Amendments to Law on NBCOs proposed


June 18, Fineko/abc.az. A person who has a substantial stake in the capital of a non-bank credit organization (NBCO) must immediately send a written notice to the Financial Markets Supervision Authority (FIMSA) about receipt or increase of an equity stake in the capital of another legal entity.

This point has been included in the proposed amendments to the Law on NBCOs

The proposed amendments to the Law are published in the newspaper of the Taxes Ministry.

The proposal says that a legal entity with a substantial stake in NBCO's capital should immediately send a written notice to FIMSA upon receipt of notification of the acquisition or increase of a significant interest of any person in the capital. In order to obtain a significant share of participation, the NBCO's authorized management body must submit the relevant documents together with the application and decision to FIMSA.

The draft document says that any person who has an important stake in the NBCO's capital must inform FIMSA in writing form about that prior to the reduction of his voting rights or share in the authorized capital below 20%, 33% or 50%.

The draft document was recommended by the Milli Majlis Committee on Economic Policy, Industry & Entrepreneurship for an extraordinary session of the parliament.