Decision of the Management of the Central Bank of the Republic of Uzbekistan, registered on 09.06.2023, registration number 3442

Effective Date

12.06.2023

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01.01.2027

12.06.2023

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[OKOZ:

1.07.00.00.00 Legislation on finance and credit. Banking activity / 07.19.00.00 Banking system / 07.19.01.00 Central bank, its structural units and institutions]

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1. State and society structure / Legislative initiative. Norm creation activity]

Decision of the Management of the Central Bank of the Republic of Uzbekistan

Decision

On introducing amendments to certain administrative normative‑legal documents adopted by the Management of the Central Bank of the Republic of Uzbekistan

[Registered by the Ministry of Justice of the Republic of Uzbekistan on 9 June 2023, registration number 3442]

Pursuant to the laws of the Republic of Uzbekistan “Law on the Central Bank of the Republic of Uzbekistan” and “Law on Insolvency”, the Management of the Central Bank of the Republic of Uzbekistan decides:

1. Amendments shall be made to certain administrative normative‑legal documents adopted by the Management of the Central Bank of the Republic of Uzbekistan in accordance with the Appendix.
2. This decision shall enter into force as of the day it is officially announced.

Chairman M. NURMURATOV

Tashkent city,

27 May 2023,

No. 14/10

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Appendix to the Decision No. 14/10 of the Management of the Central Bank of the Republic of Uzbekistan dated 27 May 2023

Amendments being introduced to certain administrative normative‑legal documents adopted by the Management of the Central Bank of the Republic of Uzbekistan

1. The Decision No. 10/3 of the Management of the Central Bank of the Republic of Uzbekistan dated 19 April 2008 (registration number 1815, 22 May 2008) (Collection of Legal Acts of the Republic of Uzbekistan, 2008, No. 20‑21, Article 195), which approved the Regulation on the Procedure for Termination of Credit Cooperatives, in its Article 35:
   • In the first paragraph, the word “bankruptcy” shall be replaced with the words “insolvency”;
   • In the second paragraph, the word “bankruptcy” shall be replaced with the words “insolvency”.
2. The Decision No. 14/3 of the Management of the Central Bank of the Republic of Uzbekistan dated 13 June 2015 (registration number 2693, 6 July 2015) (Collection of Legal Acts of the Republic of Uzbekistan, 2015, No. 27, Article 360), which approved the Regulation on Requirements for the Adequacy of Commercial Bank Capital, in its Article 41, third paragraph, the word “(bankruptcy)” shall be replaced with the words “(insolvency)”.
3. The Decision No. 14/5 of the Management of the Central Bank of the Republic of Uzbekistan dated 13 June 2015 (registration number 2696, 14 July 2015) (Collection of Legal Acts of the Republic of Uzbekistan, 2015, No. 28, Article 374), which approved the Regulation on Classification of Asset Quality in Commercial Banks and the Procedure for Forming and Using Provisions for Expected Losses on Assets, in its Article 336, sixth paragraph, the word “bankruptcy” shall be replaced with the words “insolvency”.

See changes that will enter into force on 1 January 2027

4. The Decision No. 12/8 of the Management of the Central Bank of the Republic of Uzbekistan dated 31 March 2018 (registration number 3002, 25 April 2018) (National Database of Legal Acts, 26.04.2018, No. 10/18/3002/1102), which approved the Regulation on Mandatory Reserves of Commercial Banks transferred to the Central Bank of the Republic of Uzbekistan, in its Article 24, the word “bankruptcy” shall be replaced with the words “insolvency”.
5. The Decision No. 30/6 of the Management of the Central Bank of the Republic of Uzbekistan dated 13 December 2019 (registration number 3219, 10 February 2020) (National Database of Legal Acts, 10.02.2020, No. 10/20/3219/0160), which approved the Regulation on Coordination and Regulation of the Activities of Mortgage Re‑Financing Organizations:
   a) In paragraph two of Article 31, the words “bankruptcy” and “bankruptcy’s” shall be respectively replaced with the words “insolvency” and “insolvency’s”; b) In Article 76, the words “On Bankruptcy” shall be replaced with the words “On Insolvency”.
6. The Decision No. 20/4 of the Management of the Central Bank of the Republic of Uzbekistan dated 18 November 2021 (registration number 3336, 26 November 2021) ( , 26.11.2021, No. 10/21/3336/1101), which approved the Accounting Plan of the Balance Sheet in Chapter 3 of the Accounting of Commercial Banks, specifically the definition of the balance‑sheet item “16703 Property of bankrupt enterprises being liquidated under credit and leasing”, shall have the word “bankruptcy” replaced with the word “insolvency”.

(, 12.06.2023, No. 10/23/3442/0359; 12.09.2026, No. 10/26/3937/0926)