Law of the Republic of Uzbekistan on Amendments and Additions to the Law 'On Banks and Banking Activity'

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[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues] [ TSZ: 1. Finance / Currency Regulation. Precious Metals (Stones)]

Law of the Republic of Uzbekistan

On Amendments and Additions to the Law of the Republic of Uzbekistan "On Banks and Banking Activity"

Adopted by the Legislative Chamber on July 22, 2019 Approved by the Senate on October 11, 2019

Article 1. Amendments and additions are made to the Law of the Republic of Uzbekistan No. 216-I "On Banks and Banking Activity" adopted on April 25, 1996 (Vestnik of the Oliy Majlis of the Republic of Uzbekistan, 1996, No. 5-6, Article 54; 1997, No. 2, Article 56, No. 9, Article 241; 1999, No. 5, Article 124, No. 9, Article 229; Vestnik of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2006, No. 9, Article 491, No. 10, Article 536; 2008, No. 12, Article 640; 2009, No. 4, Article 133, No. 9, Article 337; 2012, No. 4, Article 105; 2013, No. 4, Article 98; 2017, No. 9, Article 510; 2018, No. 4, Article 224, No. 10, Article 670; 2019, No. 1, Article 5), and its new edition is approved (attached).

Article 2. The Cabinet of Ministers of the Republic of Uzbekistan:

shall align government decisions with this Law;

shall ensure that state management bodies review and cancel their normative legal documents that contradict this Law;

shall ensure the execution of this Law, its delivery to executors, and its explanation to the population regarding its essence and importance.

Article 3. This Law enters into force from the day of its official publication.

President of the Republic of Uzbekistan Sh. MIRZIYOYEV

Tashkent city,

November 5, 2019,

No. ORQ-580

Law of the Republic of Uzbekistan

On Banks and Banking Activity

(new edition)

Chapter 1. General Provisions

Article 1. Purpose of this Law [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The purpose of this Law is to regulate relations in the field of banking activity. See previous edition.

Article 2. Legislation on Banks and Banking Activity [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Legislation on banks and banking activity consists of this Law and other legislative acts. See previous edition.

In a territory where a special legal regime is established by the Constitutional Law of the Republic of Uzbekistan, banks and banking activity are regulated by rules other than those established by this Law. (Article 2 was supplemented with a second part based on the Law of the Republic of Uzbekistan No. ORQ-1158 dated July 13, 2026 — , 14.07.2026, No. 03/26/1158/0727. Entry into force date — July 25, 2026) [ OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.06.00.00 Valuation Activity / 09.06.03.00 Appraiser's Qualification Certificate]

If the international treaty of the Republic of Uzbekistan establishes rules other than those provided for in the legislation of the Republic of Uzbekistan on banks and banking activity, the rules of the international treaty shall apply. (Article 2 in the edition of the Law of the Republic of Uzbekistan No. ORQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Article 3. Key Concepts [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The following key concepts are used in this Law: See previous edition.

applicant — a person authorized by the founder(s) to represent their interests in the Central Bank of the Republic of Uzbekistan for the establishment of a bank, or a bank or microfinance institution that has applied to the Central Bank of the Republic of Uzbekistan to change its activity in accordance with this Law; (Article 3 was supplemented with a second paragraph based on the Law of the Republic of Uzbekistan No. ORQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

bank — a legal entity that is a commercial organization carrying out a set of operations defined as banking activity, namely opening and maintaining bank accounts, making payments, attracting monetary funds to deposits (deposits), and granting loans (debts) in its own name. Unless otherwise provided by this Law, the rules established by this Law for banks also apply to banks conducting Islamic banking activity; (The third paragraph of Article 3 in the edition of the Law of the Republic of Uzbekistan No. ORQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

group of banks — an association of financial institutions that is not a legal entity, where the main bank controls other financial institutions;

bank account — an account opened by the bank for the client in accordance with the contract, whereby the bank undertakes to accept and credit monetary funds falling into the client's account, transfer and pay relevant monetary funds from the client's account, and execute instructions regarding other operations on the account;

sound financial condition of the bank — a state reflecting the sufficiency of funds to maintain the balance of the bank's financial flows, solvency, liquidity, and profitable activity, as well as the compliance of all prudential norms by the bank;

indirect owner (acquirer) — a person (shareholder acquirer) who owns shares of a bank through another person over whom it exercises control; See previous edition.

Islamic banking activity — banking activity carried out in accordance with the legislation on banks and banking activity and Islamic finance standards;

Islamic finance standards — a set of rules related to Islamic finance adopted by the Central Bank and (or) other authorized bodies in accordance with the rules of international organizations establishing standards for implementing Islamic financing and national legislation; (Article 3 was supplemented with eighth and ninth paragraphs based on the Law of the Republic of Uzbekistan No. ORQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

microfinance bank — a bank carrying out its activity taking into account the limitations provided for in Article 7 of this Law. Unless otherwise provided by this Law, the rules established by this Law for banks also apply to microfinance banks and microfinance banks conducting Islamic banking activity; (The tenth paragraph of Article 3 in the edition of the Law of the Republic of Uzbekistan No. ORQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

key employees — employees of the bank who are not members of the management board, but whose position allows them to exert significant influence on banking activity;

intended acquisition — a decision made by a potential acquirer to acquire shares of a bank or increase its decisive ownership in them;

ultimate beneficial owner — a natural person who is a legal entity that directly or indirectly owns or controls the potential acquirer of bank shares or the person who directly or indirectly owns shares in them;

prudential supervision — supervision exercised by the Central Bank of the Republic of Uzbekistan over banking activity to prevent and reduce the specific risks of banking activity;

regulatory capital — bank capital determined by calculation for the purpose of regulating banking activity and calculating prudential norms;

systemically important bank — the bank whose activity determines the stability of the banking system; See previous edition.

foreign bank — a legal entity registered in the territory of a foreign state and considered a bank in accordance with its legislation; (The thirteenth paragraph of Article 3 in the edition of the Law of the Republic of Uzbekistan No. ORQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Article 67 of the Civil Code of the Republic of Uzbekistan.

decisive ownership — direct or indirect ownership by a person or persons acting in concert of at least five percent of the charter fund (charter capital) of a legal entity as a result of one or more transactions.

Article 4. State Body Regulating the Field of Banking Activity [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank in the text) is the state body regulating the field of banking activity and exercising powers in licensing, regulation, and prudential supervision.

See previous edition.

Article 5. Financial Operations of Banks (The title of Article 5 in the edition of the Law of the Republic of Uzbekistan No. ORQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00); 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.05.00 Bank Deposits and Other Deposit Operations; 4. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.06.00 Credit Operations (also see 07.22.00.00); 5. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.07.00 Issuance of Bank Cards and Operations Using Them; 6. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.11.00 Operations between Legal Entities, Natural Persons and Banks; 7. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.12.00 International Operations]

The following are included in the financial operations carried out by banks: [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

attracting monetary funds to deposits (deposits);

See: Article 759 of the Civil Code of the Republic of Uzbekistan.

making payments, including those made without opening bank accounts;

opening and maintaining bank accounts of natural and legal persons, including representative accounts of banks;

See: Article 771 of the Civil Code of the Republic of Uzbekistan. See previous edition.

granting loans in its own name from its own funds and attracted funds, subject to their repayment, profitability, and term; (The fifth paragraph of the first part of Article 5 in the edition of the Law of the Republic of Uzbekistan No. ORQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

operations in foreign currency in both cash and non-cash forms; See previous edition.

managing monetary funds and other property in trust under a contract concluded with a natural or legal person; (The seventh paragraph of the first part of Article 5 in the edition of the Law of the Republic of Uzbekistan No. ORQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

providing collection and cash services;

providing guarantees and assuming other obligations on behalf of third parties involving the performance of their obligations;

See: Article 289 of the Civil Code of the Republic of Uzbekistan. See previous edition.

financing based on factoring contracts, whereby the right to claim is acquired or transferred to another person in exchange for renunciation in favor of another person of a monetary claim; (The tenth paragraph of the first part of Article 5 in the edition of the Law of the Republic of Uzbekistan No. ORQ-1058 dated April 17, 2025 — , 18.04.2025, No. 03/25/1058/0355)

See: Article 749 of the Civil Code of the Republic of Uzbekistan.

issuance, purchase, sale, accounting, and storage of securities, management of securities based on a contract concluded with the client, and carrying out other operations with them;

purchase and sale of affiliated precious metals, including maintaining responsible storage accounts and non-physical (non-physical) accounts for metals;

purchase and sale of coins made of precious metals;

carrying out operations with derivative financial instruments;

leasing of special buildings or safes inside them for storing documents or securities;

leasing; See previous edition.

granting loans in forms provided for by legislation; (The seventeenth paragraph of the first part of Article 5 in the edition of the Law of the Republic of Uzbekistan No. ORQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

providing advisory services related to financial operations;

managing a portfolio of assets;

issuance, use, and payment of electronic money;

issuance of bank cards and processing payments, providing services for bank cards together with other organizations, including other financial institutions; See previous edition.

providing services for state registration of rights to real estate through electronic information exchange with the registering authority; (The twenty-second paragraph of the first part of Article 5 was added based on the Law of the Republic of Uzbekistan No. ORQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

carrying out Islamic finance operations. (The twenty-third paragraph of the first part of Article 5 was added based on the Law of the Republic of Uzbekistan No. ORQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

Banks also carry out other financial operations in accordance with the legislation on banks and banking activity. (The second part of Article 5 in the edition of the Law of the Republic of Uzbekistan No. ORQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) See previous edition. (The third part of Article 5 was removed based on the Law of the Republic of Uzbekistan No. ORQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

Article 51. Islamic Finance Operations of a Bank

The following are included in the Islamic finance operations of a bank:

financing the client or attracting monetary funds to investment deposits on the condition of profit sharing;

granting monetary funds or attracting them to investment deposits through an agency agreement;

financing the client through the sale of goods on credit;

financing the client through advance payment for goods;

financing the client through joint activity (partnership) or participation in the charter capital of legal entities;

Islamic leasing of property (with the right to purchase).

Banks conducting Islamic banking activity may also carry out other Islamic finance operations that do not contradict the legislation of the Republic of Uzbekistan, in accordance with generally accepted international banking practice.

The Islamic finance operations provided for in the first and second parts of this Article must be carried out in accordance with Islamic finance standards.

Article 52. Carrying Out Banking Activity

Legal entities organized in the manner established by this Law and holding the relevant license issued by the Central Bank have the right to carry out banking activity in the Republic of Uzbekistan.

Banking activity in the Republic of Uzbekistan is carried out on the basis of a license granting the right to carry out banking activity and (or) a license granting the right to carry out Islamic banking activity (hereinafter in the text referred to as the relevant license(s) for banking activity). These licenses are issued for an unlimited period, and the transfer of licenses or rights related to them to other persons is prohibited.

In accordance with Article 5 of this Law:

a bank holding a license granting the right to carry out banking activity has the right to carry out the set of financial operations specified in the second — twenty-second paragraphs of the first part;

a bank holding a license granting the right to carry out Islamic banking activity has the right to carry out the set of financial operations specified in the second , third and fourth , sixth — thirteenth , fifteenth — twenty-third paragraphs of the first part;

a bank holding the relevant license(s) for banking activity has the right to carry out the set of financial operations specified in the first part .

Banking activity carried out without the relevant license(s) is considered illegal and entails liability. Income obtained as a result of such activity is confiscated to the State Budget of the Republic of Uzbekistan.

Activities for which separate licenses or permits are required by legislation are carried out by banks after obtaining the relevant documents. (Articles 51 and 52 were added based on the Law of the Republic of Uzbekistan No. ORQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

Article 6. Deposit (Deposits) [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.05.00 Bank Deposits and Other Deposit Operations]

Monetary funds that meet all of the following conditions are deposits (deposits): See previous edition.

monetary funds that must be returned to the client upon request or after the term expires, with or without interest or other income, based on agreed conditions between the depositor or their authorized representative and the bank accepting the monetary funds, except for monetary funds attracted based on financial operations specified in the second and third paragraphs of the first part of Article 51 of this Law, which do not involve the obligation to fully return the deposit (deposit) amount in accordance with Islamic finance standards (investment deposits (deposits) are excluded); (The second paragraph of the first part of Article 6 in the edition of the Law of the Republic of Uzbekistan No. ORQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

monetary funds that do not relate to subordinated debt, ownership rights, or services, including insurance services;

monetary funds confirmed in writing by the relevant document of the bank accepting the monetary funds.

See: Article 3, tenth paragraph of the Law "On the Securities Market" No. ORQ-387 dated June 3, 2015 of the Republic of Uzbekistan; Paragraph 1, second paragraph of the Regulation on the Procedure for Issuance and Circulation of Bank Deposit (Savings) Certificates, approved by Resolution No. 17/2 of the Board of the Central Bank of the Republic of Uzbekistan dated August 14, 2008.

Only banks have the right to engage in activities related to attracting monetary funds to deposits (deposits).

Article 7. Prohibited or Restricted Activities for Banks See previous edition.

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks are not entitled to engage in direct production, trade, insurance activity, and other activities not related to the carrying out of financial operations provided for in the legislation on banks and banking activity. (The first part of Article 7 in the edition of the Law of the Republic of Uzbekistan No. ORQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

The restrictions specified in the first part of this Article do not apply to the following cases:

sale or lease of specialized equipment and related software used in cashless payment systems based on bank cards;

sale of their own assets;

issuance, realization, and distribution of checkbooks;

carrying out activities to organize the conclusion of insurance contracts in the name of residents of the Republic of Uzbekistan who are insurance organizations;

leasing its own property to legal entities founded by the bank in accordance with a property lease (rental) contract. See previous edition.

Microfinance banks carry out their activity taking into account the following in addition to the restrictions specified in the first part of this Article:

the amount of monetary funds attracted to deposits from one natural person shall not exceed the guaranteed deposit amount established by legislation on guaranteeing deposits;

the maximum amount of risk related to one borrower or a group of interrelated borrowers shall not exceed five billion soums; See previous edition.

the share of loans granted for entrepreneurial activity and income-generating activities of self-employed persons in the credit portfolio and (or) the financing portfolio of the Islamic finance operations provided shall not be less than seventy percent; (The fourth paragraph of the third part of Article 7 in the edition of the Law of the Republic of Uzbekistan No. ORQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

prohibition on opening representative accounts and other accounts in foreign banks, providing guarantees for the obligations of foreign citizens and legal entities, and providing services for customers' foreign trade operations;

investments in debt securities must be made only in highly liquid debt securities designated by the Central Bank within the framework of requirements for managing banks' liquidity. (Added to Part 3 of Article 7 based on the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

Banks are prohibited from establishing legal entities and (or) acquiring shares or stakes in the authorized funds (capital) of legal entities, with the following exceptions: See previous edition.

legal entities that professionally carry out credit, insurance, factoring, and leasing operations; (Paragraph 2 of Part 4 of Article 7 in the edition of the Law of the Republic of Uzbekistan No. URQ-1058 dated April 17, 2025 — , 18.04.2025, No. 03/25/1058/0355)

legal entities that are part of the financial market infrastructure or provide information and advisory services to banks;

legal entities that carry out professional activities in the securities market;

branch organizations established abroad by this bank for the purpose of issuing and placing securities under the guarantee of this bank;

legal entities engaged exclusively in cash-in-transit activities;

legal entities providing services to ensure mutual interdependence between participants in settlements for banking operations, including settlements related to banking card operations;

stock and currency exchanges;

credit bureaus;

joint-stock companies listed on the stock exchange listing in an amount not exceeding more than twenty percent of the shares placed in the secondary market for securities. See previous edition.

