On July 1, 2019 the Law of the Republic of Azerbaijan “On Securities Market” was amended.

Further to the amendment, it is envisaged to replace the provision “by the relevant executive authority” given in the Article 16.16.4 of the Law with “by the financial market supervisory authority in agreement with the relevant executive authority”.

The Article 16.16 lists the duties of the Supervisory Council of the Central Depository. Following the amendment, the Supervisory Council of the National Depository Center shall submit proposals on central depositary's service fees to be defined by the financial market supervisory authority in agreement with the relevant executive authority.