Regulatory Alerts2020-06-30
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Explanatory Note on the New Edition of the Regulation on Corporate Governance in Commercial Banks
The Central Bank of Uzbekistan adopted a new edition of the Regulation on Corporate Governance in Commercial Banks, effective October 1, 2020. The regulation establishes advanced corporate governance standards, including detailed duties for audit, risk management, and remuneration committees of the supervisory board, and introduces measures to prevent conflicts of interest and implement whistleblower systems. It aims to enhance the transparency, accountability, and decision-making efficiency of bank management bodies in compliance with Basel Committee principles and national laws.
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