Amendments and Additions to the Regulation on Bank Registration and Licensing of Their Activities

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on April 18, 2016, registration number 2014-11

Date of Entry into Force

10.06.2016

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01.10.2020

10.06.2016

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Document lost its force 01.10.2020

[OKOS:

1.07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Bank and Credit Activity. Permitting Procedures;

2.21.00.00.00 Comprehensive Documents on Amendments and Additions / 21.04.00.00 Departmental Normative Legal Documents]

[TSZ:

1. State and Society Structure / Legislative Initiative. Norm-making Activity;

2. Finance / Banks and Other Credit Institutions. Credits]

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

On Amendments and Additions to the Regulation on Bank Registration and Licensing of Their Activities

[Registered by the Ministry of Justice of the Republic of Uzbekistan on April 18, 2016, under registration number 2014-11]

This Resolution loses its force starting October 1, 2020, based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated May 25, 2020, No. 12/5 “On Recognizing Certain Normative Legal Documents Adopted by the Central Bank of the Republic of Uzbekistan as Having Lost Their Force” [resolution](/docs/4909879?ONDATE=01.10.2020 00#4912524) (registration number 3253, dated June 30, 2020).

In accordance with the Laws of the Republic of Uzbekistan “On the Central Bank of the Republic of Uzbekistan”, “On Banks and Banking Activity”, and the Law of the Republic of Uzbekistan No. URQ-396 dated December 29, 2015 “On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan”, as well as the Resolution of the President of the Republic of Uzbekistan No. PQ-2454 dated December 21, 2015 “On Additional Measures Regarding Attraction of Foreign Investors to Joint-Stock Companies” resolution, the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions shall be made to the Appendix to the Regulation on Bank Registration and Licensing of Their Activities, approved by Resolution No. 23/3 of the Board of the Central Bank of the Republic of Uzbekistan dated August 15, 2009 (registration number 2014, dated October 8, 2009) (Collection of Legislation of the Republic of Uzbekistan, 2009, No. 41, Article 447) regulation appendix.

2. This Resolution enters into force on June 10, 2016.

Chairman of the Central Bank F. MULLAJONOV

Tashkent city,

March 26, 2016,

No. 8/9

Appendix

to Resolution No. 8/9 of the Board of the Central Bank of the Republic of Uzbekistan dated March 26, 2016

Amendments and Additions to the Regulation on Bank Registration and Licensing of Their Activities

1. Paragraph 2 shall be supplemented with the following preamble:

“Starting from July 1, 2016, commercial banks established in the form of joint-stock companies may be established only in cases where the share of foreign investors in the authorized capital is not less than 15 percent, excluding cases provided for by resolutions of the President and the Cabinet of Ministers of the Republic of Uzbekistan.”

2. In Paragraph 49:

the first preamble shall be stated as follows:

“Within one month after signing the founding agreement, founders submit an application to the Central Bank for granting a preliminary permit to open a bank. The application for granting a preliminary permit to open a bank may indicate the electronic address of the founders. Indication of the electronic address of the founders in the application for granting a preliminary permit to open a bank constitutes consent to receive notifications in electronic form via the information system regarding the decision made on the application. The following documents are attached to the application:”;

the fourteenth preamble shall be stated as follows:

“balance reports of the legal entity for the last three years, including those submitted to tax authorities and certified by an audit organization;”.

3. Subparagraph “g” of Paragraph 59 shall be stated as follows:

“g) a certificate issued by a first-class foreign bank confirming the solvency of the founder (solvency of paying their share in the authorized capital) and the sources of funds directed to the authorized capital, including confirmation that they are not formed from credit and other attracted funds, as well as a reference from the competent authority of a foreign state regarding the legality of their funds (excluding foreign financial institutions);”.

4. Paragraph 61 shall be stated as follows:

“61. If a non-resident natural person participates in the establishment of a bank, in addition to the documents specified in Paragraph 49 of this Regulation, a certificate issued by a first-class foreign bank confirming the solvency of such person (solvency of paying their share in the authorized capital) and the sources of funds directed to the authorized capital, including confirmation that they are not formed from credit and other attracted funds, as well as a reference from the competent authority of a foreign state regarding the legality of their funds, shall be attached.”

5. In Paragraph 67, the words “in the specified case” shall be replaced with the words “in writing, including in electronic form via the information system”.

6. Paragraph 69 shall be supplemented with the following preamble:

“Notifications regarding the adoption of a decision on granting a preliminary permit shall be sent (submitted) in writing, including in electronic form via the information system.”

7. Subparagraph “a” of Paragraph 74 shall be supplemented with the following sentences:

“The application for granting a license may indicate the electronic address of the license applicant. Indication of the electronic address of the license applicant in the application for granting a license constitutes consent to receive notifications in electronic form via the information system regarding the decision made on the application.”

8. Paragraph 76 shall be supplemented with the following preamble:

“Notifications regarding the adoption of a decision on granting a license shall be sent (submitted) to the license applicant in writing, including in electronic form via the information system, specifying bank account details and the deadline for payment of the state fee.”

9. The first preamble of Paragraph 771 shall be supplemented with the words “, including in electronic form via the information system” after the words “in writing”.

10. Paragraph 113 shall be supplemented with the words “, including in electronic form via the information system” after the words “in writing”.

(Collection of Legislation of the Republic of Uzbekistan, 2016, No. 16, Article 163)