Approval of the Regulation on the Licensing Procedure for Currency Exchange Activities

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Board Resolution of the Central Bank of the Republic of Uzbekistan, registered on May 18, 2016, registration number 2788

Date of Entry into Force

July 24, 2016

All

May 26, 2026

September 19, 2022

July 28, 2021

April 26, 2018

January 1, 2017

July 24, 2016

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[
OKOB:
1.
02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General Issues of State Administration in the Sphere of Economy, Social and Cultural Construction / 02.08.06.00 Administrative Procedures / 02.08.06.02 Licensing of Certain Types of Activities (also see 09.01.05.00);
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation of Currency and Currency Control / 07.27.05.00 Licensing of Operations in Foreign Currency;
3.
09.00.00.00 Entrepreneurship and Economic Activity / 09.01.00.00 Legislation on Entrepreneurship / 09.01.06.00 Licensing of Certain Types of Activities. Permitting (also see 02.08.06.00) / 09.01.06.02 Procedure for Licensing Certain Types of Activities;
4.
09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.02.00 State Regulation of Exchange Activity. Licensing of Exchange Activity]
[
TSZ:
1.
Civil Law. Entrepreneurship / Licensing of Certain Types of Activities; 2.
Finance / Currency Regulation. Precious Metals (Stones); 3.
Finance / Exchange Activity]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Approval of the Regulation on the Licensing Procedure for Currency Exchange Activities

[Registered by the Ministry of Justice of the Republic of Uzbekistan on May 18, 2016, registration number 2788]

See previous edition.

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Currency Regulation", "On Licensing, Permitting and Notification Procedures", and "On Exchanges and Exchange Activity", the Board of the Central Bank of the Republic of Uzbekistan resolves:
(edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

1. Approve the Regulation on the Licensing Procedure for Currency Exchange Activities attached hereto.

2. This resolution enters into force three months after the date of its official publication.

Chairman of the Central Bank F. MULLAJONOV

Tashkent city,

April 23, 2016,
No. 12/I

APPENDIX
To Resolution No. 12/1 of the Board of the Central Bank of the Republic of Uzbekistan dated April 23, 2016

REGULATION on the Licensing Procedure for Currency Exchange Activities

See previous edition.

This Regulation regulates the licensing of currency exchange activities.
(edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

Chapter 1. General Provisions

1. The following main concepts are used in this Regulation:
   See previous edition.

currency exchange
— a legal entity organizing exchange trades on the purchase and sale of foreign currency, state securities, financial derivative instruments (derivatives), and other exchange transactions related thereto, as well as the interbank money market and credit and deposit auctions conducted by the Central Bank with commercial banks, including microfinance banks (hereinafter referred to as banks in the text); (the second paragraph of Clause 1 edited by Resolution No. 13/5 of the Board of the Central Bank of the Republic of Uzbekistan dated May 5, 2026 (registration number 3841, 26.05.2026) — , 26.05.2026, 10/26/3841/0538)

licensing authority
— the
Central Bank of the Republic of Uzbekistan
;

license applicant
— a legal entity that has applied to the licensing authority for issuance of a license (hereinafter referred to as a license in the text) granting the right to carry out currency exchange activities;

licensee
— a legal entity holding a license issued by the Central Bank of the Republic of Uzbekistan .

2. Licensing and regulation of currency exchange activities are carried out by the
   Central Bank of the Republic of Uzbekistan
   .

3. A license is issued without a time limit.

4. Issuance, termination of validity, revocation, suspension, re-registration, or restoration of a license is formalized by a resolution of the Board of the Central Bank of the Republic of Uzbekistan.

