Financial Market Supervisory Authority (FIMSA) is a public legal entity and independent in its operations. FIMSA is in charge of licensing, regulation and supervision of the credit institutions, insurance sector and securities market.
Background: The Centralized Credit Registry (CCR) was launched in 2005. The CCR hosts data on all loans of individuals and legal entities with loan obligations in the banking sector of the country irrespective the amount. Only banks, Non-bank Credit Organizatios (NBCOs) and borrowers, on whom information is placed, have the right for use of this information with the purpose to assess a credit applicant.
Goal: The key goal of the CCR is to provide banks and NBCOs, established under the Law of the Republic of Azerbaijan on Non-bank Credit Institutions, functioning in the Republic of Azerbaijan with more reliable information on current and potential borrowers, promote borrowers to follow market discipline and maintain lending reputation and eliminate credit risks of banks and NBCOs.
Legal Base: Under Article 35.4 of the Law of the Republic of Azerbaijan on Banks, the run mode of the CCR, including terms and conditions on nature, release and receipt of information is governed by Regulations on Maintenance and Usage of the Centralized Credit Registry.
Content of information: The Registry holds information on both active and fully paid loans of borrowers. Content of information includes identification data, data on loans and pledged collateral. The Registry data are updated once a month, within first 4 (four) business days of each month. Information on newly issued loans is delivered to the CCR within 2 business days.
Responsibility: Data providers are kept responsible for authenticity of the data delivered. Any person is entitled to claim on inaccurate information in the Registry. Borrowers deliver claims in writing directly to FIMSA.
Data Confidentiality: The CCR applies the banking secrecy regime as specified under the Civil Code of the Republic of Azerbaijan and the Law of the Republic of Azerbaijan on Banks to the information collected and obtained on borrowers. Inquries are made to the CCR by banks and NBCOs on current borrowers without requring the consent of the inquiree, and on potential borrowers and guarrantors only under the written consent signed by the inquiree(s).
Use of information: Banks and NBCOs may obtain the CCR data online, and borrowers upon inquiries. Price per inquiry for banks and NBCOs equals to AZN 1(one). Other persons except for banks and NBCOs may obtain information from the CCR as follows:
- by applying personally (a legal representative of the legal entity) or via an authorized representative (Annex 3);
- by applying in an e-format confirmed via an e-signature; Individuals and legal entities may apply to firstname.lastname@example.org through an application confirmed with an e-signature in order to obtain information on themselves electronically.
- via a notarized distant inquiry.
Documents required to apply: