies of entities whose activities are controlled in the financial markets."
The new rules envisage notable innovations for representatives of the financial sector. So, until now, this rule applied only to banking and investment funds, and now the heads of insurance and investment companies will also have to go through the interview procedure.
On the other hand, until now these rules have been applied to bank administrators - and now members of the supervisory board will also pass through the X-ray.
Such rules existed before, but after the new document approved by the CBA, they became invalid. But in those rules, the process was called attestation. Now, according to the decision, members of the executive bodies and supervisory boards of banks, insurance and investment companies will be interviewed, and not certified, as before.