Chapter 2. License Requirements and Conditions

5. The following are considered license requirements and conditions for carrying out currency exchange activities:
   See previous edition.

a) compliance with legislation on exchanges and exchange activity and rules of exchange trades;

b) compliance with requirements regarding the minimum amount of charter fund (charter capital) established by legislation for joint-stock companies; ( sub-clauses "a" and "b" of Clause 5 edited by Order No. 16-mh of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

See: Law of the Republic of Uzbekistan "On Protection of Rights of Shareholders of Joint-Stock Companies".
See previous edition.

c) presence of at least 10 banks as exchange members; (sub-clause "c" of Clause 5 edited by Resolution No. 13/5 of the Board of the Central Bank of the Republic of Uzbekistan dated May 5, 2026 (registration number 3841, 26.05.2026) — , 26.05.2026, 10/26/3841/0538)

d) creation of conditions to ensure fulfillment of concluded exchange transactions;

e) existence of an electronic system of exchange trades formed in strict compliance with the general technical requirements specified in the
appendix
to this Regulation;

f) conducting exchange trades in advance at a predetermined place and specific time, under established rules, in electronic form , providing all members of the currency exchange with the opportunity to participate simultaneously in these trades;

g) availability of systems for clearing and settlements, as well as accounting and storage of rights to state securities; See previous edition.

h) disclosure of information in accordance with legislative acts; ( sub-clause "h" of Clause 5 edited by Order No. 16-mh of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

i) submission of information related to the conduct of exchange activities upon request of the licensing authority;

j) technical strengthening of premises and equipping them with security and fire alarm devices;

k) availability of software ensuring daily accounting;

l) archiving of information about exchange transactions entered in the form of electronic protocols automatically drawn up by the electronic system of exchange trades, in accordance with normative legal acts regulating archival work.

Chapter 3. Documents Submitted for Obtaining a License

6. To obtain a license, the license applicant submits the following documents to the licensing authority:
   See previous edition.

a) an application for issuance of a license, indicating the following: name and organizational-legal form of the license applicant, location (postal address), taxpayer identification code (STIR), email address, bank account details; (sub-clause "a" of Clause 6 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

b) documents confirming fulfillment of license requirements and conditions;

c) a copy of the charter of the license applicant;

d) information on the composition of the governing bodies of the license applicant; See previous edition.

e) organizational structure of the license applicant describing divisions engaged in operations with foreign currency, state securities, financial derivative instruments (derivatives), and organization of interbank money market, as well as credit and deposit auctions conducted by the Central Bank with banks, as well as employee qualifications, specialization of divisions, and their technical equipment. (sub-clause "e" of Clause 6 edited by Resolution No. 13/5 of the Board of the Central Bank of the Republic of Uzbekistan dated May 5, 2026 (registration number 3841, 26.05.2026) — , 26.05.2026, 10/26/3841/0538)

7. Documents necessary for obtaining a license are submitted by the license applicant directly to the licensing authority, via postal communication, or in electronic form, with notification of receipt. Documents submitted in electronic form are certified by the electronic digital signature of the license applicant.

Indication of the electronic address of the license applicant in the application for issuance of a license constitutes consent to receive information about decisions made on the application via the information system in electronic form. See previous edition.

8. The license applicant is liable in accordance with legislative acts for submitting incorrect or distorted information.
   (
   Clause 8 edited by Order No. 16-mh of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, 28.07.2021) — , 28.07.2021, 10/21/3313/0724)

9. It is not permitted to require the license applicant to submit other documents not provided for in this Regulation.

Chapter 4. Consideration of Documents and Decision-Making on Issuance or Refusal of a License
See previous edition.

10. The licensing authority considers the application for issuance of a license within a period not exceeding twenty working days from the day of full acceptance of documents specified in
    Clause 6 of this Regulation, and issues or refuses to issue a license.
    (Clause 10 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

11. No fee is collected for consideration of documents submitted for obtaining a license by the licensing authority.
    See previous edition.

12. A state duty is collected in the amount and procedure established by the Law of the Republic of Uzbekistan "On State Duty" for issuance of a license.
    (Clause 12 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

13. The licensing authority notifies the license applicant of the decision on issuance or refusal of issuance of a license no later than one working day from the date of adoption of the relevant decision.
    (Clause 13 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

14. Notification of adoption of a decision on issuance of a license is sent (submitted) to the license applicant in written form.
    See previous edition.

