Regulatory Alerts2022-04-11
Regulation on Review of Materials Related to Sanctions on Dismissal of Bank Administrators and Revocation of Banking Licenses
The Financial Markets Supervisory Authority of Azerbaijan issued this regulation to standardize the procedures, timelines, and documentation required for reviewing materials and imposing sanctions on bank administrator dismissals and banking license revocations. It mandates supervisory structural units to initiate investigations within five working days of receiving relevant information, complete them within thirty or ninety calendar days respectively, and submit comprehensive reports to the Management Board for final approval. The framework establishes specific evaluation criteria regarding violation severity and administrator responsibility while guaranteeing affected administrators the right to submit evidence before sanctions are formally enacted.