Regulatory Alerts2016-01-12
Added · Updated
Explanation of Amendments to the Regulation on the Registration of Banks and Licensing of Their Activities
The Central Bank of Uzbekistan amended the Regulation on the Registration of Banks and Licensing of Their Activities to simplify the licensing process and reduce bureaucratic barriers. Effective December 24, 2011, the deadline for submitting documents for re-examination after correcting deficiencies is now proportional to the time required for correction, replacing the previous fifteen-working-day limit. The amendments also mandate that bank license registry data be published on the Central Bank's website for public access and abolish the requirement for prior Central Bank consent for bank branches established by the Bank Council, rendering Articles 98 through 102 of the Regulation void.
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