Client Alert On Latest Legislative Developments

New legislative developments in Azerbaijan on banking, telecommunications and licensing

During the past several weeks the Azerbaijani Parliament has adopted a number of laws, introducing amendments to the Law On Banks, the Civil Code, the Civil Procedure Code, the Administrative Procedure Code, the Law On Telecommunications and the Law On Licenses and Permits.

We summarize the major aspects of above-mentioned amendments below.

Law "On Introducing Amendments to the Law 'On Banks'"

The amending law, which is dated April 7, 2017 (effective as of April 16, 2017), introduces significant changes to the cornerstone of banking legislation in the country, completely rewriting sections of the Law on Banks dealing with the appointment of temporary administration and the financial rehabilitation of troubled banks. The amendments come at the time when liquidations in bankruptcy of several small and mid-sized Azerbaijani banks are currently underway, in relation