Central Bank of the Republic of Azerbaijan reminds issuers of annual report filing and disclosure deadlines and warns of administrative liability for non-submission

The Central Bank of the Republic of Azerbaijan published a notice setting out the legal requirements for joint-stock company issuers to prepare, submit and disclose annual reports, and the measures it applies where reports are not filed on time. Under the Law on the Securities Market, the annual report must be prepared for each completed calendar year and approved by the shareholders’ general meeting (subject to statutory exceptions), then submitted to the Central Bank within 10 business days of approval. Unless the Central Bank instructs a suspension of disclosure, the issuer must disclose the annual report on its website (if any) and in the media within 30 calendar days of submission. The annual report must include a management report, financial statements and an external auditor’s opinion, except for micro and small business entities. Where a joint-stock company has ceased business activity during the year, the Central Bank recommends notifying it and attaching the general meeting decision and a certificate submitted to the State Tax Service under Article 16.3 of the Tax Code; issuers that miss statutory deadlines receive warning letters, and continued failure to submit and disclose can lead to administrative liability under the Administrative Offences Code.