A new Regulation on “Opening, maintaining and closing bank accounts” was adopted
According to the Resolution of the Central Bank of the Republic of Azerbaijan #04/2 dated 4 February 2022, the Rules on “Opening, maintaining and closing bank accounts” from 10 June 2019 have ceased to be legally valid, and a new Regulation on “Opening, maintaining and closing bank accounts” was adopted.
11.05.2022
If you are interested in establishing a presence in a new market, restructuring your current operations, or expanding the geographical coverage of your business, the jurisdictions of Caucasus and Central Asia could offer a great potential from economic and legal standpoints. The region is strategically located between Europe and Asia, offering a unique position for companies who do business in both markets.
06.05.2022
One of the alternative ways to attract investment and expand one’s business is the public offering and sales of securities. As of 2021, there are 314 joint-stock companies (hereinafter the “JSC”) registered in Mongolia, and securities worth MNT 1.4 trillion (app USD 452.09 million) were traded on the market which is 21.6 times higher from 2020 and increased results by 64.3 percent from 2017.
Legal Alert: Law on Cyber security
On June 30, 2021, the Government of Mongolia submitted a draft Law on Cyber security and supplementary draft laws to the State Great Khural(or the Parliament). On December 17, 2021 at the plenary session, the State Great Khural approved the draft Law on Cyber security. The law has adopted the first time in Mongolia and has been discussed and developed 7 times over the past decade.
Parallel imports vs Counterfeits: Mechanisms of preventing Intellectual Property Rights infringement in Azerbaijan
Parallel import, which refers to the import of original trademarked products without the consent of the right holder, is a matter of great concern in the international trade. Parallel import is tightly associated with another global issue of counterfeit. The general notion of counterfeit shall be distinguished from the concept of parallel import.
Legal alert: New Law on protection of personal data in Mongolia
The Parliament of Mongolia (State Great Khural) passed a new Law on Protection of Personal Data on December 17, 2021. The law will become effective from May 1, 2022. The Law on Personal Secrets which was adopted in 1995 provides very general provisions that individuals were to determine and protect their secrets themselves. Compared to this law, the new law is featured that it provides more comprehensive regulation on the Protection of Personal data.