On March 10 the press published the decrees of President Ilham Aliyev on the application of a number of laws on changes in legislation made in connection with the creation of a public legal entity of the Chamber of Control of Financial Markets (CCFM).
Changes in the law "On the Securities Market", "On Banks" and "On the Central Bank of Azerbaijan Republic", "On lotteries" and "On Investment Funds" include, inter alia, payment of a certain amount of funds for the CCFM account by investment companies, the central depository, commercial and investment banks, and the organizer of the lottery draws.
The Chamber will also monitor the activities of insurance companies.
The recently approved state budget for 2016 does not provide funding of CCFM.
According to the President’s decree (http://ru.president.az/articles/17670) from February 3 this year, the Chamber is created on the basis of the State Committee for Securities (SCS), the State Insurance Supervision Service (SISS) in the Ministry of Finance and the Financial Monitoring Service (FMS) under the Central Bank of Azerbaijan.
Previously, the SCS budget for 2016 was approved, amounting to 1 million 427 535 AZN. Also, the state budget would give SISS 396,483 manats. The press service of the Central Bank did not respond to a request for the information agency Turan about how much the FMS system’s running cost.
Prior to this, neither banks nor investment firms or other participants in the financial and stock markets had any financial obligations to the supervisory authorities. Now CCFM will adopt its own price list, which will oblige the business entities to pay it a certain amount.
CCFM will begin work as soon as the President approves its Charter. ---- 08B
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