According to Part 4 of this Article, the acquisition of shares or stocks in the authorized fund (capital) of a legal entity by a bank must not exceed fifteen percent of the bank's first-tier regulatory capital. This restriction applies to the ownership of shares or stocks in the authorized fund (capital) of these legal entities by the bank, including in cases of establishment of these legal entities. (Part 5 of Article 7 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

The total amount of acquiring shares or stocks in the authorized fund (capital) of legal entities must not exceed fifty percent of the bank's first-tier regulatory capital. (Part 6 of Article 7 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

If the ownership of shares or stocks in the authorized fund (capital) of legal entities by a bank exceeds the amounts specified in Parts 5 and 6 of this Article, the bank must sell the excess part within one year. (Part 7 of Article 7 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

A bank is prohibited from participating in the authorized fund (capital) of a legal entity that owns one or more percent of the authorized capital of this bank.

The requirements of this Article do not apply to cases where banks acquire shares of another bank or other securities of another bank custodian, or shares or stocks in the authorized fund (capital) of legal entities belonging to another bank, through reorganization in the form of merger or accession. See previous edition.

The restrictions on direct trading activities in Part 1 and on establishing legal entities and (or) acquiring shares or stocks in the authorized funds (capital) of legal entities in Part 4 of this Article do not apply to banks carrying out Islamic banking activities, if such activities and operations are carried out as Islamic finance operations. (Parts 3 and 4 of Article 7 added based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

Article 8. Independence of Banks [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks are independent in making decisions related to carrying out financial operations.

It is prohibited for state bodies and their officials to interfere in the activities of banks, including in managing entrepreneurial risks related to the formation of banks' credit portfolios and assets, appointing senior management of banks, as well as demanding various payments and fees from the funds of the bank, except for cases provided for by this Law.

Article 9. Limitation of State and Bank Obligations [ OKOS: 1. 03.00.00.00 Civil Law / 03.10.00.00 Law of Obligations / 03.10.01.00 Concept and Parties of Obligation. Exchange of Persons in Obligation; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks are not liable for the obligations of the state, and the state is not liable for the obligations of banks, except for cases where banks or the state themselves assume such obligations.

Article 10. Associations of Banks See previous edition. [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks may form associations and other unions to protect their common interests and implement joint programs, provided that this does not contradict the requirements of legislation. (Part 1 of Article 10 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Associations of banks may organize institutions for joint resolution of issues related to information exchange and other matters related to the implementation of banking activities.

Associations of banks notify the Central Bank within ten days after registration by the authorized state body or adoption of a decision on liquidation.

See: Articles 21 — 27 of the Law of the Republic of Uzbekistan "On Non-State Non-Profit Organizations" and the "Regulation on the Procedure for State Registration of Non-State Non-Profit Organizations" approved by Resolution No. 57 of the Cabinet of Ministers of the Republic of Uzbekistan dated March 10, 2014.

Article 11. Name of the Bank See previous edition.

The term "Bank" or word combinations derived from this term are used only by legal entities included in the State Register of Banks in their firm name or trademark (service mark) or in the "UZ" domain zone of the Internet global information network. (Part 1 of Article 11 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

Legal entities holding relevant license(s) for banking activity must add the term "bank" or "microfinance bank" to their firm name. (Part 2 of Article 11 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

See: Articles 1098 — 1101 of the Civil Code of the Republic of Uzbekistan, Paragraph 3 of Article 7 of the Law of the Republic of Uzbekistan No. URQ-51 "On Firm Names" dated September 18, 2006. See previous edition.

Banks holding a license granting the right to carry out Islamic banking activities have the right to use the term "Islamic" or word combinations derived from this term in their firm name or service mark, with the exception of banks holding both a license granting the right to carry out Islamic banking activities and a license granting the right to carry out banking activities.

Legal entities not holding relevant license(s) for banking activity are not entitled to use the term "bank" or word combinations derived from this term, including words and word combinations implying the carrying out of Islamic banking activities, in their firm name or service mark. (Parts 3 and 4 of Article 11 added based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

Article 12. Founders of the Bank [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Residents, both legal and natural persons, as well as non-residents, may be founders of a bank. See previous edition.

The State, the Ministry of Finance of the Republic of Uzbekistan, as well as other state organizations on behalf of the President of the Republic of Uzbekistan based on decrees, may be founders and shareholders of a bank. Enterprises and organizations with more than fifty percent of the authorized fund (capital) belonging to the state cannot be founders and shareholders of a bank, unless otherwise provided by legislation. (Part 2 of Article 12 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Article 13. Authorized Capital of the Bank See previous edition. [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

See previous edition.

The minimum amount of the authorized capital of a bank, with the exception of a microfinance bank, must: (Paragraph 1 of Part 1 of Article 13 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition. (Paragraph 2 of Part 1 of Article 13 added based on the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition. (Paragraph 3 of Part 1 of Article 13 added based on the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

three hundred fifty billion UZS from April 1, 2024;

five hundred billion UZS from January 1, 2025. (Part 1 of Article 13 in the edition of the Law of the Republic of Uzbekistan No. URQ-831 dated April 19, 2023 — , 20.04.2023, No. 03/23/831/0219) See previous edition.

The minimum amount of the authorized capital of a microfinance bank must be fifty billion UZS. (Part 2 of Article 13 added based on the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

The Central Bank has the right to set the minimum amount of the authorized capital of an interim bank lower than that specified in Part 1 of this Article. (Part 3 of Article 13 added based on the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — , 24.06.2025, No. 03/25/1070/0536. Entry into force date — September 25, 2025) [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.13.00 Currency Operations (also see 07.27.00.00)]

The authorized capital of a bank is formed in the national currency of the Republic of Uzbekistan and consists of monetary funds contributed by bank founders and shareholders or state securities, with the following exceptions:

payment of their remuneration by placing bank shares among the bank's creditors and accounting for any rights (claims) of the bank's creditors against the bank;

exchange of securities for bank shares;

exchange of one type of shares placed by the bank for another type of shares of this bank.

It is not allowed to use credit, pledged funds, as well as other funds with obligations attached to form the authorized capital of a bank. See previous edition.

See previous edition.

The authorized capital of a bank being established or reorganized in the form of merger, division, and separation is formed based on the minimum amount of the authorized capital of the bank on the day of establishment or reorganization of the bank specified in Part 1 of this Article. In this case, the minimum amount of the authorized capital of the bank must be formed by the bank founders by the time of applying for state registration and licensing of the bank. Funds contributed to the authorized capital of the bank being established are transferred to a reserve account opened at the bank, with the exception of cases of reorganization of the bank or establishment through changing the activity of a microfinance institution. (Part 5 of Article 13 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

Funds for replenishing the authorized capital of a microfinance bank being established by changing the activity of a microfinance institution are deposited into the account of the microfinance institution. (Part 6 of Article 13 added based on the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

Banks must adjust the amount of their authorized capital in accordance with the requirements specified in Part 1 of this Article within the deadlines specified in Part 1 of this Article. Banks with a state share in the authorized capital, when privatized by fully selling the state share to non-residents, the Central Bank has the right to establish other deadlines for adjusting the bank's authorized capital to the minimum amount specified in Part 1 of this Article, other than those established. (Parts 4 and 5 of Article 13 replaced by Parts 4 and 5 based on the Law of the Republic of Uzbekistan No. URQ-831 dated April 19, 2023 — , 20.04.2023, No. 03/23/831/0219)

In the event of a systemic financial crisis, bank shares may be purchased by the Ministry of Finance of the Republic of Uzbekistan from state securities.

See: Paragraph 3 of the "Regulation on Requirements for the Adequacy of Capital of Commercial Banks" (registry number 2693, 06.07.2015).

Article 14. Charter and Internal Regulations of the Bank [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The bank operates on the basis of its charter.

The bank charter must specify the following:

full and abbreviated firm name, location (postal address), and electronic mail address of the bank;

amount of authorized capital;

procedure for increasing and decreasing the authorized capital;

types and number of issued shares, ratio of share types;

procedure for distributing net profit, as well as covering losses;

procedure for forming reserve funds and other funds;

rights and obligations of bank shareholders, including the obligation to provide information requested by the bank to ensure compliance with the requirements of this Law;

structure of the bank's management bodies, procedure for their establishment, information about the number, powers, and duties of members of the bank's supervisory board and management;

measures to prevent conflicts of interest among shareholders (founders);

procedure and conditions for the placement of shares by the bank;

procedure for reorganization and liquidation of the bank. See previous edition.

In addition to the requirements specified in this Article, the charter of the bank must also contain information provided for by legislation on joint-stock companies and protection of shareholders' rights. (Part 3 of Article 14 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) See previous edition.

In addition to what is provided for in Parts 2 and 3 of this Article, the charter of a bank carrying out Islamic banking activities must additionally specify the following:

carrying out Islamic finance operations;

number, powers, and duties of members of the Islamic finance council coordinating Islamic finance issues of the bank carrying out Islamic banking activities (hereinafter in the text referred to as the bank's Islamic finance council);

procedure for establishing the bank's Islamic finance council and requirements for its members. (Part 4 of Article 14 added based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

The charter of the bank, amendments and additions to it, must be registered with the Central Bank. See previous edition.

The internal rules of the bank, as well as subsequent amendments and additions to them, must be developed in accordance with the legislation on banks and banking activity and submitted to the Central Bank. (Part 5 of Article 14 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Chapter 2. Essential Conditions for Licensing Banking Activity

Article 15. Establishment of a Bank [ OKOS: 1. 03.00.00.00 Civil Law / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Partnerships and Companies / 03.03.05.05 Joint-Stock Companies; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting Procedures; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks are established in the form of a joint-stock company. See previous edition.

A bank is established by founding or reorganizing, or by changing the activity of a microfinance institution. (Part 2 of Article 15 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition. (Exclusion date for Part 3 of Article 15 based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — June 29, 2026 — , 28.03.2026, No. 03/26/1126/0279) See previous edition. (Exclusion date for Part 4 of Article 15 based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — June 29, 2026 — , 28.03.2026, No. 03/26/1126/0279) See previous edition. (Exclusion date for Part 5 of Article 15 based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — June 29, 2026 — , 28.03.2026, No. 03/26/1126/0279) See previous edition. (Exclusion date for Part 6 of Article 15 based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — June 29, 2026 — , 28.03.2026, No. 03/26/1126/0279)

The licensing procedure for banks consists of two stages:

issuance of preliminary permission for the establishment of a bank by the Central Bank;

simultaneous licensing and state registration of the bank. See previous edition. (Exclusion date for Part 4 of Article 15 based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — June 29, 2026 — , 28.03.2026, No. 03/26/1126/0279) See previous edition.

Specific features of the establishment and activity of an interim bank are determined by the Law of the Republic of Uzbekistan "On Sanitization and Liquidation of Banks". (Part 9 of Article 15 added based on the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — , 24.06.2025, No. 03/25/1070/0536. Entry into force date — September 25, 2025)

Article 16. Issuance of Preliminary Permission for the Establishment of a Bank [ OKOS: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

See previous edition.

To obtain preliminary permission for the establishment of a bank, the applicant submits an application to the Central Bank within three months from the date of adoption of the decision on the establishment of the bank, attaching the following, with the exception of establishment through changing the activity of a microfinance institution: (Paragraph 1 of Part 1 of Article 16 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

the founding agreement if the bank is established by two or more persons; (Paragraph 2 of Part 1 of Article 16 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

two copies of the bank charter; See previous edition.

the decision on the establishment of the bank; (Paragraph 4 of Part 1 of Article 16 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

the list of founders (shareholders); (Paragraph 5 of Part 1 of Article 16 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

information on each direct and indirect founder (owner) holding decisive ownership, including the ultimate beneficial owner, as well as information necessary for the assessment conducted in accordance with Article 24 of this Law; (Paragraph 6 of Part One of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

in the absence of persons holding decisive ownership, information on direct and indirect founders (owners), including ultimate beneficial owners, holding the largest shares in the bank's authorized capital, with a total share of at least fifty percent, as well as information necessary for the assessment conducted in accordance with Article 24 of this Law; (Paragraph 7 of Part One of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

approved financial reports for the last three years for the legal entity that is a founder (shareholder), certified by an audit organization; (Paragraph 8 of Part One of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

documents confirming information about the sources of funds contributed to form (fill) the bank's authorized capital; (Paragraph 9 of Part One of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

information about the members of the bank's supervisory board and management, necessary for assessing their compliance with the requirements of Article 36 of this Law;

the organizational structure of the bank;

the draft regulation on the bank's internal audit service;

the bank's business plan for the next three years; See previous edition.

copies of draft projects of the bank's credit (financing), investment and issuance policies, which are to be subsequently approved by the bank's supervisory board, as well as draft projects of risk management and internal control policies. (Paragraph 14 of Part One of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition. (Paragraph 15 of Part One of Article 16, issued based on the Law of the Republic of Uzbekistan No. URQ-905 dated February 7, 2024 — , 07.02.2024, No. 03/24/905/0106) See previous edition.

An applicant applying for a preliminary license to establish a bank conducting Islamic banking activities submits, in addition to the documents provided for in Part One of this Article, the following:

draft regulations on the bank's Islamic finance council, the special department for Islamic finance issues, and the internal audit of Islamic finance;

draft policy on compliance with Islamic finance standards;

information about the members of the bank's Islamic finance council and necessary for assessing the compliance of the members of the Islamic finance council with the requirements of Article 36 of this Law. (Part Two of Article 16 supplemented based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

A fee in the amount of five times the base calculation amount is collected for consideration of the application for granting a preliminary license to establish a bank.

The applicant has the right to indicate an email address in the application for granting a preliminary license to establish a bank. Indication of an email address is consent to receive a notification about the decision made on the application or to request additional information in electronic form through the information and communication system. See previous edition.

If deficiencies are identified by the Central Bank in the submitted documents and (or) if the documents specified in Part One and (or) Part Two of this Article are not submitted by the applicant in full volume, the Central Bank sends a notification to the applicant indicating a list of deficiencies to be eliminated and (or) documents to be submitted within fifteen days from the date of submission of the application. (Part Five of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

The application for granting a preliminary license to establish a bank must be considered by the Central Bank within three months from the date when all documents necessary for obtaining a preliminary license to establish a bank are submitted. This period may be extended to four months in cases specified in Part Seven of this Article. (Part Six of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

If the documents and information submitted by the applicant, specified in Part One and Part Two of this Article, are insufficient to make a decision on granting a preliminary license to establish a bank, the Central Bank has the right to request additional documents and information from the applicant. (Part Seven of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

The applicant must submit the documents and information requested by the Central Bank within a period not exceeding thirty calendar days from the date of receipt of the request; during this period, the three-month period for considering the application for granting a preliminary license to establish a bank is suspended. (Part Eight of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

The Central Bank notifies the applicant in writing, including in electronic form through the information-communication system, about the decision made within three working days from the date the decision is made.

