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LAW OF THE AZERBAIJAN REPUBLIC

of July 6, 2023 No. 940-VIQD

About modification of the Law of the Azerbaijan Republic "About non-bank credit institutions"

Being guided by Items 10 and 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie DECIDES: Majlis of the Azerbaijan Republic

Article 1. In the Law of the Azerbaijan Republic "About non-bank credit institutions" (Collection of the legislation of the Azerbaijan Republic, 2010, No. 2, Article 72; 2013, No. 7, Article 789; 2014, No. 10, Article 1160; 2016, No. 3, Article 407, No. 4, Article 641; 2017, No. 12 (book I), Article 2228; 2018, No. 5, Article 844, No. 6, Article 1171; 2019, No. 1, Article 32, No. 5, Article 815; 2021, No. 12, Article 1298; 2023, No. 2, Article 166, No. 3, Article 334, No. 4, Article 452) to make the following changes:

1.1. under Article 1:

1.1.1. repeal Articles 1.0.3 and 1.0.6;

1.1.2. state Article 1.0.4 in the following edition:

"1.0.4. The administrator - members of governing bodies, Committee on audit, the chief accountant (person which is carrying out the specified obligations), the internal auditor, the head of branch, including local branch of foreign NBKO;";

1.1.3. in Article 1.0.5 after the word "persons" in the second case to add with words "and administrators, and also persons consisting in the related relations with administrators, stipulated in Article 49-1.1.3 Civil codes of the Azerbaijan Republic. The head and the chief accountant of local branch of foreign NBKO (person which is carrying out the specified obligations), and also the other persons connected with foreign NBKO by the legislation of the country which resident is foreign NBKO are considered as the connected persons of local branch of foreign NBKO;

1.1.4. add with Articles 1.0.7 - 1.0.10 following of content:

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