15. A license is formalized in electronic form with a
    QR-code
    (matrix barcode).
    (Clause 15 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition. (Clause 16 lost its force based on Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

16. The licensing authority has the right to refuse issuance of a license for the following reasons:
    See previous edition.

submission by the license applicant of documents necessary for obtaining a license in incomplete volume; (second paragraph of Clause 17 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

presence of incorrect or distorted information in documents submitted by the license applicant; See previous edition.

non-compliance of the license applicant with license issuance requirements and conditions.
(fourth paragraph of Clause 17 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

Refusal of issuance of a license on other grounds, including on the ground that issuance of a license is inexpedient, is not permitted.
See previous edition.

18. A notice regarding the need to eliminate deficiencies is sent to the license applicant in written form, indicating the deficiencies identified in the submitted documents and the deadline for resubmission for consideration after elimination. The deadline indicated in the notice should be proportional to the time necessary for eliminating deficiencies but must not exceed thirty working days.

If a notice regarding the need to eliminate deficiencies is sent to the license applicant, the deadline for consideration of the application for issuance of a license is suspended. (Clause 18 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

18
1
. If documents are resubmitted without eliminating deficiencies indicated in the notice or after the deadline indicated in the notice has expired, the licensing authority makes a decision to refuse issuance of a license.

18
2
. A notice of refusal of issuance of a license is sent to the license applicant indicating the reasons for refusal, specific norms of legislation, and the deadline for resubmission of documents for reconsideration after eliminating these reasons.

The deadline for resubmission of documents for reconsideration after eliminating reasons for refusal must not be less than ten working days from the day of receipt of the notice of refusal of issuance of a license.

18
3
. If the license applicant eliminates reasons for refusal of issuance of a license within the established deadline and resubmits documents for reconsideration, the licensing authority considers the application of the license applicant and relevant documents confirming elimination of reasons for refusal within a period not exceeding five working days from the day of their receipt.

No fee is collected for reconsideration of the application of the license applicant.

18
4
. In reconsideration of the application of the license applicant, refusal of issuance of a license on new grounds not previously indicated in the notice of refusal of issuance of a license is not permitted, except for reasons for refusal associated with documents confirming elimination of previously indicated reasons.

18
5
. An application submitted by the license applicant after expiration of the deadline indicated in the notice of refusal of issuance of a license is considered as newly submitted and is considered by the licensing authority on general grounds. (Clauses 18 1 — 18 5 introduced based on Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

See previous edition.

Chapter 5. Re-registration of a License
(title of Chapter 5 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

19. If a licensee is reorganized, or if its name or location (postal address) changes, the licensee or its legal successor must apply to the licensing authority for re-registration of the license within five working days after re-registration, attaching relevant documents confirming the stated information.
    (Clause 19 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

20. Until re-registration of the license, the licensee or its legal successor carries out currency exchange activities based on its application for re-registration of the license.
    (Clause 20 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

21. Re-registration and issuance of a license is carried out by the licensing authority within five working days from the day of receipt of the application for re-registration of the license with attached relevant documents.

The licensing authority makes relevant amendments to the license register during re-registration of a license.
(Clause 21 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition. (Clause 22 lost its force based on Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847)

Chapter 6. Suspension, Termination, and Revocation of License Validity

23. Validity of a license may be suspended in the following cases:
    See previous edition.

when the licensee applies to the licensing authority for suspension of license validity while temporarily suspending its activities. In this case, validity of the license may be suspended for up to six months; (second paragraph of Clause 23 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

when violation of license requirements and conditions is identified by the licensee; (third paragraph of Clause 23 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

when instructions of the licensing authority on eliminating identified rule violations in licensee activities are not fulfilled by the licensee.
(fourth paragraph of Clause 23 edited by Resolution No. 39/1 of the Board of the Central Bank of the Republic of Uzbekistan dated December 10, 2016 (registration number 2788-1, 21.12.2016) — UZ RT, 2016, No. 51, Art. 589) See previous edition.

