15:40 - 13.06.2019

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June 13, Fineko/abc.az. At today’s Milli Majlis plenary session the MPs discussed the draft amendments to the Code of Administrative Offences.

The Azerbaijani media report that after discussions the MPs endorsed the changes to the Code.

The amendments envisage the application of fines in respect to the financial market participants for violation of the procedure for transferring annual contributions to the Financial Market Supervision Authority (FIMSA).

Thus, Article 471 of the Code (non-payment of contributions established to finance the implementation of insurance supervision) is presented in a new edition: "In case investment funds (or their managing bodies) of the banks and local branches of foreign banks, non-bank credit organizations, professional participants of the insurance market, the national postal operator, credit bureaus, gambling operators, persons whose activity is licensed in the securities market, and the Central Depository, the organizer of lotteries fail to pay fees to the body (institution) determined by the relevant executive body, then a penalty in the amount of 1,000 manats is imposed on officials and in the amount of 3,000 manats on the legal entities.

The document with the draft amendments was adopted by a vote.