Information by the Central Bank

09-03-2023

According to Article 75 of the Law "On Securities Market", except for the cases stipulated by the law, an annual report of the joint stock company is prepared based on the results of each completed calendar year, approved by the general meeting of its shareholders and submitted to the Central Bank of the Republic of Azerbaijan (Central Bank) no later than 10 days from that date. If the Central Bank does not issue an instruction to suspend the publication of the report, the company must ensure that its annual report is published on its website (if any) and in the mass media within 30 days from the date of its submission.

According to the requirements of the legislation, the Issuers’ Annual Report must contain the management report, financial statements and the external auditor's opinion (except for micro and small business entities).

If joint stock companies cease business activities for the current year, it is recommended to inform the Central Bank by attaching the decision of the general meeting of the company and the certificate submitted to the State Tax Service in accordance with Article 16.3 of the Tax Code of the Republic of Azerbaijan.

We would like to inform the issuers that failure to prepare, submit and disclose the annual report of joint stock companies to the Central Bank within the period prescribed by the law leads to administrative liability of the issuers under the Code of Administrative Offences of the Republic of Azerbaijan.