A preliminary license to establish a bank remains valid for a period not exceeding six months from the date of its issuance.

A preliminary license to establish a bank is terminated before the expiration of its validity period in the following cases:

if it is established that the preliminary license was obtained using forged documents; See previous edition.

if founders, direct or indirect owners, including ultimate beneficial owners, who previously passed assessment and met the requirements of Article 24 of this Law, no longer meet the requirements of this Article; (Paragraph 3 of Part Ten of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

if one of the members of the bank's supervisory board, management, and (or) the Islamic finance council of the bank, who previously passed assessment and met the requirements of Article 36 of this Law, no longer meets the requirements of this Article, as well as if information about newly appointed members of the bank's supervisory board, management, and (or) the bank's Islamic finance council is not submitted; (Paragraph 4 of Part Eleven of Article 16, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

if structural changes are made to the submitted business plan;

if facts are identified indicating that safe and stable management of the bank cannot be ensured. See previous edition.

Article 17. Additional requirements imposed on foreign founders (shareholders) in the process of establishing a bank or participating in the authorized capital of a bank (The title of Article 17, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) [OKAZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

In addition to the documents specified in Article 16 of this Law, the following documents are additionally submitted when establishing a bank or when a foreign bank participates in the authorized capital of a bank:

a decision of the competent authority of the foreign bank regarding the establishment of a bank or participation in the authorized capital of a bank;

the charter of the foreign bank;

a written confirmation from the competent authority of the foreign bank that supervises the foreign bank, confirming that it is under its consolidated supervision, has the right to accept deposits, and has been granted permission by the supervising authority to establish a bank or participate in the authorized capital of a bank, or a confirmation that such permission is not required;

documents confirming the compliance of the foreign bank's capital and credit rating with the requirements established by the Central Bank.

The Central Bank has the right to establish a special procedure for obtaining a preliminary license when a bank is established or when a bank's authorized capital is participated in by international financial institutions, foreign banks, and other credit institutions with high capital and credit rating indicators.

The total share of non-resident individuals and legal entities that are not international financial institutions, foreign banks, and other credit institutions must not exceed fifty percent of the bank's authorized capital. See previous edition.

The Central Bank has the right to establish the most essential requirements regarding the capital and credit rating of non-residents who are founders (shareholders) of a bank, other than international financial institutions, foreign banks, and other credit institutions, as well as regarding the rating of the state where the non-residents are located. (Part Four of Article 17, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

Legal entities registered in a state or territory that does not provide for a preferential tax regime and (or) does not provide for disclosure of the identity of the ultimate beneficial owner and submission of information during financial transactions, as well as individuals residing in such a state or territory, cannot be founders and shareholders of a bank (except for legal and natural persons who have purchased bank shares on foreign stock exchanges). (Part Five of Article 17, in the edition of the Law of the Republic of Uzbekistan No. URQ-831 dated April 19, 2023 — , 20.04.2023, No. 03/23/831/0219)

In considering the application for granting a preliminary license to establish a bank, the Central Bank: See previous edition.

takes into account the existence of an agreement on information exchange between the Central Bank and the supervising authority of the foreign bank that is a founder (shareholder); (Paragraph 2 of Part Six of Article 17, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

takes into account information and opinions of competent authorities of the country where the non-resident is located. The Central Bank also takes these circumstances into account when considering an application for granting a preliminary license to acquire a share in the amount specified in Paragraph 4 of Part One of Article 22 of this Law. (Paragraph 3 of Part Six of Article 17, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131) See previous edition.

The documents specified in Article 16 of this Law and Part One of this Article are certified by the Consular Institution of the Republic of Uzbekistan or other consular institutions located in the place where the bank, which is a founder (shareholder), is registered, except for the documents specified in Paragraphs 3, 5, 8, 9, and 11 through 14 of Part One of Article 16 of this Law. (Part Seven of Article 17, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

Article 18. Consultation with other bodies before licensing See previous edition.

The Central Bank has the right to consult with ministries, departments, and other state and economic management bodies within the framework of pre-licensing procedures. (Part One of Article 18, in the edition of the Law of the Republic of Uzbekistan No. URQ-880 dated November 28, 2023 — , 29.11.2023, No. 03/23/880/0905) See previous edition.

Ministries, departments, and other state and economic management bodies must submit information requested by the Central Bank, which is necessary for making the relevant decision. (Part Two of Article 18, in the edition of the Law of the Republic of Uzbekistan No. URQ-880 dated November 28, 2023 — , 29.11.2023, No. 03/23/880/0905)

The Central Bank has the right to send inquiries to competent authorities of foreign states regarding the submission of necessary information.

Article 19. Refusal to grant a preliminary license to establish a bank [OKAZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

See previous edition.

The following serve as grounds for refusing to grant a preliminary license to establish a bank:

non-compliance of the submitted documents specified in Articles 16 and 17 of this Law with the requirements of legislation on banks and banking activity; (Paragraph 2 of Part One of Article 19, in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) See previous edition.

non-compliance of direct and indirect founders (owners), including ultimate beneficial owners, whose assessment was conducted in accordance with Article 24 of this Law, with the requirements of this Article; (Paragraph 3 of Part One of Article 19, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

the inability of the bank to achieve the goals specified in the business plan; See previous edition.

the existence of requirements of other countries' laws or regulatory acts regarding persons closely related to the bank being established, or the application of prohibitions and restrictions by competent authorities of other countries that hinder the Central Bank in performing its supervisory functions, or the existence of other obstacles to compliance with the legislation of the Republic of Uzbekistan on banks and banking activity; (Paragraph 5 of Part One of Article 19, in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) See previous edition.

non-compliance of the members of the Islamic finance council of the bank being established with the qualification requirements of the Central Bank; (Part One of Article 19 supplemented with Paragraph 6 based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

non-submission of additional documents and information requested by the Central Bank in accordance with Part Seven of Article 16 of this Law. (Paragraph 7 of Part One of Article 19, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

By "closely related" is understood a situation where two or more persons are interdependent through:

direct ownership or control of at least twenty percent of the voting rights or authorized fund (authorized capital) of a legal entity;

control;

the existence of permanent control established between two persons or all persons, or between such persons and a third party.

By "control" is understood interrelation corresponding to one of the following criteria between persons:

ownership of controlling shares in the authorized fund (authorized capital) of another legal entity by a person;

the right of a person who is a participant (shareholder) of a legal entity to appoint or replace the majority of members of the management bodies of that legal entity;

the opportunity for a person to exert influence on the activities of a legal entity, the contract concluded with it, and (or) the rules of its charter;

the opportunity to exert influence on the members appointed by oneself as a result of the exercise by a person who is a participant (shareholder) of a legal entity of the voting rights of the management bodies of that legal entity. This criterion is not applied if control corresponds to one of the criteria specified in Paragraphs 2 through 4 of this Part;

the opportunity for a person who is a participant (shareholder) of a legal entity to manage controlling shares in the authorized fund (authorized capital) of this legal entity based on an agreement with their other participants (shareholders) or members.

The substantiated opinion of the Central Bank serves as a ground for refusing to grant a preliminary license to establish a bank. See previous edition.

A notification of refusal to grant a preliminary license is sent to the applicant within the timeframes and in the forms specified in Part Nine of Article 16 of this Law, indicating the reasons for refusal. (Part Five of Article 19, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

The application and documents submitted, taking into account the elimination of deficiencies indicated in the notification of refusal, are considered as submitted anew. See previous edition.

Article 20. Registration of a bank in the state register and issuance of relevant license (licenses) for banking activity (The title of Article 20, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) [OKAZ:

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 divisions and institutions;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

See previous edition.

To register a bank in the state register and obtain a relevant license (licenses) for banking activity, the applicant must submit to the Central Bank within six months from the date of obtaining a preliminary license to establish a bank the following: (Part One of Article 20, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

an application for registration of a bank in the state register and issuance of a relevant license (licenses) for banking activity; (Part One of Article 20, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

documents confirming the formation of the bank's authorized capital in an amount not less than the minimum amount established by this Law, as well as a list of founders (shareholders); (Part One of Article 20, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

information about key employees of the bank necessary for assessing their compliance with the requirements of Article 36 of this Law;

a conclusion from the territorial main directorate of the Central Bank at the location of the bank being established regarding the compliance of the bank's premises, their security, equipment with technical means for organizing work, and software with the requirements of the Central Bank; See previous edition.

a conclusion from the Inspection for Control in the Field of Construction and Housing and Communal Services regarding the creation of convenient conditions in bank premises for persons with disabilities in accordance with urban planning norms and rules;

if the application is submitted simultaneously for a license granting the right to conduct banking activity and a license granting the right to conduct Islamic banking activity, the documents specified in Paragraphs 7 and 9 of Part One of Article 20 1 of this Law; (Part One of Article 20 supplemented with Paragraphs 6 and 7 based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

electronic copies of all documents listed in Articles 16 and 17 of this Law. See previous edition.

If it is ensured that the bank's activities are conducted safely, interests of depositors and creditors are protected, and corporate governance requirements guaranteeing the proper functioning of the banking system are observed, the Central Bank makes a decision on registering the bank in the state register and issuing a relevant license (licenses) for banking activity. (Part Two of Article 20, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

A decision on registering a bank in the state register and issuing a relevant license (licenses) for banking activity is made within a period not exceeding one month from the date of receipt of the application with all necessary documents. (Part Three of Article 20, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

The Central Bank notifies the applicant in writing, including in electronic form through the information-communication system, about the decision made within three working days from the date the decision is made. See previous edition.

A state fee is collected in the amount established by law for the issuance of the relevant license (licenses) for banking activity. (Part 5 of Article 20, in the edition of Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026) See previous edition.

Information about the state registration of the bank and the issuance of the relevant license (licenses) for banking activity is published on the official website of the Central Bank. (Part 6 of Article 20, in the edition of Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026) See previous edition.

If it is established that the relevant license (licenses) for banking activity was obtained using forged documents, the relevant license (licenses) for banking activity is withdrawn by the Central Bank. (Part 7 of Article 20, in the edition of Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026) See previous edition.

20.1. Issuance of a license granting the right to conduct Islamic banking activity to a bank holding a license granting the right to conduct banking activity

A bank holding a license granting the right to conduct banking activity must submit the following documents to the Central Bank to obtain a license granting the right to conduct Islamic banking activity:

• an application for the issuance of a license granting the right to conduct Islamic banking activity;
• a resolution of the general meeting of shareholders of the bank on the establishment of Islamic banking activity;
• the charter of the bank, taking into account the requirements specified in Part 4 of Article 14 of this Law;
• information on the establishment of an Islamic finance council, a special department for Islamic finance issues, and internal audit for Islamic finance within the bank;
• documents specified in Part 2 of Article 16 of this Law;
• information on the compliance of the head official responsible for the bank's Islamic banking activity with the qualification requirements of the Central Bank;
• a three-year business plan including market analysis, financing plans, products and services, financial forecasts, and risk management issues for Islamic banking activity;
• documents confirming the creation of the opportunity to maintain separate accounting for financial operations carried out within the framework of Islamic banking activity.

The decision on the issuance of a license granting the right to conduct Islamic banking activity to a bank holding a license granting the right to conduct banking activity is made within a period not exceeding two months from the date of receipt of the application with all necessary documents.

The Central Bank notifies the applicant bank in writing, including electronically through information and communication systems, of the adopted decision within three working days from the date of its adoption.

A state fee is collected in the amount established by law for the issuance of a license granting the right to conduct Islamic banking activity to a bank holding a license granting the right to conduct banking activity.

Information about the issuance of a license granting the right to conduct Islamic banking activity to a bank holding a license granting the right to conduct banking activity is published on the official website of the Central Bank. (Article 20.1 added based on Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026)

See previous edition.

21. Refusal to register a bank in the state register and to issue relevant license (licenses) for banking activity (The title of Article 21, in the edition of Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026) [OKOS:
22. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
23. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

See previous edition.

The following serve as grounds for refusing to register a bank in the state register and to issue relevant license (licenses) for banking activity: (Part 1, first item of Article 21, in the edition of Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026)

• non-compliance of the amount of the formed authorized capital of the bank with the requirements of this Law at the time of submitting the application for state registration and licensing; See previous edition.

• non-compliance of the direct and indirect owners of founders, including the ultimate beneficial owner, who have previously passed assessment and met the requirements of Article 24 of this Law, with the requirements of this article; (Part 1, third item of Article 21, in the edition of Law No. OQ-1026 of the Republic of Uzbekistan dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

• non-compliance of key employees with the qualification requirements of the Central Bank;

• non-compliance of the bank's buildings, their security, equipment and technical means for organizing work, and software with the requirements of the Central Bank; See previous edition.

• absence of a conclusion from the Inspection for Control in the Field of Construction and Housing and Communal Services on the creation of convenient conditions in bank buildings for persons with disabilities in accordance with urban planning norms and rules. (Part 1 of Article 21 supplemented with a sixth item based on Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026) See previous edition.

The following serve as grounds for refusing to issue a license granting the right to conduct Islamic banking activity to a bank holding a license granting the right to conduct banking activity:

• the bank does not have a stable financial position;

• non-compliance of the members of the Islamic finance council and the head official responsible for the bank's Islamic banking activity with the qualification requirements of the Central Bank;

• violations specified in Articles 54 and (or) 55 of this Law were identified in the bank within the last two years;

• failure to submit information or documents specified in Article 20.1 of this Law, or their non-compliance with the requirements of the Central Bank. (Article 21 supplemented with Part 2 based on Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026)

The notification regarding the refusal to register the bank in the state register and to issue a license is sent to the applicant within the period and in the form provided for in Part 4 of Article 20 of this Law, indicating the reasons for refusal and the period within which the applicant may submit documents for reconsideration after eliminating the specified shortcomings.

The period indicated in the notification regarding the refusal to register the bank and issue a license must be commensurate with the time necessary to eliminate the shortcomings and may not be less than two months.

If the grounds for refusing to register the bank in the state register and to issue a license submitted by the applicant are eliminated, the reconsideration of documents is carried out within a period not exceeding one month from the date of receipt of the application with all necessary documents.

During the reconsideration of the application for state registration of the bank and issuance of a license, refusal is not permitted on new grounds not previously indicated in the notification regarding the refusal to register the bank in the state register and to issue a license.

An application for state registration of the bank and issuance of a license submitted after the expiration of the period indicated in the notification regarding the refusal to register the bank in the state register and to issue a license is considered as newly submitted.

22. Permit and restrictions on ownership of bank shares [OKOS:
23. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
24. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Physical and legal persons or persons acting in concert, including non-residents, must obtain prior permission from the Central Bank before acquiring directly or indirectly a share in the authorized capital of a bank resulting from one or several transactions:

• five percent or more, but no more than twenty percent;
• twenty percent or more, but no more than fifty percent;
• fifty percent or more.

If the shares in the authorized capital of the bank specified in Part 1 of this article are changed by persons who have obtained prior permission from the Central Bank, notification is carried out through the procedure specified in Article 26 of this Law.

