Azerbaijani Central Bank Approves Rules For Monitoring Of Activities In Financial Markets
Date
2/20/2024 7:10:36 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 20. The Board of the
Central bank of Azerbaijan (CBA) has approved "The rules for
monitoring activities in financial markets", Trend reports.
The relevant resolution was signed by CBA chairman Taleh
Kazimov.
According to the decision, the head of the audit group after
submitting a notification must contact the head of the executive
body of the control subject to prepare the necessary documents. The
decision to conduct an audit must be submitted to the head or
authorized official of the executive body. The inspections must be
conducted during the working day and working hours of the subject
of control without hindering its activities.
In addition, the results of each inspection must be formalized
by a report in written form, and the content of the report must be
legible and understandable. It is not allowed to include in the
report various information that has not been confirmed.
The report can also include proposals on the identified
irregularities, measures to be taken to remedy the deficiencies,
deadlines, and persons responsible for the measures to be taken.
The report will be signed by all members of the audit team, and all
its pages will be signed by the head of the audit team.
Meanwhile, "The Rules for the Audit of Banking Activities", "The
Procedure for the Audit of Licensed Activities in the Securities
Market", "The Procedure for the Audit of Professional Activities in
the Insurance Market", and "The Procedure for the Audit of
Professional Activities in the Insurance Market of the abolished
Financial Markets Supervisory Chamber" have been repealed.
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