According to the amendments to the Law of the Republic of Azerbaijan “On the Central Bank of the Republic of Azerbaijan” adopted on 4 March 2016, the authority to license, regulate and supervise banks were assigned to a newly established regulating body. Since then the Central Bank has focused on the monetary and exchange rate policy, safeguarding macroeconomic and financial stability, regulation and development of centralized interbank and other licensed payment systems and organization of cash circulation. According to the Order of the President of the Republic of Azerbaijan “On improving management of the regulation and supervision of financial services market” issued on November 28, 2019, the Financial Market Supervisory Authority was liquidated. The authorities of the financial market supervisor stipulated by the applicable law, including rights and responsibilities in the areas of licensing of financial market services, regulation and supervision, protection of rights of investors and consumers of financial services, as well as FIMSA’s property were handed over to the Central Bank of the Republic of Azerbaijan.