The Board of the Central Bank of Azerbaijan (CBA) has amended the "Corporate Governance Standards for Investment Companies." The decision was signed by CBA Chairman Taleh Kazimov.
According to the amendments, in addition to requirements on internal discipline (anti-corruption, anti-money laundering, whistleblower protection, and confidentiality), the standards now include new provisions aimed at increasing the accountability of investment companies.
Specifically, requirements have been set to prevent public statements that could damage the company's reputation, abuse of official authority, and conflicts of interest.
Furthermore, investment companies must ensure fair treatment of clients, offer products that meet their needs and interests, and adhere to principles of integrity, transparency, and social responsibility in financial markets.
Companies are also obliged to monitor the practical application of these provisions. Each investment company must establish an independent client complaint handling structure, either as a separate unit or by appointing a responsible person, depending on the scale of operations and the number of clients.
Oversight of this function will be assigned to a member of the executive body responsible for the compliance function. In the absence of such a person, oversight will be carried out by the head of the executive body.
The main tasks of the function include receiving and reviewing client complaints, providing consultations, maintaining a register and statistics of appeals, training staff, submitting quarterly reports to management, and liaising with the Central Bank regarding client appeals.