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Azerbaijani Central Bank approves rules for monitoring of activities in financial markets

BAKU: The Board of the Central Bank of Azerbaijan (CBA) has approved “The rules for monitoring activities in financial markets”, Trend reports.

The relevant resolution was signed by CBA chairman Taleh Kazimov.

According to the decision, the head of the audit group after submitting a notification must contact the head of the executive body of the control subject to prepare the necessary documents. The decision to conduct an audit must be submitted to the head or authorized official of the executive body. The inspections must be conducted during the working day and working hours of the subject of control without hindering its activities.

In addition, the results of each inspection must be formalized by a report in written form, and the content of the report must be legible and understandable. It is not allowed to include in the report various information that has not been confirmed.

The report can also include proposals on the identified irregularities, measures to be taken to remedy the deficiencies, deadl
ines, and persons responsible for the measures to be taken. The report will be signed by all members of the audit team, and all its pages will be signed by the head of the audit team.

Meanwhile, “The Rules for the Audit of Banking Activities”, “The Procedure for the Audit of Licensed Activities in the Securities Market”, “The Procedure for the Audit of Professional Activities in the Insurance Market”, and “The Procedure for the Audit of Professional Activities in the Insurance Market of the abolished Financial Markets Supervisory Chamber” have been repealed.

Source: Trend News Agency