The Board of Directors of the Central Bank of Azerbaijan (CBA) approved the “Rule on prudential regulation of activities of non-bank credit organizations.”
The “Report” reports that Taleh Kazimov, president of the CBA, signed a new decision in this regard.
According to the decision, the equity capital requirement for NBFCs has been increased more than three times. Thus, the capital requirement has been increased from 300,000 manats to 1 million manats for BOKTs created in the form of commercial legal entities, and from 30,000 manats to 100,000 manats for non-commercial legal entities. The existing capital requirement was reflected in the “Regulation for the Prudential Regulation of Non-Bank Credit Institutions” approved by the Supervisory Chamber of Financial Markets on July 7, 2017. With the new decision, those regulations ceased to apply. be valid.
The Legal Department of the CBA was ordered to submit the new decision to the Ministry of Justice within three days for inclusion in the State Register of Legal Acts.
