CBA approves procedure for banks to render investment services

11:06 - 13.02.2024

February 13, Fineko/ The Board of the Central Bank of Azerbaijan (CBA) has made changes to the “Procedure for investment services (operations) by investment companies.”

ABC.AZ reports that CBA chairman Taleh Kazimov signed the relevant resolution.

The resolution renamed the document “The procedure for investment services (operations) by banks & investment companies”.

From now on, banks must render investment services through a special unit established for this purpose, bank employees providing investment services must have a qualification certificate, and a senior person must have at least two years of experience in the field of investment services. In turn, credit institutions should develop a strategy for providing investment services to clients and a risk management procedure, as well as have access to digital technologies.

When placing securities, the underwriter should analyze existing or possible risks and provide investors with information in writing.

The CBA Legal Department is tasked to submit this resolution to the Ministry of Justice within three days for inclusion in the State Register of Legal Acts.

Other news