A decision of the licensing authority on suspension of license validity is delivered to the licensee in written form no later than one working day from the date of adoption of the decision, indicating reasons for suspension of license validity and specific norms of legislation. (fifth paragraph of Clause 23 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

The licensing authority establishes a deadline for elimination of circumstances causing suspension of license validity by the licensee. In this case, the indicated deadline must not be less than five working days and more than six months from the day the licensee received the decision on suspension of license validity. (sixth paragraph of Clause 23 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

If the licensee eliminates circumstances leading to suspension of license validity, the licensing authority makes a decision on restoration of license validity within three working days from the day of receipt of confirmation of elimination of said circumstances. (seventh paragraph of Clause 23 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

24. Validity of a license is terminated in the following cases:

when the procedure for licensing currency exchange activities is abolished;

when the licensee has previously applied to the licensing authority for suspension of license validity for a period of up to six months, and no application for restoration of license validity has been submitted to the licensing authority within said period. (Clause 24 edited by Resolution No. 19/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022) — , 19.09.2022, 10/22/2788-3/0847) See previous edition.

25. A license is revoked in the following cases:

when the licensee applies to revoke the license;

when it is established that the license was obtained using forged documents;

when the activities of the licensee as a legal entity are terminated — from the moment of termination or, if its activities are terminated as a result of reorganization — from the moment of reorganization, except when it is added to the newly created legal entity registered in the state register on the date of reorganization, provided that the reorganizing legal entity has a license for carrying out currency exchange activities;

when the state duty for issuance of a license is not paid within the established deadline;

when the licensee fails to eliminate circumstances leading to suspension of license validity within the deadline established by the licensing authority;

when illegality of the licensing authority's decision on issuance of a license is identified;

when license requirements and conditions are systematically violated by the licensee (two or more times within one year) or committed once grossly, if such violations cause harm to life and health of citizens, rights and legitimate interests of physical and legal persons, public safety, or environmental damage.

The following are considered gross violations of license requirements and conditions:

disclosure by the currency exchange to third parties of information about exchange transactions whose disclosure is prohibited by legislation on exchanges and exchange activity;

use by the currency exchange of funds of exchange members and their clients for its own benefit, except for cases provided for by legislation on exchanges and exchange activity and rules of exchange trading;

failure to provide all exchange members with the opportunity to participate simultaneously in exchange trades;

dissemination by the currency exchange of incorrect and intentionally false information that may cause artificial change in market conjuncture.

The decision of the licensing authority to revoke the license is delivered to the licensee in writing, no later than one business day from the date the decision is made. (Paragraph 25 edited by Resolution No. 19/3-0847 of the Board of Directors of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022).)

Chapter 7. Regulation of Licensee Activities and Monitoring Compliance with License Requirements and Conditions

26. In regulating licensee activities and monitoring compliance with license requirements and conditions, the licensing authority has the following rights within its competence:
    Conduct scheduled inspections of compliance with license requirements and conditions by the licensee in the manner established by legislation; (Second sub-paragraph of Paragraph 26 edited by Order No. 16-mh of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, 28.07.2021).) See: Law of the Republic of Uzbekistan "On Licensing, Permitting, and Notification Procedures." Third sub-paragraph of Paragraph 26 issued based on Resolution No. 39/1-0847 of the Board of Directors of the Central Bank of the Republic of Uzbekistan dated December 10, 2016 (registration number 2788-1, 21.12.2016). Request and obtain necessary information from the licensee regarding issues arising during the inspection of compliance with license requirements and conditions; Draw up protocols (reports) indicating specific violations of license requirements and conditions by the licensee based on the results of inspections; Issue decisions imposing an obligation on the licensee to eliminate identified violations and set deadlines for eliminating such violations; Issue decisions to suspend, terminate, or revoke the license.

