Toughened mechanism for trade secret publishing in Azerbaijan to take effect in 5 months
Baku, Fineko/abc.az. Azerbaijani President Ilham Aliyev has endorsed the amendments to the Law on Commercial Secret.
According to the amendments, the right to receive information about the founders and their share in the authorized capital of commercial organizations is granted, provided that this does not contradict the national interests of Azerbaijan in political, economic and military spheres, protection of interests in the financial and monetary policy, maintenance of public order, health and dignity, protection of rights and freedoms of other people, commercial and other economic interests, as well as provision of objectivity and credibility of courts. This kind of information is hidden or disclosed at the request of legal entities.
The amendments were approved by the Head of State on 6 July 2012.
On 12 June, the President also signed the amendments to the Tax Code of Azerbaijan relating to the amendments to the Law on Commercial Secret.
The President also signed the decree on implementation of the amendments and charged the Cabinet Ministers to prepared for 3 months the proposals for ensuring the compliance of laws and presidential acts, Cabinet’s legal and standard acts with these amendments and provide information on that to the President.
The central executive bodies are responsible for monitoring compliance with the regulatory framework in accord with the amendments and report for 5 months to the President on the performance. The Ministry of Justice is commissioned to ensure compliance of standard and legal acts with the Tax Code and report on that to the Cabinet.
Tags: trade secret
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