The following are considered persons acting in concert:

1. persons who acquired bank shares based on agreements indicating the intention to acquire bank shares in a coordinated (agreed) manner or jointly;

2. invited persons:

a) persons exercising control over another person or under the control of another person or under joint control of a third person;

b) persons participating directly or indirectly in agreements for the acquisition of voting rights or for joint exercise of voting rights, if the shares (stocks) that are the subject of the agreement provide control over them;

c) physical persons who have management powers or powers of control over a legal entity;

d) persons who have the power to appoint the majority of members of the management bodies of a legal entity;

e) close relatives (persons related by kinship or affinity, i.e., parents, full and half siblings, spouses, children, including adopted children, grandparents, grandchildren, parents of spouses, full and half siblings of spouses, as well as legal entities under their control);

3. a legal entity exercising control and legal entities under its control, as well as legal entities under the control of one controlling legal entity with each other;

4. a legal entity together with its management body members and invited persons, as well as among these persons;

5. persons using financial resources coming from various persons who are considered to be provided or invited by the same person in their financial and economic activity;

6. persons transferring profits obtained from their economic activity to the same person or to various persons who are invited persons;

7. legal entities that mainly have the same composition of participants (shareholders) or management bodies;

8. persons who have adopted or are implementing the same investment policy by purchasing and (or) selling financial instruments issued by one issuer or invited persons;

9. persons pursuing a joint long-term policy towards the bank by exercising rights to securities issued by the bank in a similar manner;

10. persons who have appointed or will appoint the same person (same persons) who are invited persons (invited persons) as an authorized representative (authorized representatives) to carry out financial and economic activity, express interests, or exercise voting rights granted by shares or stocks in the authorized fund (authorized capital) they own;

11. persons united into any organizational and legal form for the purpose of carrying out operations related to the bank;

12. persons who simultaneously own or hold shares or stakes in the authorized fund (authorized capital) of one or several legal entities, exercise control over them, and implement a joint policy towards them;

13. persons who have carried out or are carrying out financial and economic activity jointly;

14. other persons determined by the Central Bank on the basis of justified considerations.

Banks must obtain prior permission from the Central Bank before acquiring directly or indirectly shares of another bank. Banks must obtain repeated prior permission from the Central Bank to increase their share in the authorized capital of another bank. See previous edition. (Part 5 of Article 22 added based on Law No. OQ-831 of the Republic of Uzbekistan dated April 19, 2023 — , 20.04.2023, No. 03/23/831/0219)

If prior consent of the anti-monopoly body is required to obtain prior permission for the acquisition of bank shares, the application for obtaining prior permission for the acquisition of bank shares is considered by the Central Bank taking into account the decision of the anti-monopoly body.

Agreements on the acquisition of bank shares concluded without prior permission for the acquisition of bank shares specified in Part 1 and Part 4 of this article are considered void. See previous edition.

If bank shares are acquired in violation of the requirements specified in Part 1 and Part 4 of this article, the owner of the shares is not entitled to vote at the general meeting of shareholders, demand the convening and holding of an extraordinary general meeting of shareholders, include issues in the agenda, nominate candidates for the supervisory board and management of the bank, the Islamic finance council of the bank, as well as to receive part of the bank's profit in the form of dividends. (Part 7 of Article 22, in the edition of Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026)

If a person acquires bank shares in the volume specified in Part 1 of this article due to circumstances beyond their control, obtaining permission from the Central Bank is required. The rights of the owner of the shares are suspended from the date of acquisition of bank shares due to circumstances beyond their control until the day the relevant decision is adopted by the Central Bank.

The shareholder must submit an application for obtaining permission from the Central Bank within sixty days from the date of acquisition of bank shares due to circumstances beyond their control. If the shareholder does not submit an application, bank shares acquired due to circumstances beyond their control must be transferred to another person within three months from the date of acquisition.

23. Issuance of prior permission for the acquisition of bank shares [OKOS:
24. 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 divisions and institutions;
25. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The potential acquirer submits an application to the Central Bank with documents attached as specified by the Central Bank to obtain prior permission for the acquisition of bank shares. The Central Bank sends a confirmation of receipt of the application to the potential acquirer within three working days from the date of receipt of the application.

A person or group of persons acting in concert, intending to acquire bank shares directly or indirectly, including as the ultimate beneficial owner, is the potential acquirer.

The Central Bank conducts an assessment of the potential acquirer in accordance with Article 24 of this Law within two months from the date the confirmation of receipt of the application is sent.

If the potential acquirer fails to submit documents in full volume, the assessment period starts from the date all relevant documents are received by the Central Bank.

If there are documents and (or) information confirming that the potential acquirer does not meet any of the criteria specified in Article 24 of this Law, the Central Bank has the right to refuse to evaluate the issuance of prior permission for the acquisition of bank shares without conducting an assessment.

The Central Bank has the right to send a request to the potential acquirer for additional documents and information necessary to complete the assessment during the assessment period.

The potential acquirer must submit additional documents and information based on the request of the Central Bank within a period not exceeding twenty working days from the date of receipt of the request, during which the assessment period is suspended. If the potential acquirer is located abroad or the laws of another state are applied to it, the Central Bank has the right to extend the period for submitting additional information to thirty working days. Subsequent requests sent by the Central Bank to the potential acquirer for clarification of submitted information should not lead to a suspension of the assessment period.

If the potential acquirer fails to comply with the time limits specified in Part 7 of this article, the Central Bank has the right to refuse to issue prior permission for the acquisition of bank shares.

The Central Bank publishes on its official website a reasoned decision adopted on the results of considering the application for obtaining prior permission for the acquisition of bank shares based on the request of the potential acquirer. The Central Bank has the right to publish this information even if there is no request from the potential acquirer.

Prior permission for the acquisition of bank shares remains valid for six months from the date of its issuance. See previous edition.

Cancellation of prior permission for the acquisition of bank shares is carried out in accordance with the legislation on banks and banking activity. (Part 11 of Article 23, in the edition of Law No. OQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Clause 48 of the Regulation on the Procedure and Conditions for Permitting Banking Activity, approved by Resolution No. 12/1 of the Management Board of the Central Bank of the Republic of Uzbekistan dated May 25, 2020 (registry number 3252, June 30, 2020).

24. Assessment of the potential acquirer [OKOS:
25. 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 divisions and institutions;
26. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

When considering the application for obtaining prior permission for the acquisition of bank shares, the Central Bank:

• assesses the business reputation of the potential acquirer; See previous edition.

• the business reputation, knowledge, qualifications, and experience of the members of the supervisory board and management of the bank to be appointed after the intended acquisition is carried out, members of the Islamic finance council of the bank, as well as key employees; (Part 1, third item of Article 24, in the edition of Law No. OQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Date of entry into force — June 29, 2026)

• the financial capacity of the potential acquirer, in particular its capacity in terms of the volume and specialization of the activity of the bank whose shares are intended to be acquired; See previous edition.

• the ability of the bank to meet the prudential requirements established by the legislation on banks and banking activity after the intended acquisition is carried out; (Part 1, fifth item of Article 24, in the edition of Law No. OQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

• the absence of suspicions regarding attempts to carry out or carry out legalization of income obtained from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction in connection with the intended acquisition, as well as the assumption that such risks will increase after the intended acquisition is carried out;

• the probability of compatibility of the activity of the potential acquirer with banking activity and its impact on the development of banking activity;

• the organizational structure of the corporate governance of the potential acquirer and the influence of persons related to it on the regulation of the bank and control over it.

Persons related to another person include:

• members of the management bodies of a legal entity, as well as key employees of the bank;

• physical and (or) legal persons who act directly or indirectly, individually or as part of a group of persons, exercising decisive ownership in the bank, including ultimate beneficial owners. If close relatives of these physical persons own or control shares in the authorized capital of the bank, regardless of their volume, such shares are considered to be under the ownership and control of this person;

• persons exercising control over another person or under the control of another person or under joint control of a third person;

• persons exercising control over the bank who own legal entities with decisive ownership;

• persons related to the persons specified in items two through five of this part, including close relatives of physical persons, as well as legal entities under which physical persons and (or) their close relatives exercise control or own shares in the authorized funds (authorized capitals) or are members of the management body; See previous edition.

• persons who are considered to be under the influence of the persons specified in items two through six of this part in the transaction because transactions with the bank are carried out through these persons in the interests of the persons specified in items two through six of this part, and there are labor, civil, or other relations established by legislation between these persons; (Part 2, seventh item of Article 24, in the edition of Law No. OQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

• other persons determined by the Central Bank on the basis of justified considerations.

The Central Bank issues prior permission to the potential acquirer in the following cases:

• if the potential acquirer fully complies with the criteria specified in Part 1 of this article;

• if there are no suspicions that the potential acquirer is not the ultimate beneficial owner of the intended acquisition;

• if there is no excessive stratification of legal entities that are shareholders (more than three levels from the potential acquirer to the ultimate beneficial owner);

• if documents are submitted in full volume;

• if there are no false or distorted information in the documents and information submitted by the potential acquirer.

The Central Bank has the right to adopt a decision to conduct the assessment provided for in this article only with respect to a person who directly owns bank shares and is the ultimate beneficial owner.

The Central Bank is not entitled to determine the size of the share being acquired or to assess the anticipated acquisition from the point of view of the economic needs of the market.

When two or more applications are submitted simultaneously for the acquisition or increase of controlling ownership in the same bank, the Central Bank considers potential acquirers on the basis of equal conditions.

The procedure and conditions for assessing potential acquirers are established by the Central Bank. See previous edition.

The requirements of this article are also applied to founders, including direct and indirect owners, as well as ultimate beneficial owners, when submitting documents for the issuance of a preliminary permit for the establishment of a bank. (Part 8 of Article 24 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, 03/25/1026/0131)

Article 25. Non-compliance with requirements regarding the suitability of a shareholder [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 divisions and institutions;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The Central Bank has the right to apply measures and sanctions to a person who directly or indirectly owns controlling ownership, including the ultimate beneficial owner, in the following cases: See previous edition.

if they do not comply with the requirements of legislation on banks and banking activity; (Part 1, second paragraph of Article 25 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

if they are exerting influence on the bank in a manner that may pose a threat to its stable financial condition;

if they have not provided information about the identity of the ultimate beneficial owner.

The Central Bank has the right to apply measures and sanctions to shareholders who have acquired controlling ownership as a result of agreed activities without obtaining a preliminary permit for the acquisition of bank shares.

In the cases specified in parts one and two of this article, the Central Bank applies the following measures and sanctions individually or in combination: See previous edition.

suspends the right to vote, to call and hold extraordinary shareholders' meetings, to include issues in the agenda, to nominate candidates for membership in the bank's supervisory board and management, and the bank's Islamic finance council, as well as the right to receive part of the bank's profit in the form of dividends; (Part 3, second paragraph of Article 25 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

adopts a decision on the sale of bank shares by persons whose voting rights have been suspended;

revokes the preliminary permit issued for the acquisition of bank shares.

Shareholders who have acquired controlling ownership must sell their shares within three months from the date the preliminary permit for the acquisition of bank shares is revoked.

Persons against whom measures and sanctions have been applied in accordance with this article are not entitled to directly or indirectly own shares of the relevant bank, as well as other banks.

Article 26. Notification regarding the acquisition, change, or transfer of controlling ownership [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 divisions and institutions;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

A person who directly or indirectly owns controlling ownership, including the ultimate beneficial owner, must notify the Central Bank and the bank in writing, including electronically, within ten days in the following cases:

when a transaction is executed for which a preliminary permit for the acquisition of bank shares has been obtained;

when a preliminary permit has been obtained and the share of shares specified in part one of Article 22 of this Law has increased;

as a result of a decision to transfer or reduce controlling ownership in the bank's authorized capital to another person, the controlling ownership remains less than fifty percent, twenty percent, or five percent, respectively;

when bank shares of the volume specified in part one of Article 22 of this Law are acquired by a person due to circumstances beyond their control.

In the cases provided for in part one of this article, the bank must notify the Central Bank in writing, including electronically, within one day from the date the notification is received.

Article 27. Duty to Notify [OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The bank must provide information on the identity and share of persons who directly and indirectly own shares in the bank's authorized capital, including the ultimate beneficial owner, upon request of the Central Bank.

See previous edition.

To assess the suitability of persons who directly and indirectly own bank shares, including the ultimate beneficial owner, in accordance with the requirements of legislation on banks and banking activity, these persons must, upon request of the Central Bank or the bank: (Part 2, first paragraph of Article 27 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

provide information on entrepreneurial activity, including the annual financial report;

provide information on persons related to them and persons acting jointly with respect to the owning bank, as well as other information required by the Central Bank.

The Central Bank must be notified about any structured agreement whose subject or content includes the following:

joint exercise of voting rights at general meetings of bank shareholders or at general meetings of persons exercising control over the bank;

joint activity of members of the bank's management body or persons exercising control over the bank; See previous edition.

exercise of the right to nominate candidates for membership in the bank's management or supervisory board, as well as the bank's Islamic finance council, or the majority of candidates for persons exercising control over the bank. (Part 3, fourth paragraph of Article 27 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

The notification specified in part three of this article must be sent to the Central Bank by the parties to the agreement or the bank's management bodies within five business days from the date the agreement is signed or immediately upon detection of circumstances revealing its existence. See previous edition.

A person who directly or indirectly owns controlling ownership, including the ultimate beneficial owner, must notify the Central Bank within five business days from the date such circumstances arise regarding situations that may influence the assessment of the shareholder's suitability in accordance with the requirements of legislation on banks and banking activity. (Part 5 of Article 27 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

Article 28. Purchase of Own Shares by Banks [OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks must obtain a preliminary permit from the Central Bank to purchase their own shares. The amount of own shares purchased by the bank must not exceed ten percent of the bank's authorized capital.

To obtain a preliminary permit for the purchase of own shares, the bank submits an application to the Central Bank along with the decision of the general meeting of bank shareholders indicating the reasons for the purchase of own shares.

The Central Bank is not entitled to issue a preliminary permit if the bank's financial condition is unsatisfactory, or if such purchase leads to non-compliance with prudential norms.

Chapter 3. Branches and Representative Offices See previous edition.

Article 29. Branches and Other Separate Divisions of Banks in the Territory of the Republic of Uzbekistan [OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks may open branches, bank service offices, and other separate divisions in the Republic of Uzbekistan.

A bank branch is a separate division of the bank that is not a legal entity, carries out banking activity in the name of the bank, and acts within the scope of powers granted to it by the bank.

Banks must notify the Central Bank in the established manner about the opening or closure of their branch or bank service office.

The following documents are attached to the notification about the opening of a bank branch or bank service office:

the decision of the bank's competent body on the opening of a branch or bank service office;

information about the head of the branch and chief accountant (if a branch is opened);

a conclusion from the territorial main directorate of the Central Bank at the location of the branch or bank service office confirming that the premises, their security, equipment, organizational and technical means, and software comply with Central Bank requirements.

The following requirements and conditions must be observed when sending the notification about the opening of a bank branch or bank service office to the Central Bank:

the stable financial condition of the bank;

the qualification of the head of the branch and chief accountant complies with the qualification requirements established by the Central Bank (if a branch is opened);

the premises of the branch or bank service office, their security, equipment, organizational and technical means, and software comply with Central Bank requirements.

Information about the opening of a bank branch and the commencement of its activities is published on the official website of the Central Bank.

Activities carried out without notifying the Central Bank in the established manner about the opening and closure of a bank branch or bank service office are illegal.

