New obligations for banks defined

The bank and the local branch of a foreign bank will provide free of charge a copy of the annual financial statements and consolidated financial statements together with the auditor's report to any person on the basis of his application.

banks.az reports that this was reflected in the proposed amendments to the Law on Banks, discussed in the 1st reading at today's meeting of Milli Majlis.

Similar amendments are proposed to the Laws on Currency Regulation, on Credit Unions, on Mail, on Accounting, on Insurance Activity, on Non-Bank Credit Organizations, on Investment Funds, on the Securities Market and on Credit Bureaus.