JD Supra (JD Supra Azerbaijan)
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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.
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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”).
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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.
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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...
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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.
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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.
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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.
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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.
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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.
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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”).
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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...
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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 2016.
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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”).
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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...
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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 markets.
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New Public Procurement Restrictions
On 15 September 2016, the President of Azerbaijan signed a new Decree “On Additional Measures on Increasing the Efficiency of Executive Authorities and Organizations Funded from the State Budget” (the “New Decree”), which set forth new regulations for public procurement.
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New important laws and proposed amendments to the Constitution of Azerbaijan
The Azerbaijani Parliament has recently adopted several new important laws and proposed amendments to the Constitution of Azerbaijan. Below we summarize the Law of the Republic of Azerbaijan “On Antidumping and Countervailing and Protective Measures” (the “Antidumping Law”), the Law of the Republic of Azerbaijan “On Cooperation in Agriculture” (the “Law on Agricultural Cooperatives”), and,...
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Client Alert on e-Visas and Migration Reforms - New developments on the simplification of visa procedures, work permit exemptions and other migration reforms
Presidential Decree dated 1 June 2016 On the simplification of the e-visa issuance procedure and the creation of the “ASAN Visa” system - A new Decree was signed in order to simplify the procedure for issuing visas to foreigners and stateless persons arriving in Azerbaijan, as well to create an e-visa system, ensuring transparency and efficiency with the use of modern information...
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Update on additional investment incentives - Additional investment incentives adopted
On 6 May 2016 the President of Azerbaijan signed a number of laws amending the Tax Code, the Law On Social Insurance and the Law On Customs Tariffs...
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Presidential Decree on Construction and Infrastructure Projects in Azerbaijan
The President of the Republic of Azerbaijan has approved a Law On the Implementation of Special Financing for Investment Projects in Connection with Construction and Infrastructure Facilities, dated 15 March 2016. In essence, the new Law introduces options for the potential financing of Build-Operate-Transfer (BOT) projects.
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New Law On Licenses and Permits is signed
On 21 April 2016, the President of the Republic of Azerbaijan signed a new Law On Licenses and permits. The new Law, which aims to protect and promote local entrepreneurship and to encourage business transparency, is noteworthy due to newly defined provisions for the simplification of the process of issuing licenses and permits.
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New Rules on Currency Control and Deposit Insurance in Azerbaijan
In the wake of the latest devaluation of Azerbaijani currency and falling oil prices, the Azerbaijani Parliament passed in the first reading several laws that are expected to have lasting impact.
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New Rules on Investment Promotion in Azerbaijan
On 18 January 2016 the President of the Republic of Azerbaijan signed a Decree On additional measures in connection with the promotion of investments.
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Client Alert on Regulations of Licensing in Azerbaijan
On 21 December 2015 the President of the Republic of Azerbaijan signed a Decree On certain measures in the area of licensing.
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Highlights of Tax Code Amendments in 2016
On 20 October 2015 the President of the Republic of Azerbaijan signed into law amendments to the Tax Code 2000, which are effective from 1 January 2016.
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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 Transparency of the Procedure for the Issuance of Special Permits (Licenses). The Decree assign to the...
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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 one of the spouses was not procured, even though the relevant spouse had granted a general power of...
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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 be created in the form of joint stock companies and will be subject to licensing.
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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 apply to any transaction or series of related transactions between a legal entity and a...
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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 constitutional. Article 19, paragraph III of the Azerbaijani Constitution prohibits using any monetary...