Amendments to Foreign Currency Regulation
On February 20, 2020, the Management Board of the Central Bank of the Republic of Azerbaijan approved a decision on amendments to the “Regulations on currency operations of residents of the Republic of Azerbaijan in foreign currency, and non‐residents in national and foreign currencies”.
Following the release of Chambers Global 2020, one of the most reputable international legal directories identifying best legal experts across the globe, GRATA International solidifies its position as one of the leading law firms in Eastern Europe and Central Asia by entering rankings in six countries.
Azerbaijan Allows Fifth and Seventh Freedom Flights
Azerbaijan has announced a significant change to its foreign airline policies. As of 1st January, all airlines based in a list of 40 different countries from North America, Asia and Europe, will automatically receive fifth and seventh freedom rights in Azerbaijan.
Interpretations of The Code of Administrative Offenses by Constitutional Court: Azerbaijan
On 19 December 2019 Azerbaijan’s Constitutional Court (“CC”) adopted a decision on Interpretations of Articles 38.1 and 430.4 of the Code of Administrative Offenses of the Republic of Azerbaijan (“Code”).
Functions and institutional structure of the Ministry of Economy were expanded
By a Decree of the President of the Republic of Azerbaijan dated October 23, 2019 the functions and institutional structure of the Ministry of Economy were expanded. Ministry of Taxes, State Committee on Property Issues, State Service for Antimonopoly and Consumer Rights Protection were included into the structure of the Ministry of Economy in the status of relevant public services.
Milli Majlis adopted a Law “on Procedure for the use of the right of citizens to initiate legislation”
On October 22, 2019, the President of the Republic of Azerbaijan adopted a new law "on Procedure for the use of the right of citizens of the Republic of Azerbaijan to legislative initiative" (Law).
Financial Market Supervision Authority was liquidated
By a Presidential Decree as of 28 November 2019, FIMSA was abolished and its property and powers including its functions and rights in the field of licensing, regulation and supervision of the financial services market, protection of the rights of investors and consumers of financial services have been transferred to CBAR.
President of the Republic of Azerbaijan dissolved Milli Majlis
Milli Majlis of the Republic of Azerbaijan (Parliament) has adopted a resolution addressed to the President of the Republic of Azerbaijan (President) requesting the parliament’s dissolution and holding early parliamentary elections.
Chambers&Partners has recently released its 2020 Asia-Pacific Guide, in which GRATA International has confirmed its status as one of the leading legal experts in Central Asia and Caspian region, with rankings in Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.