Azerbaijan may set new rules in connection with CBA’s Board

BAKU, Azerbaijan, June 6. Azerbaijan
may set new rules in connection with the Board of the Central Bank,
Trend reports.

This is reflected in the proposed amendment to the law
“On the Central Bank of the Republic of Azerbaijan”, which was
submitted for discussion at the meeting of the Committee of the
Milli Majlis (Parliament) on economic policy, industry and
entrepreneurship.

According to the amendment, members of the Board of
the Central Bank, as well as their close relatives (spouses,
parents, parents of spouses, grandparents, children, grandchildren,
adopted children, brothers and sisters) cannot directly or
indirectly own a substantial share (direct or indirect ownership of
a share of 10 percent or more of the authorized capital, or the
ability, on the basis of an agreement, to have a significant
influence on the decision-making of a legal entity to which they
are a participant) to participate in entities controlled by the
Central Bank, as well as to be founders or participants of legal
entities, created or participating in the activities of the Central
Bank.

This requirement currently is: members of the Central
Bank’s Management Board, as well as their close relatives (spouses,
parents, parents of spouses, grandparents, children, adopted
children, brothers and sisters) cannot own a significant stake in
entities controlled by the Central Bank and the financial Market
supervisory authority.