Regulatory Alerts2016-05-20
Added · Updated
Explanatory Note on the Regulation on the Registration of Banks and Licensing of Their Activities
The Central Bank of Uzbekistan approved amendments to the Regulation on the Registration of Banks and Licensing of Their Activities, effective July 1, 2016, requiring that newly established joint-stock commercial banks have foreign investors holding at least 15% of the authorized capital. The amendments mandate that non-resident founders provide documents from a first-tier foreign bank and a competent authority of a foreign state to verify the legality of funds and the founder's solvency, confirming that funds were not formed from credits or other attracted resources. Additionally, the regulation allows founders to include electronic addresses in applications to receive electronic notifications regarding licensing decisions.