The President approved the law to impose a fine for failure to publish financial reports

The President of Azerbaijan Ilham Aliyev signed on November 29 an order on the application of the law "On Amendments to the Code of Administrative Offences." The change in the Code provides for administrative liability for violation of the law on the publication of the financial statements of companies.

Under the changes, penalties against companies and their officers will be applied and, if not publish annual financial statements and consolidated financial statements.

Article 247-1 CAP provides financial penalty against an official in the amount of 300 to 400 manat and legal entity in size from 1,500 to 2,000 manat for violation of training and relevant public authorities (Ministry of Finance) and the founders of the financial statements. From now on, a fine will be imposed in the case of breaches of the law by publishing them in print.

The area of ??influence of the rule is broad and applies to banks, insurance companies, joint stock companies, limited liability companies, holding companies, financial and industrial groups, etc.

The President instructed the Cabinet of Ministers in the three months to prepare proposals to bring the legislation into conformity with this law. During the same period, the government should be aligned to the law their own regulations.

In Azerbaijan, the most disciplined in the publication of the financial statements are banks and insurance companies, which are mainly dictated by the specific activities of these sectors and more closely monitored by supervisory authorities. - 08B-