Financial Market Control House Expands Scope of Activities

In the Financial Market Control House (FMCH) of Azerbaijan there is a new assignment - Asim Zulfugarov became Deputy Executive Director (Ibrahim Alyshev) and Acting Director of the Strategic Services Department.

Imran Mammadov was appointed Acting Director of the Banking Activities Supervision Department.

This agency extends the scope of activities, encompassing more niches previously occupied by organizations in the Ministry of Finance of Azerbaijan. So, for the first time its leadership voiced insurance issues, taking over the functions of the former State Insurance Supervision Service. According to the head of the Board of Directors Rufat Aslanli, FMCH has conducted primary market diagnosis, and therefore identified the need to improve the management of companies and the accounting system, strengthening financial stability.

Recall, the House was established as public legal entity in February by the decree of the President of Azerbaijan with the authority to license, regulate and control the securities market activities, investment funds, insurance companies, credit institutions (banks, non-bank credit institutions and the postal operator) and payment systems.--17D-