The decisions of the Financial Market Control House (FMCH) of Azerbaijan are null and void. This statement was made by the lawyer Akram Hasanov, commenting the 4 May decision on the framework conditions of lending, which come into force on May.
According to Hasanov, the House does not yet have a legal basis for the adoption of any decision to credit institutions.
"According to the Charter, FMCH shall decide on the entities controlled by the Board of Directors in the form of regulations. These decisions are to be included in the state register (http://www.huquqiaktlar.gov.az/). But this registry does not include FMCH solutions yet," the lawyer said.
In addition, the Constitutional Law of Azerbaijan "On normative legal acts" lists the bodies that make decisions of normative character. This list does not include FMCH yet.
The House publishes its decisions in the form of press releases.
"I think that banks will not fulfill the decisions of the House. Therefore, FMCH should undertake to ensure the legitimacy of its decisions," Akram Hasanov stressed.
FMCH has not commented on the situation. --- 08D
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