Fines will be imposed for violations of legislation on crowdfunding.
“Elchi” reports that this is reflected in the amendment to the Code of Administrative Offenses approved by President Ilham Aliyev.
According to the Code, for the failure to disclose or publish information that must be disclosed or published by the operator of a crowdfunding platform, officials shall be fined from one thousand five hundred to two thousand manats, and legal entities shall be fined from three thousand to four thousand manats.
For evading or refusing to submit reports on activities to the Central Bank by the crowdfunding platform operator, or for providing distorted information or violating the deadlines for their submission, officials shall be fined in the amount of one thousand to one thousand five hundred manats, and legal entities in the amount of two thousand to three thousand manats.
For violating the rules for storing information and documents that must be kept by the crowdfunding platform operator in connection with the management of the platform, officials shall be fined in the amount of five hundred to six hundred manats, and legal entities in the amount of one thousand to one thousand five hundred manats.
For violating the rules for managing funds by the crowdfunding platform operator in the field of crowdfunding, officials shall be fined in the amount of two thousand to three thousand manats, and legal entities in the amount of six thousand to seven thousand manats.
For violating the rules for conducting a crowdfunding campaign by the crowdfunding platform operator in the field of crowdfunding, officials shall be fined in the amount of two thousand to three thousand manats, and legal entities in the amount of four thousand to five thousand manats.
In accordance with the Law “On Currency Regulation,” for the failure to submit supporting documents required for transfers abroad (documents confirming the acquisition of a participation share or stock and other documents provided by law) to authorized banks or, in cases provided by law, to the Central Bank of the Republic of Azerbaijan within the period established by that Law, or for the failure to transfer foreign currency funds that must be returned to the Republic of Azerbaijan from abroad to accounts in authorized banks within the established periods, individuals shall be fined in the amount of five to ten percent of the amount of the currency funds that were the direct object of the administrative offense, officials shall be fined in the amount of ten to twenty percent of the amount of the currency funds that were the direct object of the administrative offense, and legal entities shall be fined in the amount of twenty to thirty percent of the amount of the currency funds that were the object of the administrative offense.
According to the amendment to the Law “On Combating the Legalization of Criminally Obtained Property or Other Property and the Financing of Terrorism,” crowdfunding platform operators will be included in the list of obligated entities and will be subject to control (monitoring) measures.