Related-Party Transactions

Pursuant to changes made to the Code on Administrative Offenses that entered into force on June 4, 2016 a fine has been established for violation of rules established in relation to entering into agreements with related parties, as well as provision of information in relation to such agreements as required by legislation:

in the amount from 15 000 to 20 000 manats for banks and non-bank credit organizations and in the amount from 2 000 to 2 500 manats for their officials;
in the amount from 10 000 to 15 000 manats for joint-stock companies and in the amount from 1 000 to 1 500 manats for their officials;
in the amount from 5 000 to 10 000 manats for other legal entities and in the amount from 500 to 1 000 manats for their officials.

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