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Wednesday April 17 2024

CBA initiates application process for participation in special regulation regime

2 April 2024 18:09 (UTC+04:00)
CBA initiates application process for participation in special regulation regime
Ulviyya Shahin
Ulviyya Shahin
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The Central Bank of Azerbaijan (CBA) will start accepting applications for participation in the special regulatory regime from May 1st to 31st, Azernews reports, citing the CBA.

According to the information, the institution aims to implement continuous measures to digitalize services provided in the financial market, introduce new innovative financial products for the domestic market, and thus increase financial inclusivity in the country within the framework of the "Financial Sector Development Strategy" for 2024-2026. The "Regulation on the Application of the Special Regulatory Regime," which is a significant initiative in this direction, was approved on January 31 of this year and entered into the State Register of Legal Acts.

The special regulatory regime reflects the rules for testing innovative financial products in financial markets within limited frameworks and under the supervision of the CBA. The purpose of the special regulatory regime is to improve the normative legal framework for the introduction of successful products tested in line with the criteria into the market. Participants in this regime will carry out the testing of innovative financial products based on a contract with the CBA. The testing period under the contract will be 12 months.

To participate in the special regulatory regime, it is possible to submit documents and information specified in clause 4.2 of the "Regulation on the Application of the Special Regulatory Regime" to the CBA through a special web page (sandbox.cbar.az) or in writing.

For any questions regarding the special regulatory regime, you can contact [email protected].

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