27. During inspections of compliance with license requirements and conditions, inspectors of the licensing authority draw up two copies of the protocol; one copy is given to the licensee, and the second copy remains with the licensing authority.

Chapter 8. Maintenance of the License Registry

28. The licensing authority maintains a license registry, which must include the following:
    Name of the licensee, location (postal address), taxpayer identification code (TIN); Date of issuance of the license and registration number; Grounds and dates for reissuance, suspension of validity, restoration, termination, and revocation of the license. (Paragraph 28 edited by Resolution No. 19/3-0847 of the Board of Directors of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 (registration number 2788-3, 19.09.2022).)

29. Information available in the license registry is posted on the official website of the licensing authority and is considered open for review.

Chapter 9. Final Provisions

30. Persons guilty of violating the requirements of this Regulation are held liable in the manner established by legislative acts.
    (Paragraph 30 edited by Order No. 16-mh of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, 28.07.2021).)
    See: Article 165 of the Code of Administrative Liability of the Republic of Uzbekistan.

APPENDIX
to the Regulation on the Licensing Procedure for Currency Exchange Activities

General Technical Requirements for Electronic Systems of Exchange Trades

Chapter 1. Basic Concepts

1. The following basic concepts are used in the General Technical Requirements for Electronic Systems of Exchange Trades (hereinafter referred to as ESET):
   software tool — an object consisting of programs, procedures, rules governing the operation of the data processing system, as well as documents and data attached thereto if provided; ESET — a globally distributed information system consisting of a set of software and technical tools that allow members of the currency exchange to participate in exchange trades in real-time mode directly in the exchange trading hall or at remote workstations; diesel generator unit — an autonomous electrogenerator unit producing electrical energy; uninterruptible power supply source — a device providing continuous energy supply to computers, servers, and telecommunications equipment; automatic transfer switch device — an electrical supply network device ensuring automatic distribution of electrical loads.

Chapter 2. Technical Requirements for ESET

2. ESET must ensure:
   operation under local computing network conditions; formation, storage, and reflection of information about currency exchange trade participants (hereinafter referred to as trade participants) based on connection to the database; (Third sub-paragraph of Paragraph 2 edited by Resolution No. 39/1-0847 of the Board of Directors of the Central Bank of the Republic of Uzbekistan dated December 10, 2016 (registration number 2788-1, 21.12.2016).) storage and reflection of information about orders, transactions, and trade results based on connection to the database; storage and reflection of information based on records stored in the database; organization of the operation of the software tool complex through a menu system provided with short instructions, help, and explanations;\nopportunity to participate in exchange trades in real-time mode regardless of the physical location of the terminal, or to ensure information exchange between trade participants; formation of reports on conducted exchange trades strictly consistent with the content of the electronic minutes of these trades; automatic attachment of an identification number to each operation performed during the course of exchange trades and recording of these operations in the electronic minutes of these trades.

3. The composition of ESET must include an automated (electronic minute) system accounting for actions performed on registered exchange trades, including:
   opening of the trade; closing of the trade; identification of the trade participant; time of entry of the trade participant into the system; time of exit of the trade participant from the system; time when the order was placed by the trade participant; time when the trade participant withdrew the order; time when the trade participant changed the order; time when the trade participant concluded a transaction; name of the exchange commodity; quantity of the exchange commodity in the order; price of the exchange commodity. The format for recording the time of entries is year, month, day, hour, minute, second.

Chapter 3. Requirements for Software Tools

4. The software tool of ESET must be developed and operated using licensed software based on a technical specification.

5. To prevent loss of full or partial information and violation of database integrity, the software tool of ESET must handle errors arising from user mistakes, technical failures, and database errors by providing information to the user indicating their subsequent actions.