If a decision is adopted to close a bank branch, the bank must notify its customers fifteen days before the closure of the branch and take measures to ensure the fulfillment of its obligations to them, or transfer these obligations to another branch with the agreement of the customer.

The bank must notify the Central Bank about this within two business days from the date the decision to close the branch is adopted and submit a plan to ensure the fulfillment of obligations to customers.

A bank representative office is opened in accordance with the legislation of the Republic of Uzbekistan. (Part 29 of Article 29 in the edition of the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 — , 12.10.2021, 03/21/721/0952)

Article 30. Branches and Representative Offices of Foreign Banks in the Territory of the Republic of Uzbekistan [OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The establishment of branches by foreign banks in the Republic of Uzbekistan is not permitted.

A separate division of a foreign bank located in the territory of the Republic of Uzbekistan, which represents the interests of the bank without the right to carry out banking activity and other commercial activity, is a representative office of the foreign bank.

The representative office of a foreign bank in the territory of the Republic of Uzbekistan is accredited by the Central Bank.

Article 31. Subsidiary Banks, Branches, and Representative Offices of Banks Abroad [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 divisions and institutions;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

See previous edition.

Banks may, with the permission of the Central Bank, open subsidiary banks and establish branches abroad, participate in the capital of foreign banks, including in the establishment of foreign banks, except for microfinance banks, in the following cases: (Part 1, first paragraph of Article 31 in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, 03/25/1026/0131)

when there is an agreement on the exchange of information between the Central Bank and the banking supervisory authority of the host country;

when the legislation of the host country and its application methodology do not prevent the Central Bank from performing supervisory functions over the subsidiary bank or branch; (Part 1, third paragraph of Article 31 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

when the bank's management and financial condition are sufficient for the planned activity carried out through the subsidiary bank or branch;

when prudential norm indicators are complied with and as they grow, and in accordance with other requirements of the Law on Banks and Banking Activity. See previous edition.

Microfinance banks are prohibited from opening banks, representative offices, and establishing branches abroad, participating in the capital of foreign banks, including in the establishment of foreign banks. (Part 2 of Article 31 added based on the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, 03/25/1026/0131) See previous edition.

The subsidiary banks and representative offices of a bank are opened and (or) branches are established in accordance with the legislation of the country where they are opened and (or) established. (Part 2 of Article 31 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

If a decision is adopted to open a representative office, close a subsidiary bank, representative office, or branch abroad, or sell shares of a foreign bank, the bank must notify the Central Bank within thirty days from the date such decision is adopted and provide information on how this decision affects the bank's financial stability.

The Central Bank must notify the banking supervisory authority of the host country about the revocation of the license of the bank, which is a legal entity of the Republic of Uzbekistan, carrying out activities through a subsidiary bank, representative office, or branch in this country.

Chapter 4. Corporate Governance of the Bank

Article 32. Management Bodies of the Bank [OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The general meeting of shareholders, the supervisory board, and the management of the bank are the management bodies of the bank.

The general meeting of shareholders is the highest management body of the bank.

The bank must develop and approve a policy on corporate governance.

The powers of the supervisory board and management of the bank cannot be transferred to third parties for execution, except in cases provided for by this Law.

Article 33. Corporate Governance [OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The bank must have a clearly defined organizational structure of corporate governance that:

defines areas of responsibility;

establishes effective procedures for identifying, managing, monitoring, and reporting on risks faced or potentially faced by the bank (including scenarios of insolvency);

establishes procedures for assessing liquidity and capital adequacy to cover operational risks;

includes appropriate internal control mechanisms, including accounting procedures;

defines policies and methods for motivating and rewarding employees that contribute to the reasonable and effective management of risks.

The organizational structure, procedures, and mechanisms of corporate governance must be comprehensive and correspond to the nature, scale, and complexity of risks inherent in the business model and activities of the bank. Internal control mechanisms must ensure at least the performance of management functions, assessment of risks, and compliance with internal audit requirements.

Requirements regarding corporate governance in banks are established by the Central Bank.

Article 34. Supervisory Board of the Bank [OKOZ:

1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures;
2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The supervisory board of the bank exercises general supervision over bank activities, performs control and inspection functions in the process of making management decisions, and is generally responsible for the activities and financial stability of the bank.

The supervisory board of the bank establishes a management organizational structure that ensures effective and prudent management of the bank, including the distribution of powers and responsibilities among members of the bank's management, prevention and elimination of conflicts of interest, and exercises control and inspection over its implementation.

Members of the supervisory board of the bank must contribute to the prudent corporate governance of the bank, take into account the legitimate interests of the bank, its depositors, and shareholders when performing their powers and obligations, and ensure effective cooperation with the Central Bank.

In addition to the powers provided for in the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Shareholders' Rights", the powers of the supervisory board of the bank include:

approving strategic goals, corporate governance policy, other internal policies of the bank, including policies on identifying, managing, monitoring, and reporting on risks, and maintaining capital adequacy at the required level, as well as controlling their implementation;

exercising control over the formation of reserves for potential losses on assets based on asset classification, and ensuring that the bank's capital and total reserves are maintained at an adequate level;

approving procedures for the prevention and elimination of conflicts of interest;

approving plans for restoring the bank's financial condition;

exercising control over the bank's management;

exercising control over the implementation of the bank's adopted business plan, as well as hearing reports from the bank's management on the results of the bank's activities every quarter;

organizing the activity of the bank's internal audit service, as well as subjecting the bank's management to an assessment of compliance with bank strategies and policies based on quarterly reports of the bank's internal audit service;

studying, discussing, and debating information, proposals, and clarifications submitted by members of the bank's management;

ensuring the effectiveness of the bank's activity management system, including monitoring and periodic assessment of bank management principles, and taking appropriate measures to eliminate identified deficiencies;

submitting a report to the general meeting of shareholders on control and inspection activities carried out at least once a year;

approving annual financial reports and ensuring the integrity of the accounting and financial reporting system;

ensuring compliance with prudential requirements, taking into account the long-term financial interests of the bank and the requirements established by the Central Bank regarding capital. See previous edition.

The supervisory board of a bank carrying out Islamic banking activity is responsible for establishing an effective management system in the bank in accordance with Islamic finance standards. (Part 5 of Article 34 added based on the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

The number of members of the supervisory board of the bank must be an odd number of not less than five persons, regardless of the number of bank shareholders. The majority of supervisory board members must not be persons related to the bank, except for their membership in the supervisory board.

Members of the supervisory board of the bank must comply with requirements regarding the independence of their opinions.

A person cannot be elected to the supervisory board or is deprived of the right to membership in the supervisory board if:

the person is a member of the supervisory board of two or more banks or intends to become a member, except in cases where these banks belong to one banking group;

the person's powers are terminated prematurely in accordance with the requirements of the Central Bank.

Article 35. Bank Management

Bank management is the executive body of the bank, which carries out operational management of the bank's activities in accordance with the activity strategy and its management system approved by the bank's supervisory board, and assumes full responsibility for the bank's activities.

Bank management:

• implements strategic goals, corporate governance policy, other internal policies of the bank, including identifying, managing, monitoring risks and reporting on risks, and maintaining capital at the required level;
• ensures the bank's relevant and transparent organizational structure, including the distribution of powers and responsibilities among bank employees within their competence;
• exercises control over the activities of bank employees;
• implements the bank's approved annual business plan, and also periodically submits reports to the general meeting of shareholders and the supervisory board on the work performed, measures and sanctions applied to the bank;
• is obliged to fulfill other obligations provided for in the bank's charter and in the legislation on banks and banking activity. (Paragraph 6 of Part 2 of Article 35, in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

Bank management is accountable to the general meeting of shareholders and the supervisory board of the bank.

The bank management of a bank conducting Islamic banking activities is responsible for ensuring that Islamic banking activities are carried out in accordance with Islamic finance standards. (Article 35 was supplemented with a fourth part on the basis of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

Article 35-1. Islamic Finance Council of the Bank

The Islamic Finance Council of the Bank is a collegial body that coordinates the implementation of Islamic banking activities in the bank in accordance with Islamic finance standards.

The functions of the Islamic Finance Council of the Bank include:

• ensuring the compliance of Islamic finance operations with Islamic finance standards and providing opinions on issues and appeals related to compliance;
• reviewing and approving drafts of contracts, internal documents and reports related to Islamic finance operations;
• adopting decisions that the bank must follow in Islamic banking activities, including Islamic finance operations and related contracts and documents, which do not contradict legislative acts;
• assisting the supervisory board and management of the bank in managing risks related to Islamic banking activities and implementing an internal control system through their opinions.

The Islamic Finance Council of the Bank may also perform other functions based on the bank's charter.

Members of the Islamic Finance Council of the Bank are elected and their membership is terminated by the general meeting of shareholders in agreement with the Central Bank and on the basis of the recommendation of the bank's supervisory board.

The number of members of the Islamic Finance Council of the Bank must not be less than three.

Controlling shareholders and key employees of the bank are not allowed to be members of the Islamic Finance Council of the Bank.

The Islamic Finance Council of the Bank evaluates the compliance of Islamic banking activities in the bank with Islamic finance standards and submits a report to the general meeting of shareholders at least once a year based on the evaluation results.

The functions of the Islamic Finance Council of the Bank cannot be delegated to the general meeting of shareholders or another management body of the bank. (Article 35-1 was introduced on the basis of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

Article 36. Application of Leadership Principles

Members of the supervisory board and management of the bank, as well as key employees, must have impeccable business reputation, experience, knowledge and skills necessary to ensure effective management of bank risks and the adoption of reasoned decisions within their competence.

The bank must ensure that members of the supervisory board and management of the bank, the Islamic Finance Council of the bank, as well as key employees, always comply with the requirements of the legislation on banks and banking activity. (Part 2 of Article 36, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

The Islamic Finance Council of the Bank consists of at least three members, and the requirements for them are established by the Central Bank. (Article 36 was supplemented with a third part on the basis of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

The Central Bank agrees on candidates for membership in the supervisory board and management of the bank, the Islamic Finance Council of the bank, and positions of key employees before they enter the position. If it is not possible to agree on key employees in advance due to objective reasons, the bank must send a request for subsequent consent. (Part 4 of Article 36, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

Members of the bank management and key employees may work on a part-time basis in other organizations with the consent of the employer, except in cases where their employment in other banks and organizations may lead to a conflict of interest.

The conditions for evaluating members of the supervisory board and management of the bank, the Islamic Finance Council of the bank, as well as key employees, documents necessary for evaluation, criteria for compliance with qualification requirements, and the procedure for their agreement are established by the Central Bank. (Part 6 of Article 36, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

Article 37. Measures to Prevent Corruption, Code of Ethics for Bank Employees and Conflict of Interest

Banks develop and implement:

• measures to prevent corruption;
• codes of ethics;
• policy on preventing and eliminating conflicts of interest, which are mandatory for observance by members of the bank's elected bodies and employees.

The identity of a member of the supervisory board, management, Islamic Finance Council of the bank, or an employee who reported suspicious activities, fraud, or misconduct related to the bank or a legal entity under the bank's control must not be disclosed. (Part 2 of Article 37, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

Chapter 5. Prudential Requirements and Risk Management

Article 38. Compliance with Prudential Norms by Banks and Banking Groups

To ensure the financial stability of banks and protect the interests of depositors and creditors, banks and banking groups must comply with prudential norms established by the Central Bank, including the calculation procedure and permissible values.

Prudential norms for banks and banking groups, excluding microfinance banks, include:

• capital adequacy ratios;
• maximum amount of risk related to a single borrower or a group of interconnected borrowers;
• maximum amount of large credit risks and investments;
• concentration coefficients by sectors;
• liquidity ratios;
• maximum amount of risk for related parties of the bank;
• maximum amount of unsecured loans (relying on trust);
• requirements for classifying the bank's assets and assessing their quality, forming reserves against possible losses on bank assets based on asset classification;
• maximum amount of shares and stakes acquired in the charter funds (charter capital) of legal entities;
• requirements for purchasing and owning real estate and other property;
• open currency position limits;
• other prudential norms established by the Central Bank in accordance with generally accepted international practice. (Part 1, Paragraph 1 of Part 2 of Article 38, in the edition of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, 03/25/1026/0131) (Paragraph 10 of Part 2 of Article 31 was issued on the basis of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, 03/25/1026/0131)

Prudential norms for microfinance banks include:

• capital adequacy ratios;
• maximum amount of risk related to a single borrower or a group of interconnected borrowers;
• liquidity ratios;
• maximum amount of risk for related parties of the microfinance bank;
• other prudential norms established by the Central Bank in accordance with generally accepted international practice.

If the amount of the charter capital of a microfinance bank corresponds to the amount of the bank charter capital specified in Part 1 of Article 13 of this Law, such microfinance bank must comply with the prudential norms provided for in Part 2 of this Article. In this case, the maximum amount of risk related to a single borrower or a group of interconnected borrowers must not exceed the amount specified in Paragraph 3 of Part 3 of Article 7 of this Law. (Article 38 was supplemented with third and fourth parts on the basis of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025, 03/25/1026/0131)

To reduce risks related to losses on assets, banks must maintain their capital and liquid resources at a sufficient level, form reserves against possible losses on assets based on asset classification, and ensure the diversification of their assets.

The Central Bank has the right to establish additional premiums to liquidity and capital adequacy ratios for banks, systemically important banks, and banking groups to cover potential losses arising from the maximum changes in risk factors specific to the bank, systemically important bank, and banking group.

Future changes to prudential norms are officially announced by the Central Bank at least one month before these changes enter into force.

Article 39. Restriction on Profit Distribution

A bank is not entitled to distribute profits by paying dividends to shareholders, as well as by rewarding members of the supervisory board, management, employees of the bank, and members of the Islamic Finance Council of the bank in the following cases:

• when prudential norms do not meet the requirements established by the Central Bank or are violated as a result of this distribution;
• when the bank is insolvent or signs of insolvency arise as a result of this distribution;
• when deficiencies reflected in the mandatory instruction of the Central Bank, including in the disclosure of information, have not been eliminated or there is no possibility to eliminate them;
• when there is a requirement from the Central Bank not to distribute profits. (Part 1, Paragraph 1 of Article 39, in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026) (Paragraph 3 of Part 1 of Article 39, in the edition of the Law of the Republic of Uzbekistan No. URQ-911 dated February 21, 2024 — , 22.02.2024, 03/24/911/0142)

Banks must obtain the consent of the Central Bank to distribute profits in the following cases:

• when the total amount of payments specified in Paragraph 1 of Part 1 of this Article exceeds ten percent of the bank's own capital;
• when there is a loss in the current or previous quarter and (or) financial year.

Article 40. Mandatory Reserve Requirements

Banks must comply with mandatory reserve requirements established by the Central Bank.

If a bank fails to comply with mandatory reserve requirements, the Central Bank shall collect a fine in the amount of the missing mandatory reserve funds from the bank's representative account at the Central Bank, as well as a fine not exceeding twice the actual refinancing annual rate applied to this missing amount.

See: Regulation on Mandatory Reserves Transferred as Deposits to the Central Bank of the Republic of Uzbekistan by Commercial Banks, approved by Resolution No. 12/8 of the Board of the Central Bank of the Republic of Uzbekistan dated March 31, 2018.

Article 41. Outsourcing of Bank Services and Operations

Outsourcing of bank services and operations is the transfer to a third party on a contractual basis and on a continuous basis for the implementation of certain types of services and operations by the bank (hereinafter referred to as outsourcing in the text).

