Azerbaijani Parliament Discusses Proposal To Grant New Powers To Central Bank

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 5. The Central Bank of Azerbaijan (CBA) can be granted new powers, trend reports.

This issue has been reflected in the proposed amendment to the law "On the Central Bank of the Republic of Azerbaijan", which was submitted for discussion at today's meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship.

According to the proposal, tax authorities and their officials may provide information about taxpayers only in certain cases to other authorities in the manner prescribed by law.

For the purpose of issuing a license (permit), registration (registry) for starting activities and exercising control, based on the laws of Azerbaijan "On the Central Bank of the Republic of Azerbaijan", "On banks", "On insurance activities", "On non-bank credit institutions", "On credit unions", "On currency regulation", "On securities market", "On investment funds" the below information should be provided to the CBA based on its request.

The information includes extracts and charters from the state register of commercial legal entities, heads, founders (participants) of the management bodies of commercial legal entities, and their shares in the authorized capital.

It also includes legal entities which are participants of individuals, commercial legal entities and their founders (participants), and the shares of these legal entities in the authorized capital; profits (income and losses) of individuals, commercial legal entities, and heads of their management bodies, founders (participants) and legal entities in which these persons are participants.


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