President Ilham Aliyev has signed a decree on the establishment of a public legal entity of the Financial Market Supervisory Body in Azerbaijan.

The establishment of a public legal entity of the financial Market Supervisory Body aims to license, regulate and control the securities market, investment funds, insurance, credit organizations (banks, non-banking credit organizations and operator of postal communication) and payment systems, as well as improve the control system on legitimating the dirty money and preventing the financing of terrorism, and provide transparency and quickness in this sphere, he said.

Powers of the public legal entity of the Financial Market Supervisory Body are carried out by Azerbaijani President.
A Board of Directors consisting of 5 persons will be established in the Financial Market Supervisory Body.
State Committee for Securities, State Insurance Supervision Service under the Finance Ministry and Financial Monitoring Service under the Central Bank of Azerbaijan will be abolished when the Regulations of Financial Market Supervisory Body comes into force and state property in their disposal will be transferred to the Financial Market Supervisory Body.
A Working Group created for providing operation of the Financial Market Supervisory Body includes following persons:

Head of Working Group

Rufat Aslanli – Chairman of the State Committee for Securities

Members of the Working Group

Asim Mammadov – Chairman of Xalg Bank

Jalal Gasimov – Chairman of Kapital Bank’s Supervisory Board

Faiq Huseynov – Chairman of Unibank Management Board

Rovshan Javadov – head of Investment Department at SOFAZ

Zeka Mirzeyev – head of sector, Department of Financial and Insurance Markets Regulation, Ministry of Finance

The Working Group is to develop draft regulation of the Financial Market Supervisory Body, as well as proposals on structure and number of employees of the Body within a month and submit to the president, submit the proposals on conformation of Laws on “Securities market”, “Banks”, “Central Bank of Azerbaijan”, “Non-Banking Credit Organizations” and “Insurance Activity” with this decree to the president within a month.

The Cabinet of Ministers is to provide the transfer of state properties in the disposal of State Committee for Securities, State Insurance Supervision Service under the Finance Ministry and Financial Monitoring Service under the Central Bank of Azerbaijan to the Financial Market Supervisory Body.

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