Amendments and Additions to the Regulation on Requirements for Internal Rules of Commercial Banks by the Central Bank

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on January 15, 2025, registration number 916-3

Date of Entry into Force

January 17, 2025

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1.21.00.00.00 Comprehensive documents on amendments and additions / 21.04.00.00 Departmental normative legal documents]

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1. State and Society Structure / Legislative Initiative. Norm-making activity]

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

On Amendments and Additions to the Regulation on Requirements for Internal Regulatory Documents of Commercial Banks by the Central Bank

[Registered by the Ministry of Justice of the Republic of Uzbekistan on January 15, 2025, registration number 916-3]

In accordance with the laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Banks and Banking Activity," the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions shall be made to the [Regulation](/docs/579470?ONDATE=15.04.2000 00#579482) "On Requirements for Internal Regulatory Documents of Commercial Banks by the Central Bank," approved by Resolution No. 466 of the Central Bank of the Republic of Uzbekistan dated February 22, 2000 (registration number 916, April 5, 2000) (Information Bulletin of Normative Documents of Ministries, State Committees and Agencies of the Republic of Uzbekistan, 2000, No. 7) Appendix.

2. This resolution enters into force from the date of its official publication.

Chairman M. NURMURATOV

Tashkent city,

December 10, 2024,

No. 37/16

APPENDIX to Resolution No. 37/16 of the Board of the Central Bank of the Republic of Uzbekistan dated December 10, 2024 Resolution

Amendments and Additions to the Regulation on Requirements for Internal Regulatory Documents of Commercial Banks by the Central Bank

1. The words "regulatory documents" in the [Title](/docs/579470?ONDATE=15.04.2000 00#579482) shall be replaced with the word "rules."

2. The words "internal regulatory documents related to banking operations" in [Clause 1.1](/docs/579470?ONDATE=05.08.2022 00#6148256) shall be replaced with the words "internal rules."

3. The words "regulatory documents" in [Clause 1.2](/docs/579470?ONDATE=28.07.2021 00#5583946), the [Title](/docs/579470?ONDATE=15.04.2000 00#579502) of Section 2, [Clause 3.6](/docs/579470?ONDATE=15.04.2000 00#579532), and [Clause 5.1](/docs/579470?ONDATE=15.04.2000 00#579545) shall be replaced with the word "rules."

4. [Clauses 1.3 – 1.6](/docs/579470?ONDATE=28.07.2021 00#5583954) shall be stated in the following wording:

"1.3. Relations between commercial banks and their clients are carried out on the basis of contracts.

1.4. Internal rules of commercial banks are developed and adopted to create an effective internal control system in banks, manage risks inherent in banking activity (identify, assess, monitor, control, reduce, and inform about risks), ensure safe and sound banking activity, full compliance with banking legislation, facilitate banking activity and the implementation of banking operations.

1.5. Commercial banks, within the scope of their authority, adopt internal rules of a mandatory nature for that bank only in the form of strategy, regulation, procedure, rules, or policy.

1.6. Internal rules of commercial banks are approved by the bank's supervisory board (hereinafter referred to as the Board) or bank management (hereinafter referred to as Management)."

5. [Clause 1.7](/docs/579470?ONDATE=15.04.2000 00#579500) shall be deemed to have lost its force.

6. [Clause 1.8](/docs/579470?ONDATE=28.07.2021 00#5583963) shall be stated in the following wording:

"1.8. Responsibility for the compliance of bank internal rules with legislative acts lies with the Board and Management."

7. [Clause 2.1](/docs/579470?ONDATE=28.07.2021 00#5584279) shall be stated in the following wording:

"2.1. Internal rules developed by commercial banks must comply with legislative acts.

Commercial banks' internal rules must not establish provisions contrary to the rights, freedoms, and lawful interests of citizens protected by law."

8. The words "in the regulatory document" in [Clause 2.2](/docs/579470?ONDATE=28.07.2021 00#5584297) shall be replaced with the word "in the rule."

9. The words "of the regulatory document" in [Clause 2.3](/docs/579470?ONDATE=15.04.2000 00#579506) and [Clause 2.7](/docs/579470?ONDATE=15.04.2000 00#579514) shall be replaced with the word "of the rule."