6. The software tool of ESET must contain a module controlling the operation of programs ensuring the following functions:
   user identification (recognition), authentication (verification of authenticity), and authorization (acquisition of powers); control over the use of ESET resources; registration and analysis of events occurring in ESET; control over the integrity of ESET resources.

7. The software tool of ESET must consist of the following software systems or ensure electronic interaction with existing software systems:
   trading system; clearing and settlement system; government securities accounting and storage system; analytical information system; data transmission networks (if the technological trade process envisages interaction with such a system).

Chapter 4. Hardware Requirements

8. Servers and communication equipment must ensure:
   sufficient level of productivity to ensure standard operation of ESET; ability to process increasing volumes of information.

9. Servers must be equipped with disk arrays and "hot-swappable" power sources.

10. The ventilation system of the server must have the ability to control temperature.

11. The uninterruptible power supply source must be selected according to the power required by the server, provide at least 30 minutes of operation time with batteries, and be loaded to no more than 75 percent of nominal power.

12. Data backup on servers must be ensured on disk arrays as well as on external devices where data is stored.

13. Servers must be equipped with special fast memory capable of finding and correcting errors.

14. The server room must be located separately and accessible only to restricted persons, and the air temperature in the room must be maintained at 20–24 degrees Celsius.

Chapter 5. Information Security Requirements

15. Information security must be ensured by a system comprising organizational-technical measures and software-hardware tools, and must include:
    schemes and instructions for using passwords for employee and participant access to ESET; schemes distinguishing stages of employee use of ESET information resources and services; instructions and documents on technology for duplicating information and storing data copies and sent messages; documents establishing liability for employees' actions that may disclose or have disclosed confidential documents; documents establishing rules for information exchange in electronic communication between participants to ensure information protection. The technological process of trades must use a single encryption algorithm for key information not less than 1024 bits for information exchange purposes among participants.

16. Organizational measures may consist of requirements and a list of actions regulating the procedure for involving legal entities in the design, creation, operation, and maintenance of ESET software tools.
    Conceded previous edition.

17. Members of the currency exchange must conduct their work in ESET using cryptographic protection means, including digital signatures, in the manner established by legislative acts.
    (Paragraph 17 of the Appendix edited by Order No. 16-mh of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, 28.07.2021).)

18. Ensuring information security of ESET software tools must be implemented through an appropriate security policy that ensures timely detection of threats and causes and conditions related to disruption of their normal operation.

Chapter 6. Power Supply Requirements

19. Power supply for ESET must be standard, and for power supply backup, there must be at least two feeder input lines. They are connected to the power supply system via an automatic transfer switch device.

20. If the server room is without electricity for a long period, the uninterrupted operation of engineering systems and equipment in the server room must be ensured through a diesel generator unit, powered from the electrical network and the uninterruptible power supply network.

21. A separate uninterruptible power supply source must be provided in a special room for continuous electric supply of computers, servers, and telecommunications equipment. In this case, the uninterruptible power supply source must have a 100% reserve with a second uninterruptible power supply source of the same type.

22. The uninterruptible power supply source must ensure the operational activity of computers, servers, and telecommunications equipment until the diesel generator unit is fully started, and it must operate without exceeding 75% of its nominal power.

Chapter 7. Organizational Requirements

23. ESET must ensure the possibility of continuous operation for 24 hours a day (on working days).

24. Each participant must have the right to use ESET on equal terms. The number of participants must not be limited by the productivity of the ESET software tool or software-hardware specifications.

25. To create equal conditions for currency exchange trade participants, the number of terminals in the trading hall must be sufficient.
    (Compilation of Laws of the Republic of Uzbekistan, 2016, No. 20, Art. 227, No. 51, Art. 589; National Database of Legislative Acts Information, 26.04.2018, No. 10/18/2788-2/1101; , 28.07.2021, No. 10/21/3313/0724-son; 19.09.2022, No. 10/22/2788-3/0847-son; 26.05.2026, No. 10/26/3841/0538-son)