Approved by Board decision of National Bank of the Azerbaijan Republic of November 3, 2004 No. 19

Rules of passing of certification of bank administrators in National Bank

1. General provisions

1.1. These rules are prepared according to the Laws of the Azerbaijan Republic "About banks" and "About National Bank of the Azerbaijan Republic" and establish rules of certification of persons provided as candidates for position of bank administrators in the course of issue of licenses for banking activity and also during the period activities of bank.

1.2. In these rules the bank administrators who are subject to certification passing (further - bank administrators), are implied as persons provided as candidates for positions of board members of bank, the division manager of internal audit, the chief accountant of bank (the head of accounting service) and his deputies having right to sign and also heads and chief accountants of local banks and local branches of the foreign banks and their deputies having right to sign.

2. Procedure of carrying out certification

2.1. If in case of primary address for receipt of the license documents at persons provided as candidates for position of bank administrators, National Bank are positively considered appoints the place and time of certification of these persons at least in 15 (fifteen) calendar days prior to certification day in writing reports about it to person (persons) who addressed with representation.

2.2. In case of changes among the bank administrators who underwent certification in case of the final address for receipt of the banking license about these administrators the documents provided by the Law of the Azerbaijan Republic "About banks" shall be shown and person (persons) provided to position of the bank administrator shall undergo for consideration of the final address certification in National Bank in the terms established by this law.

2.3. Local and foreign banks during the activities shall show together with the written notice of the candidacies presented for positions of bank administrators in National Bank the following documents:

2.3.1. the copies of documents on educational and labor activity certified of notarial procedure;

2.3.2. the questionnaire completed with the candidate, the list showing the prevailing share of participation of the candidate in bank and in other legal entities;

2.3.3. written information on the site which will be controlled by the candidate provided on membership in Bank board (on management of local branch of foreign bank);

2.3.4. the application for civil faultlessness signed by the candidate and with the witnessed signature in notarial procedure;

2.3.5. if the administrator is foreigner, the certificate of the attraction or not attraction it to criminal liability issued by relevant organ of the executive authority of the country which resident it is, and legalized according to the procedure, determined by the law.

2.4. Documents on the candidate are considered by the relevant structural divisions of National Bank within 30 (thirty) calendar days and in case of the positive conclusion documents are submitted Certifying commission of National Bank (the daleeattestatsionny commission). The certifying commission appoints day of certification no later than 7 (seven) days from the date of submission of documents to the commission.

2.5. The National Bank not later than 3 (three) days before certification in writing informs the bank which proposed the candidate for position of the bank administrator on the place and time of carrying out certification.

2.6. The leading employee(s) of the bank which provided the candidate can participate at meeting of Certifying commission of National Bank as the observer.

2.7. In case of absence of person provided as the candidate for position of the bank administrator, for meeting of Certifying commission for the disrespectful reason, the Certifying commission postpones certification to other convenient time and about it gives written information to the relevant bank within 3 (three) working days.

2.8. In case of absence of person provided as the candidate for position of the bank administrator in due time for the disrespectful reason, the Certifying commission postpones day of carrying out certification for term of 7 (seven) days and in writing informs the relevant bank on it. If it repeats the second time, then this person is considered not undergone certification.

2.9. Certification is carried out in the form of questions and answers.

2.10. The purpose of questions and answers is determination of level of professionalism of the candidate and compliance of its knowledge, literacy and logic of position for which it applies.

2.11. Questions are set depending on powers and degree of responsibility, features of work of each position, generally on the following industries:

* bank law to the Azerbaijan Republic;

* the civil and tax legislation on banking activity;

* standards of corporate management;

* bank reporting and financial accounting;

* intra bank control and audit;

* payment systems and information technologies;

* currency control in the Azerbaijan Republic, etc.

2.12. The summary of the asked questions and answers is noted in the Appraisal sheet (Appendix No. 1).

3. Certifying commission

3.1. Certification of bank administrators is carried out by Certifying commission.

3.2. The certifying commission is created according to the order of the chairman of the board of National Bank from number of persons employed of National Bank with odd quantity at least 7 (seven) people. The certifying commission acts on the permanent basis. The chairman of the board of National Bank appoints the secretary of Certifying commission from number of persons employed of National Bank. The secretary of Certifying commission has no voting power on commission sessions.

3.3. The certifying commission is considered competent with participation at meeting of 5 (five) members of the commission.

3.4. Work of Certifying commission shall meet requirements of these rules, is carried out in the conditions of objectivity and impartiality. The commission makes the decisions open voting by a simple majority vote, the members participating at meeting. In case of equality of votes the candidate is considered undergone certification.

3.5. The certifying commission depending on results of certification accepts one of the following decisions:

* the candidate provided to position of the bank administrator corresponds to position;

* the candidate provided to position of the bank administrator does not correspond to position.

3.6. Results of certification appear in day of certification.

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