1.1 These Regulations have been prepared based on the Law of the Azerbaijan Republic «On business activity», «On commodity exchange», «Regulations on issuance of special permits (licenses) for some kinds of business activity» approved by Decree of President of the Azerbaijan Republic № 543, dated 27 January 1997, and Decree of President of the Azerbaijan Republic «On approval of list of activities requiring special permit (license)» № 637, dated 4 October, 1997 and specify procedure of issuing special permit (license) for commodity-exchange activity (hereinafter «license»).

1.2 License issued by the State Committee of the Azerbaijan Republic on antimonopoly police and promotion of business undertakings (further - Antimonopoly Committee) based on this Regulations is official document permitting legal entities, irrespective of form of property and organization-legal form (hereinafter - «applicants»), to carry out the commodity-exchange kind of activity:

1.3 Applicants might carry out activity specified in the license in an established order and in specified term only after they have been given license based on these Regulations.

1.4 Foreign legal entities must obtain license for certain kinds of activities in compliance with these Regulations if there is no inter-state agreement about recognition in the Azerbaijan Republic of licenses on said kinds of activities obtained by them in their countries.

1.5 Issued license (copy of license) may be used only by the license owner, it may not be transferred to other persons, and will not apply to legal entities whose constitutor is the owner of the license, to other persons carrying out joint activity with the owner of the license, including activity based on agreement about cooperation.

Provisional issuance of license to a person acting on behalf of the owner of license based on individual agreement (contract), or contract of agency, is not recognized transfer of a license to another person.

2.1 To obtain license, an applicant should submit to Antimonopoly Committee the following documents:

2.2 It is forbidden to demand from the applicant to submit documents other than those specified in these Regulations.

2.3 Antimonopoly Committee accepts application for a license and documents envisaged in these Regulations, registers them in special book, studies them and if there are no faults or grounds for refusal - takes decision about issuance of license within 15 days from the date of registration.

If any faults have been found in submitted documents, applicant should be notified in writing as such, and within 5 days after elimination of faults and re-submittance of documents, these documents are studied and relevant decision is taken.

If decision about refusal in license is taken in accordance with terms of these Regulations, an applicant shall be informed as such, in writing with indication of reasons.

Should the last day of the term specified in this clause fall on holiday, the next working day will be regarded the last day of the term.

2.4 Refusal in issuance of the license takes place in the following cases:

2.5 After elimination of circumstances which became the reason for refusal, the applicant will have the right to apply to Antimonopoly Committee for a license in accordance with these Regulations, and if the applicant disagrees with refusal he will have the right to apply to law court.

2.6 On liquidation of commodity exchange license granted to it also becomes null and void.

In case of re-organization of legal entity, change of its name, loss of license, the applicant should apply for re-issuance of the license within 15 days.

Procedure of re-issuance of the license is same as for its issuance.

During the term of re-registration of the license, its owner acts based on the former license (copies of license issued for separate objects), and should the license be lost - based on provisional permit of the Antimonopoly Committee (copies of license issued for separate objects). Provisional permit signed by Head of the Antimonopoly Committee and certified by seal is issued after all documents for re-registration of the license have been submitted.

3.1 The following is indicated in the license:

3.2 License is signed by Head of Antimonopoly Committee (deputy Head during his absence) and notified by the seal of the committee.

4.1 License is issued for the period of five years.

4.2 Extension of the term of license validity is done in same order as its issuance.

4.3 Out of date license and its copies are considered invalid.

5.1 If licensed kind of activity is to be carried out at separate (in terms of territory) objects, an applicant shall be given copy of license for each separate object specified in application, with indication of its address.

5.2 If an applicant, after obtaining the license, desires to carry out activity at separate (in terms of territory) objects, or to increase a number of such objects he must submit the following documents to the Antimonopoly Committee to obtain copies of licenses for new objects:

5.3 Antimonopoly Committee investigates application concerning issuance of copies of the license based on clauses 2.3 and 2.4 of these Regulations and takes relevant decision.

5.4 Copy of license is official document given to the license owner for each separate object, which is issued on the license form, with indication of requisites of the license itself, where word «copy» is added in the upper right corner, and address of the object is indicated in the box «Address». Said document will be signed by Head of the Antimonopoly Committee or, during his absence, by his deputy, notified by the seal of the Antimonopoly Committee and will authorise to carry out activity specified in this copy.

5.5 Issued copies of licenses are registered at the Antimonopoly Committee.

5.6 If copy of a license gets lost, license owner should apply to the Antimonopoly Committee to get new copy.

5.7 Payment for issuance and re-registration of a copy of license is not taken.

6.1 When carrying out certain kind of activity based on these Regulations owners of the license must observe international acts, legal acts of the Azerbaijan Republic, norms and regulations covering commodity-exchange activity.

6.2 Antimonopoly Committee carries out control over observance of regulations regarding the license.

6.3 Authority of the Antimonopoly Committee includes the following:

6.4 During inspection the owner of the license must provide access of representatives of the Antimonopoly Committee to the objects under inspection, to create normal conditions for inspection and supply all relevant documents.

6.5 Act in two copies is issued based on results of inspection. Act is signed by representatives of the Antimonopoly Committee and license owner (head of the enterprise). In case of refusal to sign the act, it is noted in the act. Explanation of the license owner (head of the enterprise) is enclosed with the act. One copy of act remains with the license owner.

6.6 Whenever necessary, Antimonopoly Committee may enlist to inspections carried out under these Regulations, representatives of relevant organisations.

7.1 The license is suspended by the Antimonopoly Committee in the following cases:

7.2 Within 5 days from the date when decision about suspension of the license has been taken, Antimonopoly Committee notifies in writing the owner of the license and state tax inspection bodies about this decision.

Should circumstances which resulted in suspension of the license change, the license might again become valid after application of the owner. License shall be regarded restored after relevant decision of the Antimonopoly Committee; the owner of the license and state tax inspection bodies are notified about such decision in writing, within 5-day term.

7.3 The license is annulled by the Antimonopoly Committee in the following cases:

7.4 Within 5 days from the date when decision about annulment of the license has been taken, Antimonopoly Committee notifies in writing the owner of the license and state tax inspection bodies.

7.5 Decision taken about suspension, annulment or restoration of the license validity will apply also to copies of licenses issued based on these Regulations for individual objects.

7.6 Antimonopoly Committee keeps register of issued, registered, suspended, restored and annulled licenses.

8.1 Directors and officials of the Antimonopoly Committee are responsible in accordance with current legislation for violation or improper observance of legislation of the Azerbaijan Republic concerning licensing.

8.2 Decisions and actions of directors and officials of the Antimonopoly Committee may be appealed against in the law court in accordance with established order.

8.3 Persons (entities) carrying out kinds of activity specified in these Regulations without license are responsible in line with existing legislation.

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