LAW OF THE AZERBAIJAN REPUBLIC

of March 4, 2016 No. 157-VQD

About introduction of amendments to the Law of the Azerbaijan Republic "About currency control"

Being guided by Items 15 and 27 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie decides Majlis of the Azerbaijan Republic:

In the Law of the Azerbaijan Republic "About currency control" (Sheets of the Supreme Council of the Azerbaijan Republic, 1995, No. 7, Article 116; Collection of the legislation of the Azerbaijan Republic, 2001, No. 12, Article 737; 2003, No. 1, Article 1; 2006, No. 3, Article 225; 2007, No. 6, Article 562, No. 12, Article 1216; 2009, No. 7, Article 517; 2010, No. 4, Article 276; 2014, No. 10, Article 1168) to make the following changes:

1. Under Article 1:

1.1. in part 11 of the word of "Central Bank of the Azerbaijan Republic" shall be replaced with words "supervision body behind the financial markets";

1.2. add with part 12 of the following content:

"12. "Supervision body behind the financial markets" - the structure created by relevant organ of the executive authority for the purpose of implementation of regulation and control in the financial markets.".

2. In the second offer of the first paragraph of part 2 of article 3 after words of Central bank to add with the words "from approval of supervision body behind the financial markets".

3. To state parts 3 and 4 of Article 7 in the following edition:

"3. Subjects, whose activities in the financial markets is subject to control (licensed persons in the security market, credit institutions, professional participants of the insurance market, investment funds and their managing directors), can open the foreign currency account outside the Azerbaijan Republic within the circumstances and conditions established by supervision body behind the financial markets, and other residents - within the circumstances and conditions established by the Central bank of the Azerbaijan Republic.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info