According to the ‘Oversight conception of payment systems of the Central Bank of the Republic of Azerbaijan’ and the ‘Regulations on organization of settlements in interbank centralized payment systems in the Republic of Azerbaijan’, every year a participant with over two percent share in total operations conducted by participants on the AZIPS operated by the Central Bank are classified as a systemically important participant. The systemically important participant should create a backup center to ensure business continuity in emergency situations and provide real-time participation in payment systems through the backup center at least once a quarter to check how prepared they are for emergencies. The systemically important participant should deliver to the Central Bank in writing a report on results upon completion of operations in the backup center as per Annex 1 of the Regulations.

Moreover, the systemically important participant should deliver a topological diagram on organization of information sharing on main software between the backup and main centers and information on location of the backup center; designate and instruct employees (main and substitute) to respond to inquiries and maintain information sharing in emergencies to ensure business continuity; and the information on these employees to the Central Bank no later February 25th of every year to the Central Bank. At the same time, systemically important participants should have contingency and recovery plans to ensure business continuity in systems in emergencies. Business continuity and recovery plans should be updated annually and delivered to the Central Bank.