LAW OF THE AZERBAIJAN REPUBLIC

of March 4, 2016 No. 140-VQD

About introduction of amendments to the Law of the Azerbaijan Republic "About banks"

Being guided by Item 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie decides Majlis of the Azerbaijan Republic:

Article 1

In the Law of the Azerbaijan Republic "About banks" (Collection of the legislation of the Azerbaijan Republic, 2004, No. 3, Article 130; 2005, No. 4, Article 276; 2007, No. 5, Article 401, No. 6, Article 562, No. 11, Article 1070; 2008, No. 11, Article 960; 2009, No. 6, Article 404, No. 7, Article 517; 2010, No. 4, Article 276, No. 10, Article 839; 2011, No. 7, Article 590; 2013, No. 7, Article 790; 2014, No. 7, Article 772, No. 12, Article 1517; 2015, No. 11, Article 1262) to make the following changes:

1.1. Add Article 1 with the twenty third paragraph of the following content:

"Supervision body behind the financial markets - the structure created by relevant organ of the executive authority for the purpose of implementation of regulation and control in the financial markets.".

1.2. Except for Articles 2. 1, 2.2, 2.3, 14.1.3 (in the first case), 14.1.13, 16.1.9, 16.1.15, 16.1.16, 16.1.17, 16.1.18, 16.2.7, 22.5.7, 25.1.12, 30.5.4, 31.1, 35.1, 35.3, 38.1, 38.2, 41.2, 44.2, 87.4, 91.2, 92 and names of Article 89, in the text of the word Central bank in the corresponding cases shall be replaced with words "supervision body behind the financial markets" in the corresponding cases.

1.3. Under Article 2:

1.3.1. in Article 2.1 after the words "Bank system" to add with words "supervision body behind the financial markets,";

1.3.2. in Articles 2. 3, 14.1. 3, 14.1. 13, 16.1. 9, 16.2. 7, 22.5. 7, 30.5. 4, 31. 35.1 and 38.2 to words of Central bank to add 1, with words "supervision body behind the financial markets and".

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