PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of February 3, 2016 No. 760

About creation of the legal entity of the public law - Chambers on control of the financial markets of the Azerbaijan Republic

The political and economic processes happening recently in the world dictate need of ensuring efficiency and transparency of the security market, investment fund, spheres of banking and insurance activity, and also activities of payment systems for the country, enhancements of system of regulation and control in these spheres, creations of system of public supervision.

For bigger stability and stability of financial system of the country, its higher competitiveness effective ensuring activities of the financial markets, and also protection of the rights of creditors, investors and insurers are required.

For the purpose of ensuring stability of the financial sector of the Azerbaijan Republic and enhancement of mechanisms of control in this area, being guided by Item 32 of article 109 of the Constitution of the Azerbaijan Republic, I decide:

1. For the purpose of licensing, regulation and monitoring activities of the security market, investment funds, insurance, credit institutions (banks, non-bank credit institutions and the operator of mail service) and payment systems, and also enhancement of the control system in the field of the prevention of legalization of the money or other property acquired in the criminal way and financing of terrorism, ensuring transparency and efficiency of the control system in these spheres to create the legal entity of the public law - Chamber on control of the financial markets of the Azerbaijan Republic.

2. The president of the Azerbaijan Republic performs the following powers of the founder of the legal entity of the public law - Chambers on control of the financial markets of the Azerbaijan Republic:

2.1. approval of the charter and structure;

2.2. establishment of the size of authorized fund;

2.3. creation of executive bodies (joint or edinonachalny), establishment and early termination of their powers.

3. Determine that:

3.1. in Chamber on control of the financial markets of the Azerbaijan Republic the Board of directors consisting of 5 people is created;

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