Regulatory Alerts2022-11-22
Regulations on the Regulation and Supervision of Credit Bureaus
The Financial Markets Supervisory Authority of Azerbaijan issued these regulations to establish comprehensive operational and supervisory standards for credit bureaus. The rules mandate a minimum authorized capital of AZN two million, strict occupational fitness criteria for executive leadership, and standardized electronic data reporting for accurate credit history identification. FIMSA exercises oversight through mandatory offsite and onsite inspections, detailed reporting schedules, and enforcement measures ranging from written compliance instructions to temporary executive removal and license revocation.
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