10. The words "regulatory document" in [Clause 2.4](/docs/579470?ONDATE=15.04.2000 00#579509) shall be replaced with the word "rule."

11. [Clauses 2.5](/docs/579470?ONDATE=28.07.2021 00#5584307) and [2.6](/docs/579470?ONDATE=28.07.2021 00#5584312) shall be stated in the following wording:

"2.5. Internal rules must be clearly and unambiguously stated in the official language. To exclude the possibility of various interpretations, concepts and expressions used in the internal rule are used in the same form as their meanings accepted in legislative acts.

2.6. Word-for-word repetition of norms established by legislative acts in the internal rule is not permitted. References to existing legislative acts in the text of internal rules are permitted only as an exception.

References to other clauses of this internal rule, as well as to normative documents previously adopted by the Central Bank and other ministries and agencies, are permitted only to indicate their interdependence or to avoid repetition."

12. [Clause 2.8](/docs/579470?ONDATE=15.04.2000 00#579517) shall be stated in the following wording:

"2.8. If there is a need to include lists, tables, schedules, diagrams, samples of documents and forms in the internal rule, they are placed in appendices according to the rule. In necessary cases, references to them are made in the corresponding clauses of the internal rule."

13. [Clause 2.9](/docs/579470?ONDATE=15.04.2000 00#579518):

The [first paragraph](/docs/579470?ONDATE=15.04.2000 00#579518) shall be stated in the following wording:

"2.9. The internal rule must have the following requisites:";

The [fifth paragraph](/docs/579470?ONDATE=15.04.2000 00#579522) shall be stated in the following wording:

"confirmed with the seal of this bank and signatures of members of the Board and (or) Management."

14. The words "regulatory documents" in the [Title](/docs/579470?ONDATE=15.04.2000 00#579523) of Section 3 shall be replaced with the word "rules."

15. [Clauses 3.1 – 3.3](/docs/579470?ONDATE=28.07.2021 00#5584321) shall be stated in the following wording:

"3.1. After internal rules are developed by the relevant structural subdivision of the bank, they undergo legal expertise by the bank's legal service to ensure compliance with legislative acts, and a legal opinion is prepared and attached to the relevant folders.

The legal opinion must reflect the compliance of the internal rule with legislative acts.

Adoption of internal rules of commercial banks without a legal opinion and approval (visa) of the legal service regarding their compliance with legislative acts is not permitted.

3.2. The internal rule enters into force from the day following the date of its approval by the Board or Management, unless another period is specified therein.

3.3. Amendments and additions to internal rules of commercial banks are made on the basis of a resolution of the bank's relevant management bodies. Such amendments and additions must be formalized in the manner in which the main internal rule was formalized."

16. The words "of the regulatory document" in [Clause 3.4](/docs/579470?ONDATE=28.07.2021 00#5584390) shall be replaced with the word "of the rule."

17. [Clause 3.5](/docs/579470?ONDATE=28.07.2021 00#5584403) shall be stated in the following wording:

"3.5. If, during the process of implementing bank supervision by the Central Bank, cases are identified where commercial banks' internal rules contradict legislative acts or do not fully meet their requirements, the Central Bank issues a binding instruction to the Board and (or) Management to make relevant amendments to or revoke such internal rules."

18. [Clause 3.7](/docs/579470?ONDATE=10.06.2020 00#4856578):

The words "of regulatory documents" in the [first paragraph](/docs/579470?ONDATE=05.08.2022 00#4856578) shall be replaced with the word "of rules";

The [second paragraph](/docs/579470?ONDATE=10.06.2020 00#4861319) shall be stated in the following wording:

"Internal rules specified to be developed in the normative legal acts of the Central Bank, as well as amendments and additions made to them, must be submitted to the Central Bank within 15 days after being approved by commercial banks."

19. [Clause 5.11](/docs/579470?ONDATE=10.06.2020 00#4856578) shall be supplemented with the following content:

"5.11. Persons guilty of violating the requirements of this Regulation are responsible in accordance with legislative acts."

(, January 17, 2025, No. 10/25/916-3/0042)