En
Guided by paragraphs 19 and 32 of Article 109 of the Constitution of the Republic of Azerbaijan, in order to ensure the implementation of the Law No. 987-VIQ dated July 14, 2023 of the Republic of Azerbaijan "On Payment Services and Payment Systems" I decide:
1. Let it be determined that:
1.1. In Article 14 of the Law of the Republic of Azerbaijan "On Payment Services and Payment Systems" (in both cases), in the first sentence of Article 48.10, in Articles 48.13, 53.2, in the second sentence of Article 54.3, in the second sentence of Article 58.3 and the President of the Republic of Azerbaijan exercises the powers of the relevant executive authority provided for in Article 59.7;
1.2. in Article 14 of that Law (in the first case), "organ (institution)" means the Ministry of Economy of the Republic of Azerbaijan;
1.3. In Articles 14 (in the second case), 48.13, 53.2, second sentences of Articles 54.3 and 58.3, and Article 59.7 of that Law, the term "organ (institution)" means the Ministry of Economy of the Republic of Azerbaijan as the State Tax Service is caught;
1.4. in the first sentence of Article 48.10 of that Law, "organ (institution)" means the Ministry of Internal Affairs of the Republic of Azerbaijan.
2.1. To submit proposals to the President of the Republic of Azerbaijan within three months regarding the adaptation of acts of the President of the Republic of Azerbaijan, as well as payment services provided by state bodies to the Law of the Republic of Azerbaijan "On Payment Services and Payment Systems";
2.2. solve other issues arising from that Law.
4.1. approve the following normative acts within six months and inform the President of the Republic of Azerbaijan:
4.1.1. In accordance with Article 3.2.9 of the Law of the Republic of Azerbaijan "On Payment Services and Payment Systems", the upper amount of payment transactions that are not considered a payment service and are provided by a mobile operator;
4.1.2. in accordance with Article 4.2 of that Law, the requirements for the minimum authorized capital and the minimum amount of the total capital of the payment organization and the electronic money organization, the procedure for calculating the total capital, as well as its structure and composition;
4.1.3. in accordance with Article 5.1.1 of that Law, the procedure for performing currency exchange activities for the execution of payment orders by payment organizations and electronic money organizations;
4.1.4. in accordance with Article 5.1.2 of that Law, the procedure and requirements for granting loans to payment service users for payment transactions by payment organizations and electronic money organizations;
4.1.5. in accordance with Article 7.1.1 of that Law, low-risk liquid assets in which funds accepted by the electronic money organization can be invested;
4.1.6. in accordance with Article 9.6 of that Law, the requirements for the involvement of a payment agent and the provision of payment services by the payment agent, including the requirements for the terms of the contract concluded with the payment agent;
4.1.7. in accordance with Article 10.1 of that Law, the cases and procedure for reporting operational or security incidents to the Central Bank by the payment service provider;
4.1.8. in accordance with Article 12.3 of that Law, the currency of the issued electronic money, the maximum amount and the maximum amount of obligations for the electronic money issued by an issuer;
4.1.9. in accordance with Article 20.3 of that Law, the criteria for determining small-volume payment instruments;
4.1.10. in accordance with the second sentence of Article 35.3 of the same Law, the requirements regarding enhanced customer authentication applied when using the services of payment service providers;
4.1.11. in accordance with the second sentence of Article 36.2 of that Law, requirements for information confirming payment transactions carried out through payment terminals and the procedure for submitting information;
4.1.12. in accordance with Article 43.3 of that Law, the amount of the minimum authorized capital of the operator operating on the basis of a license;
4.1.13. the form of information in accordance with Articles 49.2.7 and 55.1.12 of that Law;
4.1.14. in accordance with Article 49.2.11 of that Law, requirements for procedures for recording, monitoring, tracking and restricting access to sensitive payment information;
4.1.15. in accordance with Article 49.3 of that Law, the requirements for the activity program and business plan for the payment service to be provided, internal control and risk management systems, including security measures for the provision of payment services, business continuity and recovery plan in case of emergency;
4.1.16. in accordance with Article 55.3 of that Law, the operator's business plan, internal control system, risk management system, including security measures to protect against fraud, illegal use of sensitive payment data and personal data, as well as business continuity and recovery in emergency situations plan requirements;
4.1.17. in accordance with Article 59.2.3 of the said Law, the minimum amount of the limit provided for the provision of civil liability insurance or a guarantee from a credit institution or insurer that is not related to him and does not belong to the same financial group for a legal entity that wants to provide account information services exclusively ;
4.1.18. in accordance with Article 62.3.1 of that Law, payment service providers' rules for conducting payment transactions, payment instruments, as well as requirements for information protection by control subjects;
4.1.19. in accordance with Article 62.4 of that Law, the form, content and procedure for submission of reports (except for financial reports) issued by control subjects;
4.2. take necessary measures to resolve other issues arising from that Law.
Ilham Aliyev
President of the Republic of Azerbaijan
Baku city, August 9, 2023
