CBA announces new requirements in Azerbaijan's financial markets

Services and products will be presented in a special mode in the financial markets of Azerbaijan, Azernews reports, citing the release of the Central Bank of Azerbaijan.

The "Regulation on the Application of the Special Regulatory Regime" (Regulation) was approved by Decision No. 06/4 of the Board of the Central Bank of the Republic of Azerbaijan dated January 31, 2024 and entered into force on February 14, 2024.

The special regulatory regime is a collection that regulates the testing of innovative services and products by legal entities in the financial markets within a limited framework (area, duration, number of transactions, volume, number of participants, or other restrictions) and under the supervision of the Central Bank.

The rule includes requirements for legal entities applying for participation in the special regulatory regime, as well as requirements for the product to be tested, circumstances terminating the right to participate in the special regulatory regime, the conditions and procedure for applying the legislation governing the financial markets in force to regime participants, the implementation of control over the activities of regime participants, and the regime. The maximum period for which it can be applied is determined by the Central Bank.

The Central Bank will announce the application period for participating in the special regulatory regime 1 month before on the Central Bank's official website.

The adopted regulation will serve to provide innovative services and products in the financial markets of the country under a special regulatory regime, thereby increasing financial inclusion in our country, as well as further improving the safety and accessibility of financial services for users.

More detailed information on the new requirements can be found through the link:https://e-qanun.az/framework/56351