12:41 - 5.06.2023

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June 5, Fineko/abc.az. The procedure for acquiring a substantial interest in the authorized (share) capital of non-bank credit organizations (NBCO) is determined.

ABC.AZ reports that this was reflected in the proposed amendment to the Law on NBCOs, discussed at a meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship.

Under the draft, in order for any person to acquire a significant equity stake in the authorized (equity) capital of the NBCO, including participation interest entailing an increase in the share of significant participation to 20, 33 and 50 percent of the voting shares or the authorized (equity) capital of the NBCO or exceed this amount, the authorized management body of the NBCO, together with a decision and a statement on at the same time, he sends the following documents and submits them to the Central Bank.