The bank has the right to outsource certain types of services and operations in accordance with the requirements established by the Central Bank after obtaining permission from the Central Bank.

Certain types of services and operations carried out on the basis of a license may only be outsourced to the holder of the relevant license.

The subsequent outsourcing by the person to whom certain types of bank services and operations have been outsourced to another person is prohibited. This restriction must be reflected in the contract on outsourcing certain types of services and operations by the bank.

The bank is responsible for the management of risks related to certain types of services and operations outsourced.

When outsourcing certain types of services and operations, the bank must comply with the requirements of the Central Bank, including the availability of internal policies and reporting, as well as requirements for providing information to the Central Bank regarding certain types of outsourced services and operations.

Banks must ensure that certain types of outsourced services and operations are subject to external audit annually or upon the request of the Central Bank.

The Central Bank has the right to demand the termination of an outsourcing contract in the following cases:

• when adequate and regular control, inspection, and risk management of outsourced services and operations by the bank are not carried out;
• when there are deficiencies in the activities of the person involved in outsourcing that threaten the bank's ability to fulfill its obligations.

Article 42. Requirements for Internal Control and Risk Management Systems of the Bank and Banking Group

The bank and banking groups must comply with the requirements for internal control and risk management systems established by the Central Bank. The requirements of the Central Bank take into account the principle of proportionality, considering the systemic importance, specific features, scale, and complexity of the activities carried out by the bank.

The requirements of the Central Bank for the internal control and risk management systems of the bank and banking groups include:

• ensuring the completeness, reliability, and timeliness of financial, supervisory, and other reports for internal and external users, as well as information security and cybersecurity;
• ensuring compliance with prudential requirements by the bank;
• the availability of an approved policy for identifying and managing risks significant to the bank, including stress testing, as well as a reporting system on risks significant to the bank and capital;
• consistent implementation and compliance by the bank of policies for managing risks significant to the bank and assessing their effectiveness;
• supervision by the supervisory board over the bank's compliance with the maximum risk amounts and capital adequacy established in the bank's internal documents, the effectiveness of risk management procedures applied by the bank, and the consistency of their application.

Article 43. Compliance by Banks with Legislative Requirements on Combating the Legalization of Income Received from Criminal Activities, Financing of Terrorism, and Financing of Proliferation of Weapons of Mass Destruction

Banks must comply with legislative requirements on combating the legalization of income received from criminal activities, financing of terrorism, and financing of proliferation of weapons of mass destruction. (Article 43, in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

Article 44. Entering into Transactions with Related Parties of the Bank

Banks are prohibited from entering into contracts with related parties of the bank or persons acting on behalf of such persons if such contracts are based on significantly more favorable terms than those provided for contracts with persons not related to the bank.

Providing significantly more favorable terms implies:

• the bank enters into a transaction with a related party or on behalf of such a person that it would not enter into with a non-related person, considering the nature, purpose, characteristics, and risk of the bank;
• receiving lower rewards and charging lower payments for financial operations, or accepting collateral at a higher value than required from other persons.

The bank cannot provide unsecured (relying on trust) loans (debts) to related parties.

The bank may enter into transactions with related parties only with the decision of the supervisory board of the bank, taking into account the requirements of this Article. If a person becomes a related party of the bank after signing a contract with the bank, the supervisory board of the bank must issue an order to approve or terminate this contract within thirty days from the day the person became a related party of the bank.

A member of the supervisory board must not be present at the meeting of the supervisory board where the issue of a transaction concluded or to be concluded between the bank and himself or a related party is considered, and must not attempt to influence the decision of the supervisory board.

The bank must keep a separate list of transactions concluded with related parties and notify the Central Bank before entering into transactions with related parties of the bank.

See: Article 53 of the Law of the Republic of Uzbekistan "On the Securities Market" and Paragraph 3 of Resolution No. 24 of the Cabinet of Ministers of the Republic of Uzbekistan dated January 15, 1999 "On Measures to Reform the Banking System".

Chapter 6. Prudential Supervision and Supervisory Measures of Banks' Activities

Article 45. Prudential Supervision

See previous edition.

[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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

To prevent and mitigate the specific risks of banking activity, the Central Bank ensures prudential supervision over banks' activities, provided that the requirements of the legislation on banks and banking activity are observed. (Part one of Article 45 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

To ensure prudential supervision, the Central Bank: See previous edition.

exercises control over the systems, strategies, procedures, and mechanisms used by banks to ensure compliance with the prudential requirements of the legislation on banks and banking activity; (Part two, second paragraph of Article 45 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

exercises control over the risks threatening or potentially threatening banks, the adequacy of sound management, and the mechanisms for coordinating risks, ensuring that these risks are covered by the banks' capital and liquidity; See previous edition.

exercises control over banks' compliance with the requirements of the legislation on banks and banking activity in terms of risk management and corporate governance. (Part two, fourth paragraph of Article 45 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375) See previous edition.

Banks are required to provide the Central Bank with the information necessary to assess their compliance with the prudential requirements of the legislation on banks and banking activity. (Part three of Article 45 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

The internal management mechanisms of banks, the maintenance of accounting and reporting, as well as administrative procedures, must allow for the verification of banks' compliance with prudential requirements.

Banks are required to register transactions and operations in accordance with the rules established by the Central Bank for the purpose of checking compliance with prudential requirements by the Central Bank.

The Central Bank cooperates with banks to obtain information about their activities, organization, and internal processes for the purpose of assessing the adequacy of banks' capital based on their risk profile.

In necessary cases, the Central Bank has the right to involve external experts to perform supervisory functions.

See: Regulation on the procedure for conducting inspections (audits) in banks and their branches by the Central Bank of the Republic of Uzbekistan (registration number 2217, 14.04.2011).

Article 46. Inspection and Assessment Process

See previous edition.

[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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The Central Bank checks the compliance of systems, strategies, procedures, and mechanisms used by banks with the requirements of the legislation on banks and banking activity, and also assesses the existing and potential risks of banks, including risks threatening the banking (financial) system posed by individual banks.

In the inspections and assessments indicated in the first part of this Article, the necessity of compliance with the requirements of the legislation on banks and banking activity by banks is taken into account. (Parts one and two of Article 46 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

Based on the results of the inspections and assessments indicated in the first part of this Article, the Central Bank determines the specialization, scale, and complexity of banking activity, as well as the degree to which sound management and risks are covered by the bank's regulatory compliance mechanisms, capital, and liquidity.

The frequency and level of conducting the inspections and assessments indicated in the first part of this Article are determined independently by the Central Bank without coordination or notification to state bodies and other organizations, based on the principle of proportionality, as well as the significance of banking activity in the system, its specialization, scale, and complexity.

Article 47. Prudential Supervision Program

[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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The Central Bank approves an annual prudential supervision program for banks' activities, which includes: See previous edition.

banks for which stress test results indicate significant risks in financial stability or for which it is assumed that banking activity does not comply with the requirements of the legislation on banks and banking activity; (Part one, second paragraph of Article 47 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

banks of systemic importance;

banks that, in the opinion of the Central Bank, require additional supervision.

The Prudential Supervision Program:

establishes the procedure for the Central Bank to perform supervisory functions and allocate resources;

establishes the procedure for identifying banks that require additional supervision and the measures necessary to implement this in accordance with the third part of this Article;

includes the inspection plan for banks.

Taking into account the results of the assessment of the bank's risks, the Central Bank may take relevant measures including:

increasing the frequency of inspections at the bank;

requiring the submission of additional reports by the bank;

conducting additional inspections of the implementation of the bank's business plan;

conducting thematic inspections on specific risks.

Article 48. Consolidated Supervision

[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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The Central Bank must exercise consolidated supervision over banks in the following cases:

when a banking group is established;

when the Central Bank designates the bank as a parent bank or, based on justified reasons, as a member of a banking group.

A bank may be a participant of only one banking group. See previous edition.

For the purpose of establishing effective cooperation, organizing information exchange, and establishing effective supervision on a consolidated basis, the Central Bank has the right to conclude written agreements on cooperation and coordination with banking supervisory authorities of other countries (if any), observing the procedures for using secrets protected by the laws of these countries, personal data, and confidential information. (Part three of Article 48 in the edition of the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 — , 21.09.2024, 03/24/964/0736 — enters into force on December 22, 2024)

Specific features of exercising consolidated supervision over banks are determined by the Central Bank.

Article 49. Bank's Financial Recovery Plan

[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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

If the bank's financial condition deteriorates, the bank must develop and submit for review and assessment a bank's financial recovery plan (hereinafter referred to as the recovery plan) containing measures to restore its financial condition, upon the Central Bank's request.

The bank must update the recovery plan annually or after changes in the bank's organizational structure, its activities, or financial condition that may affect the recovery plan.

The bank's recovery plan must reflect the impact of macroeconomic and financial crisis manifestations on the bank's activities, including systemic events and risks for this specific bank.

The bank's recovery plan must include a list of measures and indicators that determine the situation in which relevant decisions must be taken.

The Central Bank reviews the recovery plan and assesses its compliance with the following criteria within three months from the date of submission by the bank:

the ability of the bank to maintain and/or restore its financial position if the measures indicated in the recovery plan are implemented;

the possibility of timely and effective implementation of the measures indicated in the recovery plan in the event of a financial crisis, as well as the reduction of negative impacts on the bank and the financial system.

If the recovery plan does not comply with the criteria indicated in the fifth part of this Article, the Central Bank has the right to demand from the bank:

a revision of the recovery plan;

the introduction of changes and additions to the recovery plan established by the Central Bank;

identification by the bank of changes to be introduced into its activities necessary to eliminate deficiencies in the recovery plan or obstacles to its implementation;

a reduction in the area of risks;

timely measures to recapitalize the bank;

a revision of the bank's development strategy;

a change in the organizational structure of the bank's management. See previous edition. (Part seven of Article 49 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

The measures indicated in the fifth through eighth paragraphs of the sixth part of this Article are applied if the measures indicated in the second through fourth paragraphs of the sixth part of this Article do not ensure the compliance of the recovery plan with the requirements of the legislation on banks and banking activity.

The parent bank of a banking group must develop a banking group recovery plan containing measures to be taken for the restoration of the banking group after the deterioration of its financial condition at the group level. See previous edition. (Part nine of Article 49 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

The banking group recovery plan must comply with the requirements of the legislation on banks and banking activity.

The requirements for the content and update of the bank's recovery plan, the procedure for its submission and assessment are determined by the Central Bank.

Article 50. Supervisory Powers

[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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

For the purpose of performing supervisory functions, the Central Bank has the right:

[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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

to receive and check reports obtained from banks, persons related to them, and persons under its supervision, as well as persons performing services and operations outsourced by the bank, and other documents, and to demand explanations on information;

to check the activities of banks, persons performing services and operations outsourced by the bank, as well as other persons subject to consolidated supervision;

to use the information systems and databases of banks.

Article 51. Supervisory Measures

[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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The Central Bank has the right to demand that banks or banking groups take immediate necessary measures in the following cases: See previous edition.

if the activities of the bank or banking group do not comply with the requirements of the legislation on banks and banking activity;

if there is information based on the Central Bank's considerations regarding the probability of violation of the requirements of the legislation on banks and banking activity by the bank or banking group in the next twelve months; (Part one, second and third paragraphs of Article 51 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375) See previous edition.

if risks affecting the activities of the bank or banking group and/or information security and cybersecurity are identified by the Central Bank. (Part one, fourth paragraph of Article 51 in the edition of the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 — , 21.09.2024, 03/24/964/0736 — enters into force on December 22, 2024)

In the cases indicated in the first part of this Article, the Central Bank has the right to demand from the bank or banking group:

ensuring and maintaining the amount of prudential capital requirements established by the Central Bank at a level higher than the established requirements;

improving corporate governance, risk management, internal control, and the bank's financial recovery plan; See previous edition.

submitting a plan of measures to ensure the compliance of the activities of the bank or banking group with the requirements of the legislation on banks and banking activity; (Part two, fourth paragraph of Article 51 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

implementation by the bank of measures to financially strengthen the bank, including changing the structure of its assets and reducing expenses, reorganizing the bank, or closing the bank's branch or other divisions;

applying individual provisioning requirements or asset management methods taking into account capital requirements;

compliance by the bank with established restrictions and/or prohibitions on carrying out certain financial operations and expanding their infrastructure that cause a significant deterioration in the stability of the bank or banking group;

reduction of risks inherent in the bank's activities, services, financial operations, and internal system;

the allocation of net profit to increase the bank's charter capital;

the implementation of restrictions and/or prohibitions on the payment of dividends to shareholders or holders of additional capital instruments and interest on subordinated loans;

the implementation of restrictions and/or prohibitions on the payment of bonuses to bank employees in the form of a percentage of net profit, if as a result of such payments the bank would not comply with capital requirements or there is a probability of non-compliance;

the implementation of restrictions on the amount of interest rates established in bank deposit contracts for bank deposits concluded (or extended) during the period of restriction;

the submission of additional reports; See previous edition.

the execution of instructions sent to eliminate identified deficiencies in ensuring information security and cybersecurity; (Part two of Article 51 supplemented by the fourteenth paragraph based on the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 — , 21.09.2024, 03/24/964/0736 — enters into force on December 22, 2024)

the implementation of obligations to maintain the minimum amount of liquid assets necessary for the continuity of payments, appropriate structure of financial sources, and maturity matching of assets and liabilities to prevent liquidity problems of the bank;

the convening by the bank's supervisory board of an extraordinary general meeting of shareholders to consider issues established by the Central Bank, including the issue of increasing the bank's capital to a level that ensures the bank's financial stability;

the early termination of the powers of one or more members of the bank's supervisory board, dismissal or replacement of one or more members of its management, as well as employees of significant importance;

the development by the bank's management of a plan of measures for the restructuring of debts of several or all creditors;

the disclosure of additional information;

to demand the implementation of other instructions of the Central Bank.

If the requirement indicated in the fifteenth paragraph of the second part of this Article is not fulfilled by the bank's supervisory board, the Central Bank has the right to convene an extraordinary general meeting of shareholders and set the agenda.

Article 52. Temporary Administrator

[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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

If the supervisory measures taken by the Central Bank to replace one or several members of the supervisory board or management are considered insufficient, the Central Bank has the right:

to work temporarily with members of the supervisory board and management;

to temporarily replace members of the supervisory board and management;

to appoint one or several temporary administrators to the bank.

The temporary administrator must comply with the requirements of Article 36 of this Law.

A shareholder, borrower, creditor, or person related to the bank of the bank cannot be appointed as a temporary administrator of the bank.

The Central Bank has absolute rights to appoint and dismiss the temporary administrator from office, and to establish their powers in accordance with the bank's charter and this Law.

In cases established by the Central Bank, the actions of the temporary administrator must be coordinated with the Central Bank in advance. Actions carried out without prior coordination are considered invalid.

The temporary administrator submits reports to the Central Bank on the bank's financial condition and measures taken within the scope of their powers within the deadlines established by the Central Bank, as well as a final report on the work performed.

The Central Bank has the right to impose on the temporary administrator the obligation to take measures in accordance with this Law, including demanding the convening of an extraordinary general meeting of the bank's shareholders and capital increase.

