Approved by Board of the Central Bank of the Azerbaijan Republic of June 16, 2010 the Protocol No. 15

Rules of prudential regulation of non-bank credit institutions

1. General provisions

1.1. These rules are prepared according to the Laws of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic" and "About non-bank credit institutions" and other regulatory legal acts and establish prudential standard rates and requirements to activities of non-bank credit institutions (dalee-NBKO).

1.2. According to the Law of the Azerbaijan Republic "About non-bank credit institutions" (dalee-Zakon) the Central bank of the Azerbaijan Republic (Central bank) as required in the course of regulation of activities of NBKO has the right to apply everything or part of the standard rates established by the law. New prudential standard rates and requirements, changes in them become effective in the terms established by the law after the formal notice of the operating NBKO and have no retroactive force.

1.3. NBKO shall observe the prudential standard rates and requirements established by Rules and not to allow their violation.

2. Determinations

2.1. The terms used in these rules have the following values:

2.1.1. the borrower - any physical person or legal entity, being the loanee or having debt to NBKO;

2.1.2. group of solidary borrowers - persons who act as the guarantor of the loan repayment received by each of members of group according to the agreement;

2.1.3. involved persons - the founders, administrators, heads of structural divisions of NBKO and persons having with them close related relations (the husband, the wife), their parents, adoptive parents, children including adopted), and also persons having the right to be effective from their name;

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