The President signed on November 14 an order on the application of the Law of Azerbaijan "On Amendments to the Code of Administrative Offences." The law provides for tougher financial sanctions against violators of the law in the area of ??capital markets and investor rights entered the date of publication in print - 15th November.
Total changes are in 16 articles of the Code. Previously, the maximum penalty for an administrative violation of legislation on the securities market and investors' rights to legal entities and their officers was 300 manats and from now on, this strap increased to 9,000 manats. The State Committee for Securities believe that the increase in the size of sanctions will undoubtedly lead to improved relations between investors and companies, as well as the overall situation in the market.
For example, we note that in case of violation of the rights of investors , and limit them in any form , company officials will be fined in the amount of 400 to 600 manat, and the companies themselves - from 4000 to 6000 manats. Prior to that, the amount of fine for officials ranged from 50 to 90 manat, and for legal entities sanction was not provided. For breach of the statutory rights of shareholders of the amount of fine for officials can reach up to 700 manat, and joint-stock companies - 4,000 manat. Previously, for violating the law on lotteries as fined up to 200 manats, this total will reach 3,000 to 9,000 manat.
During 10 months of 2013 the SSC has received 259 complaints of violations of the rights of investors and shareholders, which is 29 % more than in the comparable period of 2012. 429 complaints related to joint stock companies. During the same period, complaints were made against 333 AD. In January-October against the violators of rights of investors and shareholders were applied 518 sanctions (+43%) for a total of 140.4 thousand manats (+44 %). - 08D-
Economics
-
As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
-
Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
-
As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
-
Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
Leave a review