Regulatory Alerts2021-02-02
Regulations on Issue of a Banking License to Credit Unions
The Financial Markets Supervisory Authority of Azerbaijan issued these regulations to standardize the application, review, and issuance process for banking licenses granted to credit unions. The framework mandates specific documentation, minimum authorized capital thresholds, and strict qualification criteria for management board members and internal auditors. It establishes a 15-day licensing review timeline, outlines state fee payment procedures, and defines clear grounds for license suspension, revocation, and reissuance based on operational compliance and reporting obligations.
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