[Last updated: 1 January 2024, unless otherwise noted]

Required documentation

For primary market listings, a company must provide the following documents to the BSE:

• Application form for listing.
• Issue prospectus or information memorandum (if any) approved in accordance with the legislation.
• Audited reports for the last financial year in accordance with the requirements of the Rules, a copy of the auditor's report or the source of disclosure of this information.
• Copy of the document on state registration of securities.

Prospectus or Information Memorandum

The prospectus or information memorandum, which should be registered with the CBA, should include the following information:

• Full name, organizational-legal form and address of the company.
• Information about the company from the state register of legal entities.
• Information about management, executive and supervisory bodies of the company.
• Information about branches and representative offices of the company.
• Lists, contact details and information on the persons holding at least 10% of the voting share capital of the company.
• Information about the company's equity capital, its structure, value, number of shares, their nominal value and types, including details on the benefits afforded to the different types of shares.
• Company balance sheet and consolidated financial reports, together with the report of independent auditors.
• Information about dividends paid for shares by company since the foundation date or during the last five financial years.
• Information about earlier issued securities of the company.
• General information concerning the issue of investment securities.
• Distribution rules of investment securities.
• Debts of the company and interest amounts to be paid.
• Payment rules for investment securities.
• Information concerning the professional participants of the securities market that issue investment securities.
• Date and number of the resolution regarding securities' issuance and the name of the corporate body that issued such resolution.
• Preference share rights.
• Any limitations for purchase of investment securities.

The listing committee, which is formed by the supervisory council of the BSE, may request other information and documents that it deems necessary.

Application review

After receipt of all required documents, the listing committee of the BSE starts the process of their review and should issue its decision within ten business days, which period may be prolonged by an additional ten days. If deemed necessary by the listing committee of the BSE, the listing may be prolonged up to but no more than three months.

Within one business day after the decision on inclusion of securities into the listing is made, the listing commission should publish the relevant information (the prospectus and/or investment memorandum and financial statements of the issuer) on the BSE's website, unless the law requires otherwise.

Within two business days after the decision on inclusion of securities into the listing is made, the company is notified by the BSE and the listing agreement is concluded between the BSE and the company.

While the application is being considered by the BSE, the issuer should immediately report to the BSE any events which might affect the value of the securities and the decision of investors regarding operations related to securities.

Trading in the securities after the decision of the listing committee must commence within a maximum 60 business days.

The documentation and process requirements described in this section should be the same for foreign and domestic companies, notwithstanding that the application to list a foreign company on the BSE must be preceded by the issuance of a Certificate on Turnover of Securities of Foreign Issuers in the Republic of Azerbaijan by the CBA. The analysis in relation to the likelihood of foreign securities being listed in Azerbaijan, outlined in Section 1 above, should also be taken into account.

Typical process and timetable

Link to Timetable