According to Decree №760 of the President of the Republic of Azerbaijan, dated 3 February 2016, Financial Market Supervisory Authority (FIMSA) was established with the goal of improving licensing, regulation and supervision of:
- Securities market
- Investment funds
- Credit organizations (banks, non-bank credit organization and postal operator)
- Payment systems operations
In addition, improving a supervisory system for the following:
- Prevention of legalizing criminally obtained funds and other property
- Financing of terrorism
- Maintenance of transparency and flexibility in the supervision of these fields.
FIMSA is the first public legal entity that ensures the effective functioning of the financial markets, as well as protection of the rights of creditors, investors and insurers.
Now part of the global economy, the rapid reaction of Azerbaijan to the processes occurring in the global economic field has created new obligations, such as ensuring the sustainability of financial sectors and strengthening supervisory measures. These obligations include ensuring the flexibility and transparency of the securities market, investment funds, banking, insurance and payment systems in the country, as well as improving the control and supervisory systems in these areas.