Financial market supervision body established - UPDATE

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

The financial market supervisory body will handle all the functions of Azerbaijani State Committee for Securities, State Insurance Supervision Service under the country’s finance ministry, Financial Monitoring Service under the Central Bank of Azerbaijan.

All the property of the mentioned state structures will be transferred to the financial market supervisory body. The mentioned structures will be liquidated since the day when the financial market supervisory body’s Charter enters force.

President Aliyev signed another decree establishing the Board of Appeal under the President.

The decree said that the Board will be created in order to provide a multistep process in the sphere of considering appeals by individuals and legal entities in the field of entrepreneurship, improving the mechanism of submitting complaints to a higher authority regarding the decisions of central and local executive authorities, their action or inaction.

The head of state also approved the Regulations on the Board of Appeal and its staff

Azerbaijani Presidential Administration was tasked to take the necessary steps to organize the activities of the Board of Appeal under the head of state.

The head of state also signed a decree on the establishment of boards of appeal in central and local executive authorities of Azerbaijan.

“Model Regulations on Boards of Appeal of central executive authorities” and “Model Regulations on Boards of Appeal of local executive authorities” have been approved in accordance with the decree.

The Cabinet of Ministers was instructed to prepare and provide President Aliyev with proposals for bringing of his existing regulatory and legal acts into compliance with the decree in three months.

The Cabinet was also instructed to provide bringing its regulatory and legal acts into compliance with this decree and inform the president about it within three months.

The country’s Cabinet of Ministers should also check bringing of the regulatory and legal acts of central executive authorities into compliance with this decree and inform the president about this task’s implementation within five months, as well as solve other issues arising from the decree.

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