By Aynur Karimova
The Financial Market Supervisory Body of Azerbaijan will determine a strategy for the development of banking, insurance and stock markets after diagnosing and studying the scale of the problems in these sectors.
Supervisory Body Chairman Rufat Aslanli announced about this at the first meeting of the Board this week.
Aslanli touched upon the importance of institutional changes carried out in Azerbaijan's financial sector to minimize the impact of the global financial and economic crisis on the country’s economy.
President Ilham Aliyev signed a decree on establishment of the Financial Market Supervisory Body in February 2016.
The Body was established with an aim of licensing, regulating and controlling activities of the market of securities, investment funds, insurance and credit institutions (banks, non-bank credit institutions, postal operator) and payment systems.
Aslanli said that the Body will be engaged in pursuing the state policy in the field of combating money laundering and financing of terrorism, implementing the regulation functions, conducting supervision and licensing of securities market, credit institutions and insurance sector.
Being engaged in supervision of the country’s financial sector and corresponding to advanced, progressive European standards is the main objective of the newly-established body.
The establishment of the Financial Market Supervisory Body is expected to improve the management and regulation mechanisms of the financial market, and open new opportunities for pursuing a unified policy and regulatory standards on the financial market.
The body is expected to ensure transparency and flexibility of the control system in the financial sector.
By establishing such a Body, Azerbaijan has replaced the individual supervisory authorities in the financial sector with a single regulator to simplify procedures and enhance control.
This Body has become the heir of the entire property of the State Committee for Securities, the State Insurance Supervision Service under the Finance Ministry, and the Financial Monitoring Service under the CBA.
Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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