Central Bank of the Republic of Azerbaijan outlines warning letters and administrative liability for issuers that fail to submit annual reports

The Central Bank of the Republic of Azerbaijan published a reminder to issuers on annual report submission and public disclosure requirements, and set out the measures it will take where joint-stock companies do not file within the statutory timeframe. Under the Securities Market Law, a joint-stock company’s annual report must be prepared for each completed calendar year, approved by the general meeting of shareholders, and submitted to the central bank within 10 days of approval. Unless the central bank instructs that disclosure be suspended, the issuer must publish the annual report within 30 days of submission on its website (if available) and in the media. The annual report must include a management report, financial statements, and an external auditor’s opinion on the financial statements, except for micro and small enterprises. Where a joint-stock company suspends business activity in the current year, the central bank recommends notifying it with the general meeting decision and a certificate filed with the State Tax Service under the Tax Code. If annual reports are not submitted within the required period, the central bank sends warning letters, and continued failure to submit and disclose may lead to administrative liability under the Administrative Offences Code.