The temporary administrator is appointed for a term of up to twelve months. This term may be extended by the Central Bank in special cases.

The procedure for exercising temporary administration in the bank is determined by the Central Bank. See previous edition.

Chapter 7. Measures and Sanctions Applied by the Central Bank for Violation of Legislation on Banks and Banking Activity (The title of Chapter 7 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021, 03/21/683/0375)

Article 53. Application of Measures and Sanctions

See previous edition.

The Central Bank has the right to apply measures and sanctions to the bank, its supervisory board and management, members of the bank's Islamic finance council, as well as employees of significant importance of the bank, who are responsible for the violations indicated in Articles 54, 55, and 56 of this Law. (Part one of Article 53 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

Violations are divided into gross, serious, and minor violations.

The procedure for applying measures and sanctions is determined by the Central Bank.

When applying measures and sanctions, the Central Bank takes into account:

the level of risk, the nature, scale, and consequences of the violations;

the systematicity and duration of the violations;

the impact of the committed violations on the financial condition;

the possibility of changing the situation as a result of the applied measures and/or sanctions;

the causes leading to the emergence of identified violations and/or risks;

the effectiveness (result) of previously applied measures and sanctions; See previous edition. the independent measures taken by the bank, direct and indirect shareholders, including the ultimate beneficial owner, members of the supervisory board and management, members of the bank's Islamic finance council, and employees of significant importance of the bank to eliminate the violations. (Eighth paragraph of part four of Article 53 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026, 03/26/1126/0279. Entry into force date — June 29, 2026)

Article 54. Gross Violations

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Organization, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Bank and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Gross violations include:

obtaining documents with licensing and permitting characteristics using forged documents;

implementation of actions requiring prior permission from the Central Bank without obtaining the necessary permitting documents;

failure to execute the Central Bank's instructions on eliminating gross violations in the activities of the bank or banking group within the established timeframe;

non-compliance with the requirements indicated in Article 39 of this Law in the distribution of profit;

non-compliance of the amount of the bank's charter capital with the established requirement relative to the minimum amount of the bank's charter capital; See previous edition.

a decrease in the coefficients of capital adequacy of the bank or banking group and/or the amount of charter capital by fifty percent or more from the minimum amount established by legislation; (Part one, seventh paragraph of Article 54 in the edition of the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — , 24.06.2025, 03/25/1070/0536. Entry into force date — September 25, 2025)

banking assets insufficient reserves against probable losses;

financial operations not envisaged by the license were carried out;

activities prohibited or restricted by this Law were carried out;

transactions were concluded with persons related to the bank on significantly favorable terms;

it was conducted with violations leading to distortion of accounting reporting data and preventing the reflection of the true financial position of the bank or banking group;

financial reports and other financial information necessary for the audit organization to conduct the bank's audit were not submitted;

obstruction was created in the performance of control functions by the Central Bank;

the rights and legitimate interests of consumers of banking services were violated;

failure to submit information to the Central Bank, late submission, or submission of distorted or incomplete information preventing the assessment of the bank's or banking group's solvency or liquidity;

non-disclosure of information on the ultimate beneficial owners;

the presence of deficiencies in the organizational structure of management, internal control, and risk management system that pose a threat to the bank's solvency or lead to losses;

non-compliance by systemically important banks with the requirements of the Central Bank regarding the capital buffer;

non-compliance with restrictions and (or) prohibitions on carrying out certain financial operations or opening branches by the bank; See previous edition.

non-compliance by the bank with the requirements of Islamic finance standards in the implementation of Islamic banking activities; (Paragraph 21 of Article 54 was added based on Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

failure to submit a plan for restoring the bank's financial position by the bank; See previous edition.

non-compliance of the members of the bank's supervisory board and management, the bank's Islamic finance council, as well as its key employees with the requirements of Article 36 of this Law; (Paragraph 23 of Article 54 in the edition of Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

violation of the legislation on bank secrecy, legislation on combating the legalization of proceeds from criminal activity, financing of terrorism and financing of the proliferation of weapons of mass destruction, as well as violation of legislative requirements leading to the emergence of cyber threats or cyber security incidents in the bank's information systems; (Paragraph 23 of Part One of Article 54 in the edition of Law No. O'RQ-964 of the Republic of Uzbekistan dated September 20, 2024 — , 21.09.2024, No. 03/24/964/0736 — enters into force from December 22, 2024)

the same violation committed again within five years after a fine was applied by the Central Bank for a serious violation.

Article 55. Serious Violations [ OKON: 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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The following are included in the list of serious violations:

non-compliance with prudential norms, with the exception of requirements regarding the minimum amount of the bank's charter capital; See previous edition. (Deletion date of paragraph 3 of Article 55 based on Law No. O'RQ-1070 of the Republic of Uzbekistan dated June 23, 2025 — , 24.06.2025, No. 03/25/1070/0536)

failure by banks to make payments on time;

restructuring of loans to borrowers whose financial position is unstable; See previous edition.

failure by the bank's supervisory board or management members, as well as members of the bank's Islamic finance council, to comply with the Central Bank's requirement to notify the bank's shareholders' general meeting about identified violations; (Paragraph 5 of Article 55 in the edition of Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

failure by the bank's supervisory board or management members or key employees, as well as members of the bank's Islamic finance council, to comply with corporate governance and remuneration policies; (Paragraph 6 of Article 55 in the edition of Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

violation of accounting rules and reporting preparation; See previous edition.

carrying out or terminating activities (actions) to be carried out in a notification procedure without notifying the Central Bank in the prescribed manner; (Paragraph 9 of Part One of Article 55 was added based on Law No. O'RQ-721 of the Republic of Uzbekistan dated October 12, 2021 — , 12.10.2021, No. 03/21/721/0952) See previous edition.

violation of legislative requirements regarding guarantees for protecting deposits in banks; (Paragraph 10 of Article 55 was added based on Law No. O'RQ-1031 of the Republic of Uzbekistan dated February 18, 2025 — , 19.02.2025, No. 03/25/1031/0160)

the same violation committed again within three years after a fine was applied by the Central Bank for a minor violation.

Article 56. Minor Violations See previous edition.

[ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

The list of minor violations includes inconsistencies that do not meet the requirements of banking and banking activity legislation and are not considered gross or serious violations in accordance with Articles 54 and 55 of this Law. (Text of Article 56 in the edition of Law No. O'RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Article 57. Measures and Sanctions for Gross Violations [ OKON: 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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

For committing gross violations, the Central Bank has the right: See previous edition.

to collect a fine from the bank in an amount not exceeding twice the amount of income obtained from financial operations carried out in violation of banking and banking activity legislation, if it is possible to determine the amount of such income, or 5% of the net profit obtained by the bank during the previous financial year, or 1% of the bank's total capital; (Paragraph 2 of Part One of Article 57 in the edition of Law No. O'RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

to apply the measures indicated in Part Two of Article 51 of this Law to the bank individually or cumulatively;

to withdraw the license; See previous edition.

to collect a fine from a member of the bank's supervisory board, management, member of the bank's Islamic finance council, or key employee in an amount not exceeding 100% of the bonus received in the year preceding the month in which the fine is applied; (Paragraph 5 of Article 57 in the edition of Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

to publish information about violations, measures and sanctions applied to violators in the mass media.

Article 58. Measures and Sanctions for Serious Violations [ OKON: 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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

For committing serious violations, the Central Bank has the right: See previous edition.

to collect a fine from the bank in an amount not exceeding one and a half times the amount of income obtained from financial operations carried out in violation of banking and banking activity legislation, if it is possible to determine the amount of such income, or 2% of the net profit obtained by the bank during the previous financial year, or 0.5% of the bank's total capital; (Paragraph 2 of Part One of Article 58 in the edition of Law No. O'RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

to apply the measures indicated in Part Two of Article 51 of this Law to the bank individually or cumulatively; See previous edition.

to collect a fine from a member of the bank's supervisory board, management, key employee, or member of the bank's Islamic finance council in an amount not exceeding 75% of the bonus received in the year preceding the month in which the fine is applied; (Paragraph 4 of Part One of Article 58 in the edition of Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

to publish information about violations, measures and sanctions applied to violators in the mass media.

In cases where payments by banks are not made on time, the Central Bank has the right to impose a fine equal to the amount not paid due to the bank's fault.

Article 59. Measures and Sanctions for Minor Violations [ OKON: 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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

For committing minor violations, the Central Bank has the right: See previous edition.

to collect a fine from the bank in an amount not exceeding the amount of income from financial operations carried out in violation of banking and banking activity legislation, if it is possible to determine the amount of such income, or 1% of the net profit obtained by the bank during the previous financial year, or 0.1% of the bank's total capital; (Paragraph 2 of Part One of Article 59 in the edition of Law No. O'RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

to apply the measures indicated in Part Two of Article 51 of this Law to the bank individually or cumulatively; See previous edition.

to collect a fine from a member of the bank's supervisory board, management, key employee, or member of the bank's Islamic finance council in an amount not exceeding 50% of the bonus received in the year preceding the month in which the fine is applied; (Paragraph 4 of Article 59 in the edition of Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

to send a written warning to the violator about the application of measures and sanctions.

Chapter 8. Interbank Operations and Customer Service

Article 60. Interbank Operations [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks may attract and place funds with each other in the form of deposits and loans on a contractual basis, carry out settlements through clearing centers and representative accounts, and perform other financial operations envisaged by the license.

The Central Bank has the right to establish additional limits for interbank operations for banks under a rehabilitation regime.

See: "Regulation on the Procedure for Carrying Out Electronic Payments through the Interbank Payment System of the Central Bank" approved by Resolution No. 1/3 of the Board of the Central Bank dated January 17, 2006.

Article 61. Relations between Banks and Their Customers [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Relations between banks and their customers are carried out on the basis of contracts.

Customers have the right to open bank accounts in national and foreign currencies in one or several banks of their choice.

The procedure for opening, maintaining, and closing bank accounts, as well as settlements in national and foreign currencies between banks and their customers, is established by the Central Bank.

See previous edition.

Article 62. Interest Rates on Loans and Deposits, Amount of Brokerage Fees for the Bank's Financial Operations and Other Income (The title of Article 62 in the edition of Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

Interest rates on loans and deposits, the amount of brokerage fees for the bank's financial operations, as well as the amount of premiums and (or) shares of profit from Islamic finance operations are determined independently by the bank. (Part One of Article 62 in the edition of Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

The bank does not have the right to unilaterally change the terms of contracts concluded with customers, including interest rates on loans and the procedure for setting them, interest rates on deposits, the amount of brokerage fees, the amount of premiums and (or) shares of profit from Islamic finance operations, as well as the validity periods of these contracts. (Part Two of Article 62 in the edition of Law No. O'RQ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Entry into force date — June 29, 2026)

Article 63. Securing the Repayment of Loans [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks provide loans on the basis of pledge, guarantees, suretyship, and other methods of securing the performance of obligations envisaged by law. See previous edition.

In case of violation of contractual obligations by the borrower, banks have the right to demand early repayment of provided loans and accrued interest in the manner provided for in the contract, as well to direct recovery to the pledged property in the manner established by legislation. (Part Two of Article 63 in the edition of Law No. O'RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) See previous edition.

Shares and participatory interests in the charter fund (charter capital) of legal entities that are not indicated in Part Four of Article 7 of this Law and do not comply with its requirements cannot be accepted by banks as collateral. (Part Three of Article 63 in the edition of Law No. O'RQ-1026 of the Republic of Uzbekistan dated February 11, 2025 — , 12.02.2025, No. 03/25/1026/0131)

Banks may decide to provide unsecured loans (credit based on trust).

It is prohibited to provide loans to banks in exchange for pledging their own shares.

The norms established in this article are also applied to financial operations of banks related to providing guarantees.

Article 64. Declaration of the Debtor as Insolvent See previous edition.

The bank has the right to apply to the economic court with a petition to initiate proceedings on the insolvency of a debtor who is not fulfilling its obligations to repay the debt. (Text of Article 64 in the edition of Law No. O'RQ-911 of the Republic of Uzbekistan dated February 21, 2024 — , 22.02.2024, No. 03/24/911/0142)

Chapter 9. Protection of the Rights and Legitimate Interests of Banking Service Consumers

Article 65. Provision of Banking Services [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Consumers of banking services are free to choose the bank and banking services. Banks must provide the opportunity for the consumer to familiarize themselves with the terms of providing banking services upon the consumer's request.

The bank must not force the person to use other banking services or products of the bank or another third party as a condition for using the bank's service or product.

Article 66. Disclosure of Information on Banking Services [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Information on the general terms of providing banking services, brokerage fees, tariffs, and interest rates for banking services is open information and is published on the bank's official website. This information cannot be the subject of commercial or bank secrecy.

Full disclosure of information about them to the consumer must be ensured before the banking service contract is concluded. Refusal to provide the customer with information about the terms and cost of the banking services provided is not allowed.

Banks must provide customers with information on the terms under which loans are provided, including information on the full cost of the loan (debt).

By the full cost of the loan (debt) is meant a reliable, annually and effectively calculated interest rate taking into account the borrower's payments associated with obtaining the loan (debt) at the time of calculation. The calculation of the full cost of the loan (debt) includes the borrower's payments, including payments in favor of third parties, if the borrower's obligation for such payments arises from the contract terms and (or) if the loan (debt) provision is conditioned on making such payments.

Changes in the general terms of providing banking services must be published on the bank's official website at least ten days before they enter into force, and information about changes in interest rates and exchange rates of currencies is published on the day they change.

Article 67. Rights of Depositors [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.05.00 Bank Deposits and Other Deposit Operations]

Citizens of the Republic of Uzbekistan, foreign citizens, and stateless persons may be bank depositors.

Depositors are free to choose a bank to place their funds in deposits and may have deposits in one or several banks.

Article 68. Consideration of Appeals [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks must have a procedure that includes the procedure for considering customers' appeals. Customers' appeals must be considered and answered in writing or electronically within fifteen days from the date of receipt by the bank, or up to one month if additional study and (or) verification, or request for additional documents is required.

Documents related to the results of considering customers' appeals must be stored for at least three years.

Article 69. Anti-Monopoly Rules [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues]

Banks are prohibited from using their associations and other unions to achieve agreements aimed at monopolizing the financial operations market and restricting competition in the banking sector. See previous edition.

Compliance of banks with anti-monopoly rules is controlled by the Central Bank, as well as by the anti-monopoly authority in accordance with legislation. (Part Two of Article 69 in the edition of Law No. O'RQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Chapter 10. Accounting, Reporting, and Audit in Banks

Article 70. Accounting in Banks [ OKON: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General Issues; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.17.00 Accounting and Reporting in Banks]

Banks organize and maintain accounting in accordance with the internal accounting policy developed based on the rules established by the Central Bank.

Banks may apply international standards for financial reporting.

Accounting in banks:

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reliability of management, financial, tax, and supervisory reports, as well as other reports, ensuring that they reflect the true financial condition and results of the bank's activities; safety of managing bank assets and emerging risks; should ensure the ability of bank shareholders and the supervisory board to control the bank's financial condition and the work of its officials.

Article 71. Bank Reports [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 divisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General issues; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.17.00 Accounting and Reporting in Banks]

Banks submit financial and supervisory reports to the Central Bank.

Banks prepare and submit reports on their activities to the Central Bank in the forms, procedures, and terms established by the Central Bank.

