Member News

Post date: Monday, 8 May, 2017 - 11:33
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Dentons – a TEAS member company – has issued an important client alert reflecting the latest changes in Azerbaijani legislation. This covers new rulings regarding banking, telecommunications and licensing. The banking section relates to significant changes regarding the temporary administration and financial rehabilitation of troubled banks, including disposition of an insolvent bank, voluntary debt restructuring; the role of the Azerbaijan Deposit Insurance Fund (ADIF) as the liquidator; and the personal liability of bank administrators. The telecommunications section covers the registration obligations of providers, and this is also related to the amendments to licenses and permits pertaining to mobile communications. Go to http://bit.ly/dentonsbanksandit to read the full alert.

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Post date: Wednesday, 5 April, 2017 - 16:03
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Dentons – a TEAS member company – has launched the 2017 edition of its Investing in Renewable Energy Projects in Europe guide. The renewable energy market is never static. Technical advances and the increased prevalence of competitive tendering mechanisms are driving down costs globally. Changes in political and economic conditions can trigger regulatory changes that transform the climate for such projects in a country overnight – and not always for the better. 

Across Europe as a whole, the renewables industry continues to expand and develop. This is potentially also the case for Azerbaijan, which is replete with wave, wind and solar energy. This has led to the establishment of the Azerbaijani State Agency for Alternative and Renewable Energy, which is masterminding a $330m project to commission an elevated 200MW wind farm in the Caspian Sea, which should reduce natural gas demand by at least 200,000m3.

Commercial success in the renewables sector continues to hinge on understanding current and anticipating future trends, spotting opportunities as they arise, minimising risk and implementing an agile business model that is capable of surviving shocks and uncertainties.

The guide can be downloaded from http://bit.ly/dentonsrenewables2017 and highlights key regulatory developments, giving snapshots of the prospects for renewable energy projects in 16 jurisdictions across Europe and Central Asia, including Belgium, France, Germany, Italy, Poland, Spain, Romania and Turkey.

Dentons produced this guide in co-operation with Recharge, the global source for renewable energy news and intelligence.

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Post date: Wednesday, 11 January, 2017 - 16:35
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Dentons – a TEAS member company – has launched the latest edition of its Global Energy Game Changers publication, entitled Focus on Europe (see http://bit.ly/dentonsglobal). Produced by its Global Energy Team, this is a compendium of insightful analysis into the most important issues facing the energy industry.

This invaluable publication covers continent-wide regulatory reform, the regulation of new cross-border power flows, the challenges facing the oil and gas industry, infrastructure sharing, disputes under investment treaties and the impact of Brexit. It also takes an in-depth look into the issues shaping the business environment in one of most important energy regions. Topics include:

•           Quantum viewpoints – trends and projections for the energy industry

•           EU Energy Union – a progress report

•           Making the single EU electricity market work – ACER and cross-border capacity allocation

•           Smart Grids – prospects and challenges

•           Stormy weather in the UK North Sea

•           “Help! I'm in a bad contract, get me out of here!” Disputes after the oil price crash

•           Energy and communications infrastructure sharing: an idea whose time has come

•           Solar suits against Western European governments

•           Brexit and the energy sector: initial thoughts

Dentons has also issued a Client Alert on New Amendments to the Tax Code, following a Presidential Decree on 16 December. This includes the definition of income; transfer pricing provisions; advance assessment of taxation liabilities; reduced scope of permitted cash transactions; tightening of the regulation of cash transactions; the issuance if electronic invoices; income tax exemptions; the depreciation rate of machines and equipment; new withholding taxes; and the VAT status of electronic trade. Go to http://bit.ly/dentonstax to read the full alert.

Following another Decree on 16 December, Dentons has issued a further Client Alert on non-cash settlements, including situations where this payment form is mandatory. Visit http://bit.ly/dentonsnoncash for this essential information.

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Post date: Thursday, 13 October, 2016 - 10:26
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Dentons Baku office – a TEAS member company – has issued a client alert at http://bit.ly/dentonsprocurement in the wake of a new decree specifying the new regulations for public procurement from the State Budget. The main objective of the new measures is to reduce the use of imported goods by state organisations until 1 January 2018.

Exceptions include imported goods (works and services) using funds borrowed from foreign lenders and guaranteed by the State, foreign grants, procurement for the defence and national security purposes, and the procurement of drugs and medical supplies.

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Post date: Thursday, 21 July, 2016 - 12:35
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Following the approval of a law On the Implementation of Special Financing for Investment Projects in Connection with Construction and Infrastructure Facilities by Azerbaijani President Ilham Aliyev on 15 March, leading law firm Dentons (a TEAS member company) has issued a client alert. The new law introduces options for the potential financing of Build-Operate-Transfer (BOT) projects, and the full alert can be read at http://bit.ly/dentonsbot.

Dentons also issued a client alert on the new law regarding licenses and permits, aimed at protecting and promoting local entrepreneurship and encouraging business transparency, which was passed on 21 April. To see this, go to http://bit.ly/dentonslicensesandpermits, and in a similar vein it issued a client alert on additional investment incentives, focusing on tax dispensations regarding the Garadagh Industrial Parkand other measures aimed at attracting foreign investment. Go to http://bit.ly/dentonsincentives to see the full text.

