At a meeting of the Economic Council chaired by Prime Minister Ali Asadov on 22 December the draft amendments to the legislation aimed at regulating the financial and banking system were discussed.

The proposals have been drawn up in pursuance of the order of the head of state “On Improvement of the Management of Regulatory and Supervisory System in the Financial Services Market”. “The meeting heard a report of the Chairman of the Board of the Central Bank Taleh Kazymov, recommendations for improvement of the proposed changes,” the press service of the Cabinet of Ministers said after the meeting.

Recall that the above-mentioned order was issued in November 2019, following which the Chamber for Control over Financial Markets was abolished, and its powers in the licensing, regulation and control in the financial services market, protection of investors and consumers of financial services were transferred to the CBA. At the same time the President instructed the CBA to develop and submit within a month proposals on making the necessary changes to the Laws “On the Central Bank of the Republic of Azerbaijan”, “On Banks”, “On Non-banking Credit Organizations”, “On Insurance Activity”, “On Stock Market”, “On Foreign Exchange Regulation” and other legislative acts

Source: Turan News Agency