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Latest documents

• Significant changes to the Governing Structure of the State Oil Company of the Azerbaijan Republic (SOCAR)

  On 8 May 2021 the President of Azerbaijan issued a decree introducing significant amendments to the Charter of SOCAR, the main constituent document of the company. This decree follows a previous Presidential Decree dated 23 January 2021, which, inter alia, established the Supervisory Board of SOCAR.

• Latest amendments to the Labor Code

  The Parliament of the Republic of Azerbaijan passed a new law introducing changes to the Labor Code of the Republic of Azerbaijan. The respective amendments entered into force on 8 May 2021 pursuant to the Law of the Republic of Azerbaijan, No. 286-VIQD, dated 2 April 2021 (the “New Amendments”).

• Changes to the Deposit Insurance Scheme in Azerbaijan

  In order to maintain the financial stability in the midst of the prolonged COVID-10 pandemic and the related volatility in international oil markets,  the President of Azerbaijan signed into law the amendments to the Law “On Deposit Insurance” and the Law “On the Total Insurance of Deposits” adopted by the Milli Mejlis (the Azerbaijani Parliament) on December 18, 2020. 

• Reference Guide: Worldwide Export Controls on Face Masks and Other Medical Personal Protective Equipment (Updated May 11, 2020)

  As the COVID-19 pandemic has expanded exponentially, so too has the demand by hospitals and other healthcare providers for masks and other medical personal protective equipment (PPE) to protect doctors, nurses, and other healthcare workers. A number of governments have imposed export controls on the export of a variety of medical (and industrial) PPE. In other words, if you want to import face masks into the US from a European country, you need a license to export them from the EU first.

• Client alert on medical insurance law in Azerbaijan

  On December 28, 2018, the Milli Mejlis and the President of Azerbaijan approved amendments to the Law On Medical Insurance (the ‘Law’), a 1999 law which has been awaiting its implementation for more than 20 years. The Law will become effective from January 1, 2020.

• Client Alert on Tax Code amendments in Azerbaijan

  On 30 November 2018 Milli Mejlis and the President of Azerbaijan approved amendments to the Tax Code of Azerbaijan which include major changes in the taxation of the income of physical persons and businesses. A major part of the amendments are effective from 1 January 2019.

• Client Alert on Unemployment Insurance in Azerbaijan

  On 30 June 2017, the President signed a new Law on Unemployment Insurance, followed on 5 August 2017 by a Presidential Decree on the application of the new Law.

• Client Alert on Secured Transactions Law in Azerbaijan - New Law on Secured Transactions with Movable Property in Azerbaijan

  In late May 2017 the President of the Republic of Azerbaijan signed the new Law on Secured Transactions with Movable Property. The law was prepared based on the UNCITRAL Model Law on Secured Transactions.

• Client Alert on Latest Legislative Developments

  During the past several weeks the Azerbaijani Parliament has adopted a number of laws, introducing amendments to the Law On Banks, the Civil Code, the Civil Procedure Code, the Administrative Procedure Code, the Law On Telecommunications and the Law On Licenses and Permits.

• Client Alert on Proposed Amendments to the Law on Banks

  On April 7, 2017, the Azerbaijani Parliament passed in the first reading a Draft Law “On Introducing Amendments to the Law "On Banks" (the “Draft Law”).

Featured documents

• International focus - Taking security over real estate in the Commonwealth of Independent States

  For better or worse, we live in an increasingly globalised world. And in the lifetime of many businesses, there comes a time when they need to expand into new markets in foreign lands. Rather than taking the well-trodden road of investing in developed countries, some have ventured into emerging...

• Constitutional Court of Azerbaijan Rules on Legality of Loans Denominated in Foreign Currency

  One consequence of this move was that loans granted by local banks to local customers in foreign currency became more expensive, because the Azerbaijani Manat was weakened by 25 percent. This raised a question of whether foreign currency denominated loans between Azerbaijani residents were even...

• Client Alert on amendments to the Law on medicines - New Amendments to the Law “On Medical Products” and Other New Developments

  On 14 October 2016 the President of the Republic of Azerbaijan signed Amendments to the Law On Medical Products (the ”Amendment Law”). The Amendment Law has introduced into the Law On Medical Products the following new concepts......

• Client Alert on New Rules on Related Party Transactions for all Azerbaijani Companies

  Following recent amendments to the Civil Code, effective from 24 May 2015, new regulations on related party transactions now extend to all Azerbaijani legal entities. Previously, similar regulations existed only for issuers of investment securities (company shares and bonds) and banks. The...

• New Rules on Conducting Foreign Currency Operations by Residents and Non-Residents in Azerbaijan

  On 28 November 2016 the Central Bank of the Republic of Azerbaijan signed new Rules On Conducting Foreign Currency Operations by Residents and Non-Residents in Azerbaijan, which came into force on 8 December 2016 (the “Rules”)....

• Client Alert on Azerbaijani Securities Regulations - Client Alert on Latest Developments in Azerbaijani Securities Regulation summarizing the latest legal developments, including the new Securities Market Law and amendments to the Azerbaijani Civil Code.

  Securities Markets Law - New categories of professional participants in securities markets - Professional participants in securities markets are defined to include investment companies, stock exchanges, clearing houses, investment fund depositaries and a central depositary. They are to...

• New Amendments to the Tax Code

  On 16 December 2016 the President of the Republic of Azerbaijan signed a law amending the Tax Code (the “Amendment Law”). These are the long-awaited amendments whose adoption was expected after the President signed on 4 August 2016 an instruction on the directions of tax reforms in Azerbaijan for...

• Client Alert on Constitutional Court of Azerbaijan rules on issues related to mortgaging marital property

  On 15 July 2015 the Constitutional Court of Azerbaijan issued a ruling in the case of Mammadova et al. vs. Bank Technique, a case where the claimants requested the court to partially invalidate a mortgage agreement over certain marital property (a house) on the grounds that the specific consent of...

• Client Alert on the Law On Non Cash Settlements

  On 16 December 2016 the President of the Republic of Azerbaijan signed the law On Non-Cash Settlements (the “Law”). Below is a general summary of the Law......

• Changes of licensing rules

  On 19 October 2015, the President of Azerbaijan took a much awaited step which should improve the business climate in Azerbaijan. The President issued a decree on the Decrease of the Number of Types of Special Permits (Licenses) Required for Business Activity, Simplification and Ensuring...