Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of February 3, 2016 No. 760

About creation of the legal entity of the public law - Chambers on control of the financial markets of the Azerbaijan Republic

The political and economic processes happening recently in the world dictate need of ensuring efficiency and transparency of the security market, investment fund, spheres of banking and insurance activity, and also activities of payment systems for the country, enhancements of system of regulation and control in these spheres, creations of system of public supervision.

For bigger stability and stability of financial system of the country, its higher competitiveness effective ensuring activities of the financial markets, and also protection of the rights of creditors, investors and insurers are required.

For the purpose of ensuring stability of the financial sector of the Azerbaijan Republic and enhancement of mechanisms of control in this area, being guided by Item 32 of article 109 of the Constitution of the Azerbaijan Republic, I decide:

1. For the purpose of licensing, regulation and monitoring activities of the security market, investment funds, insurance, credit institutions (banks, non-bank credit institutions and the operator of mail service) and payment systems, and also enhancement of the control system in the field of the prevention of legalization of the money or other property acquired in the criminal way and financing of terrorism, ensuring transparency and efficiency of the control system in these spheres to create the legal entity of the public law - Chamber on control of the financial markets of the Azerbaijan Republic.

2. The president of the Azerbaijan Republic performs the following powers of the founder of the legal entity of the public law - Chambers on control of the financial markets of the Azerbaijan Republic:

2.1. approval of the charter and structure;

2.2. establishment of the size of authorized fund;

2.3. creation of executive bodies (joint or edinonachalny), establishment and early termination of their powers.

3. Determine that:

3.1. in Chamber on control of the financial markets of the Azerbaijan Republic the Board of directors consisting of 5 people is created;

3.2. position assignment and dismissal of the chairman and board members of Chamber on control of the financial markets of the Azerbaijan Republic, and also early termination of their powers are performed by the President of the Azerbaijan Republic;

4. From the date of entry into force of the Charter of Chamber on control of the financial markets of the Azerbaijan Republic to abolish the State committee of the Azerbaijan Republic on securities, Public service of insurance supervision of the Ministry of Finance of the Azerbaijan Republic and Service of financial monitoring under the Central bank of the Azerbaijan Republic, and to transfer the state-owned property which is in their use to Chamber on control of the financial markets of the Azerbaijan Republic.

5. Due to the ensuring activities of Chamber for control of the financial markets of the Azerbaijan Republic to create working group in the following structure:

head of working group

Rufat Aslanly is the chairman of the State committee of the Azerbaijan Republic on securities

workgroup members

Asim Mamedli is the chairman of the Supervisory board of Halg Bank Open joint stock company

Jalal Gasymov is the chairman of the Supervisory board of Capital Bank Open joint stock company

Faig Guseynov is the chairman of the board of Unibank Open joint stock company

Rovshan Dzhavadov is the director of the department of investments of the State oil fund of the Azerbaijan Republic

The convict Mirzoyev is the manager of the sector in department of regulation of the financial and insurance markets of the Ministry of Finance of the Azerbaijan Republic

6. Charge to working group:

6.1. in a month to prepare and provide to the President of the Azerbaijan Republic the draft of the Charter of Chamber on control of the financial markets of the Azerbaijan Republic, and also the offer on structure and limit of total number of employees of Chamber;

6.2. in connection with creation of Chamber on control of the financial markets of the Azerbaijan Republic:

6.2.1. in a month to provide to the President of the Azerbaijan Republic offers on reduction to compliance of the laws of the Azerbaijan Republic "About the security market", "About banks", "About the Central bank of the Azerbaijan Republic", "About non-bank credit institutions" and "About insurance activity".

6.2.2. to submit within two-month term to the President of the Azerbaijan Republic offers on reduction in compliance of other laws of the Azerbaijan Republic and acts of the President of the Azerbaijan Republic;

6.3. resolve other issues following from this Decree.

7. To the Cabinet of Ministers of the Azerbaijan Republic:

7.1. taking into account part 4 presents of the Decree to resolve issue of transfer of the state-owned property which is in use of the State committee of the Azerbaijan Republic on securities, Public service of insurance supervision of the Ministry of Finance of the Azerbaijan Republic and Service of financial monitoring under the Central bank of the Azerbaijan Republic, Chamber on control of the financial markets of the Azerbaijan Republic;

7.2. in two-month time to provide reduction of regulatory legal acts of the Cabinet of Ministers of the Azerbaijan Republic in compliance with this Decree and to inform the President of the Azerbaijan Republic;

7.3. check reduction of regulatory legal acts of the central executive bodies in compliance with this Decree and in two-month time to inform the President of the Azerbaijan Republic on execution;

7.4. resolve other issues following from this Decree.

8. To provide to the Ministry of Justice of the Azerbaijan Republic reduction of regulatory legal acts of the central executive bodies and acts of normative nature in compliance with this Decree and to inform the Cabinet of Ministers of the Azerbaijan Republic.

President of the Azerbaijan Republic

Ilham Aliyev

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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