Furthermore, Dentons has published the tenth edition of its business guide to Succeeding in Azerbaijan, distilling the guidance emanating from more than 20 years of its Azerbaijani office. Visit http://bit.ly/dentonsdoingbusiness2016 to download this publication.

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Post date: Friday, 20 May, 2016 - 15:38
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Following the approval of a law On the Implementation of Special Financing for Investment Projects in Connection with Construction and Infrastructure Facilities by Azerbaijani President Ilham Aliyev on 15 March, global law firm Dentons Baku office (a TEAS member company) has issued a client alert. The new law introduces options for the potential financing of Build-Operate-Transfer (BOT) projects, and the full alert can be read at http://bit.ly/dentonsbot.

Dentons has also issued a client alert on the new law regarding licenses and permits, aimed at protecting and promoting local entrepreneurship and encouraging business transparency, which was passed on 21 April. To see the alert, go to http://bit.ly/dentonslicensesandpermits.

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Post date: Friday, 1 April, 2016 - 10:42
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Dentons Baku office – a TEAS member company – has issued several Client Alerts in the wake of new laws passed in the Milli Majlis (Azerbaijani Parliament) following the recent AZN currency devaluation. These relate to state guarantees for loans to deposit insurance funds, an extension to deposit insurance coverage by the Central Bank of Azerbaijan, currency controls, and incentives to promote investments. Go to http://bit.ly/dentonscurrencycontrol and http://bit.ly/dentonsinvestmentpromo to read the alerts.

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Post date: Wednesday, 17 February, 2016 - 10:37
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The Baku office of global law firm Dentons – a TEAS member company – has issued a Client Alert regarding amendments to the Azerbaijani Tax Code, which come into effect on 1 January 2016. Go to http://bit.ly/dentonsaztaxcode2016 to find out more.

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Post date: Wednesday, 18 November, 2015 - 16:42
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Dentons Baku office – a TEAS member company – has issued a Client Alert on the latest Decision of the Constitutional Court of Azerbaijan summarising issues related to mortgaging marital property, the application of statute of limitations and the scope of judicial review by the Supreme Court of Azerbaijan.

On 15 July 2015 the Constitutional Court of Azerbaijan issued a ruling in the case of Mammadova et al. vs. Bank Technique, a case where the claimants requested the court to partially invalidate a mortgage agreement over certain marital property (a house) on the grounds that the specific consent of one of the spouses was not procured, even though the relevant spouse had granted a general power of attorney to her husband, which at the time of entering into the mortgage agreement was valid. This decision was proceeded by a series of decisions by lower courts, including those of the Guba First Instance Court, which rejected the claimant’s claims and refused to invalidate the mortgage agreement; the Sumgayit Appellate Court, which reversed and remanded the decision of the Guba First Instance Court; and, finally, the Supreme Court, which reversed and remanded the decision of the Sumgayit Appellate Court. However, the Constitutional Court not only reversed the decision of the Supreme Court and remanded the case, it also affirmed several fundamental principles related to marital property under Azerbaijani law.

Namely, the Court was asked to clarify whether the property rights of Ms Mammadova, protected under Article 29 of the Constitution of Azerbaijan, were violated by the decision of the Supreme Court, which seemed to agree with the respondent, Bank Technique, in that the mortgage agreement was valid in relation to the mortgaged marital property despite the absence of specific consent by Ms Mammadova to mortgage such property, as required by law in relation to property held in common. (Paragraph IV of Article 29 of the Constitution of Azerbaijan states that no one can be deprived of his/her property without a decision of the court.)

For the full text of the ruling, go to http://bit.ly/dentonsmarital

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Post date: Tuesday, 17 November, 2015 - 17:08
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The Baku office of global law firm Dentons – a TEAS member company – has advised the EIB on a €50m loan to the International Bank of Azerbaijan (IBA), the largest bank in Azerbaijan, to finance projects promoted by SMEs and midcaps. The loan corresponds to the objectives of the EIB’s mandate for lending outside the EU, which focuses on the development of the local private sector, particularly providing support to SMEs, development of social and economic infrastructure and climate change mitigation and adaptation.

The framework agreement between the Republic of Azerbaijan and the EIB entered into force on 15 January 2014, enabling the EIB to commence lending operations within the country. The IBA transaction involved only the second loan by the EIB within Azerbaijan. Dentons’ role was to advise on matters of Azerbaijani law concerning the execution of the financing documents and the issuance of an Azerbaijani legal opinion on the capacity and authority of the IBA to execute, deliver and perform the financing contract, as well as the validity and enforceability thereof.

Timothy Stubbs, the Moscow-based partner, introduced the matter to Baku. Partner Kamal Mammadzada led Baku team with assistance from associate, Ulvia Zeynalova-Bockin and paralegal, Sabina Kerimova. For more information, go to www.dentons.com.

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