About Powers of Financial Market Control House

President Ilham Aliyev approved the Charter for the Financial Market Control House (FMCH) on March 10.

The same day, Rufat Aslanli was appointed Chairman of the FMCH Board of Directors.

According to the Charter, the purpose of FMCH is not making a profit. In connection with this amendment has been made to the Tax Code, according to which, the House is exempt from taxes.

The main objectives are ensuring effective operation and stability of financial markets, the protection of creditors' rights, the insured persons, investors and other consumers of financial markets.

The House issues licenses to financial market participants, conducts their audit and receives reports from them. It also prepares a rehabilitation plan for its controlled entities and defines corporate standards for them.

FMCH is managed by the Board of Directors (BoD) and the Management Board. One of the requirements to the members of these structures, other House employees and their family members is that they cannot have an important interest in entities controlled by FMCH or be a member of public organizations.

The House is under the direct control of the President of Azerbaijan.

The BoD is composed of 5 people and it supervises and checks House’s work. All of them are appointed by the President of the country for 5 years. The Chief Executive Officer of the House is also appointed by the President for five years. Annually until March 31, the BoD prepares and submits to the President of the country a report on the state and prospects of development of the financial market.

The authorized capital of FMCH is 5 million manats.

Note that outside the list of the financial service subjects controlled by FMCH, for whatever reasons, there are only leasing companies. -08B-