Banks submit consolidated, periodic, and one-time reports at the request of the Central Bank.

Banks are responsible for the integrity and reliability of reports and other information submitted to the Central Bank. See previous edition.

Banks also submit other types of reports in accordance with legislation. (The fifth part of Article 71 was amended by Law No. ЎРҚ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Instruction on the procedure for maintaining accounting and organizing accounting work in banks of the Republic of Uzbekistan (registration number 1834, 11.07.2008).

Article 72. Publication of Financial Reports by Banks [OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activities. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General issues]

Banks publish financial reports, and the main bank of a banking group publishes consolidated financial reports, in the form determined by the Central Bank after an audit organization confirms the accuracy of the information contained therein.

Banks must disclose information on their own funds, compliance with capital requirements, liquidity, risk values, and other important indicators (norms).

Article 73. Storage of Documents on Banking Operations [OKOZ: 1. 01.00.00.00 Constitutional System / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00); 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General issues]

Banks must store documents in their departmental archive in the manner and within the terms established by the Cabinet of Ministers of the Republic of Uzbekistan.

Article 74. Audit of Banks and Banking Groups See previous edition.

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General issues; 2. 09.00.00.00 Entrepreneurial and Economic Activity / 09.04.00.00 Audit Activity / 09.04.01.00 General provisions]

The purpose of the audit of a bank and a banking group is for an audit organization to determine the accuracy of the financial information and other financial data of the bank and banking group, and their compliance with accounting legislation and international financial reporting standards. (The first part of Article 74 was amended by Law No. ЎРҚ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Annual financial reports of banks and annual consolidated financial reports of banking groups are subject to mandatory audit. The audit of a bank and a banking group may be conducted at the request of the Central Bank, both for the activities of the bank or banking group as a whole, and for individual areas of their activities.

The audit opinion on the annual financial report of the bank and the annual consolidated financial report of the banking group, in addition to what is provided for by law, must include the results of checking: compliance with prudential norms by the bank and banking group as of the reporting date; compliance of the organization of internal control and risk management systems of the bank and banking group with the requirements set by the Central Bank. See previous edition.

Audit organizations confirm (or do not confirm) the reliability of financial reports and the compliance of accounting procedures with the requirements established by legislation based on the results of checking the activities of the bank and banking group, and also issue an audit opinion attached to the annual financial report of the bank and the consolidated annual financial report of the banking group. (The fourth part of Article 74 was amended by Law No. ЎРҚ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

The annual financial report of the bank, as well as the consolidated annual financial report of the banking group, without an audit opinion, are not accepted and not published by the Central Bank.

See previous edition.

Banks holding a license to conduct Islamic banking activities must undergo an external audit of Islamic finance at least once a year to ensure compliance of their Islamic banking activities with Islamic finance standards. (Article 74 was supplemented with a sixth part by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026)

Article 75. Requirements for Audit Organizations Conducting Audits of Banks and Banking Groups See previous edition.

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Banking and Credit Activities. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.01.00 General issues]

The audit of the financial report of a bank and the consolidated financial report of a banking group is conducted by an audit organization that has at least two auditors (including the head of the audit organization) with a qualification certificate granting the right to conduct audits in banks issued by the Central Bank. (The first part of Article 75 was amended by Law No. ЎРҚ-721 of the Republic of Uzbekistan dated October 12, 2021 — , 12.10.2021, No. 03/21/721/0952)

The audit organization must not be an affiliated person of the bank and must not have monetary obligations to it.

Contracts concluded between the bank (the main bank of the banking group) and the audit organization must not contain clauses restricting the submission of the audit report to the Central Bank.

The audit organization must immediately notify the Central Bank of circumstances that: See previous edition.

lead to gross violations of legislation on banks and banking activities; (The second paragraph of the fourth part of Article 75 was amended by Law No. ЎРҚ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

may negatively affect the bank's activities; See previous edition.

may lead to the audit organization refusing to express an opinion or expressing an opinion with additional conditions regarding the reliability of financial reports and the compliance of accounting procedures with the requirements established by legislation. (The fourth paragraph of the fourth part of Article 75 was amended by Law No. ЎРҚ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

At the request of the Central Bank, the audit organization must provide additional explanations related to the audit report. See previous edition.

The specifics of conducting audits in banks, the procedure for issuing an auditor's qualification certificate are determined by the Central Bank. (The sixth part of Article 75 was amended by Law No. ЎРҚ-721 of the Republic of Uzbekistan dated October 12, 2021 — , 12.10.2021, No. 03/21/721/0952) See previous edition.

Chapter 10^1. Transformation of Credit Organizations' Activities

Article 75^1. Specifics of Transformation of Credit Organizations' Activities

The following credit organizations may transform their activities: microfinance organization — into a microfinance bank; microfinance bank — into a bank; bank — into a microfinance bank; microfinance bank — into a microfinance organization; See previous edition. microfinance organization — into a microfinance bank exclusively engaged in Islamic banking activities; microfinance bank exclusively engaged in Islamic banking activities — into a bank exclusively engaged in Islamic banking activities; bank exclusively engaged in Islamic banking activities — into a microfinance bank exclusively engaged in Islamic banking activities; microfinance bank exclusively engaged in Islamic banking activities — into a microfinance organization; bank — into a bank exclusively engaged in Islamic banking activities. (The first part of Article 75^1 was supplemented with sixth to tenth paragraphs by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026)

The specifics of the transformation of credit organizations' activities provided for in the first part of this Article are determined by the Central Bank.

See previous edition.

Article 75^2. Transformation of a Microfinance Organization's Activity into a Microfinance Bank's Activity or into a Microfinance Bank Exclusively Engaged in Islamic Banking Activities (The title of Article 75^2 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) See previous edition.

The establishment of a microfinance bank by transforming the activity of a microfinance organization into a microfinance bank's activity or into a microfinance bank exclusively engaged in Islamic banking activities is carried out in accordance with the conditions for licensing banking activities established by legislation on banks and banking activities. (The first part of Article 75^2 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) See previous edition.

A microfinance organization must have the organizational and legal form of a joint-stock company to transform its activity into a microfinance bank's activity or into a microfinance bank exclusively engaged in Islamic banking activities. (The second part of Article 75^2 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) See previous edition.

For a microfinance organization to transform its activity into a microfinance bank exclusively engaged in Islamic banking activities, it is required to dispose of assets and liabilities in its activities that are not compliant with Islamic finance standards. (Article 75^2 was supplemented with a third part by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026)

To obtain initial permission for the establishment of a microfinance bank, the applicant submits an application to the Central Bank within ten working days from the date of the decision to establish a microfinance bank, attaching the following: See previous edition. the decision of the shareholder (shareholders) to establish a microfinance bank by transforming the activity of a microfinance organization into a microfinance bank's activity or into a microfinance bank exclusively engaged in Islamic banking activities; (The second paragraph of the fourth part of Article 75^2 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) documents provided for in the third, fifth to fourteenth paragraphs of the first part of Article 16 of this Law; See previous edition. if the application is submitted for the transformation of a microfinance organization's activity into a microfinance bank exclusively engaged in Islamic banking activities, additionally, the documents provided for in the second part of Article 16 of this Law; (The fourth paragraph of the fourth part of Article 75^2 was supplemented by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) documents provided for in the first part of Article 17 of this Law, if a foreign bank participates in the authorized capital of the microfinance bank. See previous edition.

To register a microfinance bank with the state and obtain a license, the applicant submits to the Central Bank, no later than six months after obtaining initial permission to establish a microfinance bank, the documents provided for in the second to seventh paragraphs of the first part of Article 20 of this Law, as well as electronic copies of the documents provided for in the third part of this Article and the second to seventh paragraphs of the first part of Article 20 of this Law. (The fifth part of Article 75^2 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) See previous edition.

If the Central Bank decides to register a microfinance bank with the state and issue a license, within five working days from the date of this decision, the Central Bank submits a request to the Public Services Center to remove the microfinance organization from the Unified State Register of Business Entities due to the transformation of the microfinance organization's activity into a microfinance bank's activity or into a microfinance bank exclusively engaged in Islamic banking activities, attaching this decision. (The sixth part of Article 75^2 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026)

The Public Services Center removes the entry about the microfinance organization from the Unified State Register of Business Entities within two working days from the date of receipt of the decision on state registration of the microfinance bank and issuance of a license, and notifies the Central Bank thereof no later than the next working day.

Within three working days from the date the Public Services Center removes the entry about the microfinance organization from the Unified State Register of Business Entities, the Central Bank: removes information about the microfinance organization from the register of organizations engaged in microfinance activities; carries out the state registration of the microfinance bank; See previous edition. introduces changes related to the transformation of the microfinance organization's activity into a microfinance bank's activity or into a microfinance bank exclusively engaged in Islamic banking activities into the Unified State Register of Enterprises and Organizations; (The fourth paragraph of the eighth part of Article 75^2 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) issues a license to the applicant.

A state fee in the amount established by law is charged for the issuance of a license. See previous edition.

A microfinance bank established by transforming the activity of a microfinance organization, whose share of loans in the credit portfolio for entrepreneurial activities and activities aimed at generating income for self-employed persons and (or) the share of specified Islamic finance operations in the financing portfolio is less than seventy percent, must increase the share of these loans and (or) Islamic finance operations to seventy percent within two years from the date of transformation of its activity. (The tenth part of Article 75^2 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026)

See previous edition.

Article 75^3. Transformation of a Microfinance Bank's Activity into a Bank's Activity or a Microfinance Bank Exclusively Engaged in Islamic Banking Activities into a Bank Exclusively Engaged in Islamic Banking Activities"; (The title of Article 75^3 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026)

See previous edition.

The transformation of a microfinance bank's activity into a bank's activity or a microfinance bank exclusively engaged in Islamic banking activities into a bank exclusively engaged in Islamic banking activities is carried out by: (The first paragraph of the first part of Article 75^3 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) See previous edition. obtaining initial permission from the Central Bank for the transformation of a microfinance bank's activity into a bank's activity or a microfinance bank exclusively engaged in Islamic banking activities into a bank exclusively engaged in Islamic banking activities; (The second paragraph of the first part of Article 75^3 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) re-registration of the issued license.

See previous edition.

To obtain initial permission for the transformation of a microfinance bank's activity into a bank's activity or a microfinance bank exclusively engaged in Islamic banking activities into a bank exclusively engaged in Islamic banking activities, the applicant submits an application to the Central Bank within ten working days from the date of the decision on transformation by the shareholder (shareholders), attaching the following: (The first paragraph of the second part of Article 75^3 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) See previous edition. the decision of the shareholder (shareholders) to transform the microfinance bank's activity into a bank's activity or a microfinance bank exclusively engaged in Islamic banking activities into a bank exclusively engaged in Islamic banking activities; (The second paragraph of the second part of Article 75^3 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) draft charter of the bank; documents provided for in the fifth to fourteenth paragraphs of the first part of Article 16 of this Law; See previous edition. if the application is submitted for the transformation of a microfinance bank exclusively engaged in Islamic banking activities into a bank exclusively engaged in Islamic banking activities, additionally, the documents provided for in the second part of Article 16 of this Law; (The fifth paragraph of the second part of Article 75^3 was supplemented by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) documents provided for in the first part of Article 17 of this Law, if a foreign bank participates in the authorized capital of the bank.

See previous edition.

To re-register the license, the applicant submits an application to the Central Bank no later than six months after obtaining initial permission for the transformation of a microfinance bank's activity into a bank's activity or a microfinance bank exclusively engaged in Islamic banking activities into a bank exclusively engaged in Islamic banking activities, attaching the following: (The first paragraph of the third part of Article 75^3 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) documents provided for in the third and fourth paragraphs of the first part of Article 20 of this Law; two copies of the bank's charter; conclusion of the Central Bank's territorial head office at the bank's location regarding the compliance of the bank's premises, their security, equipment, technical means for organizing work, and software with the Central Bank's requirements, if the bank's location has changed or its premises have been reconstructed; electronic copies of the documents provided for in the second and third parts of this Article. See previous edition.

The review of the application and notification of the applicant about the decision taken are carried out in the manner established for reviewing documents submitted for obtaining initial permission to establish a bank, state registration of a bank, and issuance of a license. In this case, non-compliance with prudential norms by the microfinance bank during the last six months, except for cases provided for in Articles 19 and 21 of this Law, serves as a basis for refusing to grant initial permission for the transformation of a microfinance bank's activity into a bank's activity or a microfinance bank exclusively engaged in Islamic banking activities into a bank exclusively engaged in Islamic banking activities, or for refusing to re-register the issued license. (The fourth part of Article 75^3 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026) See previous edition.

If the Central Bank decides to re-register the license, the Central Bank enters the relevant entry in the State Register of Banks regarding the transformation of the microfinance bank's activity into a bank's activity or a microfinance bank exclusively engaged in Islamic banking activities into a bank exclusively engaged in Islamic banking activities, and also re-registers the issued license. (The fifth part of Article 75^3 was amended by Law No. ЎРҚ-1126 of the Republic of Uzbekistan dated March 27, 2026 — , 28.03.2026, No. 03/26/1126/0279. Effective date — June 29, 2026)

See previous edition.

75-4. Changing bank activity to microfinance bank activity or the activity of a bank conducting only Islamic banking activity to the activity of a microfinance bank conducting only Islamic banking activity (The name of Article 75-4 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

Changing bank activity to microfinance bank activity or the activity of a bank conducting only Islamic banking activity to the activity of a microfinance bank conducting only Islamic banking activity is carried out by reissuing the license granted to the bank. (The first part of Article 75-4 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

The applicant submits an application to the Central Bank within ten working days from the date of adoption of the decision by the shareholder(s) to change the bank's activity to microfinance bank activity or the activity of a bank conducting only Islamic banking activity to the activity of a microfinance bank conducting only Islamic banking activity, attaching the following: (The first subparagraph of the second part of Article 75-4 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

• the decision of the shareholder(s) on changing the bank's activity to microfinance bank activity or the activity of a bank conducting only Islamic banking activity to the activity of a microfinance bank conducting only Islamic banking activity; (The second subparagraph of the second part of Article 75-4 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026)

• two copies of the charter of the microfinance bank;

• the register of shareholders; See previous edition.

• information necessary to assess their compliance with the requirements provided for in Article 36 of this Law regarding members of the supervisory board and management of the microfinance bank, members of the Islamic finance council of the bank — for a microfinance bank conducting Islamic banking activity, as well as its key employees; (The fifth subparagraph of the second part of Article 75-4 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026)

• the conclusion of the territorial main department of the Central Bank at the location of the microfinance bank regarding the compliance of bank buildings, their security, equipment, organizational technical means, and software with Central Bank requirements — if the bank's location has changed or its building has been reconstructed;

• documents provided for in the first part of Article 17 of this Law, if a foreign bank participates in the charter capital of the microfinance bank;

• electronic copies of the documents listed in the second through seventh subparagraphs of this part. See previous edition.

The consideration of the application and notification of the applicant about the adopted decision is carried out in the procedure established for considering applications for state registration of banks and issuing licenses. In this case, except for the cases provided for in Article 21 of this Law, the following serve as grounds for refusing to change bank activity to microfinance bank activity or the activity of a bank conducting only Islamic banking activity to the activity of a microfinance bank conducting only Islamic banking activity:

• non-compliance with prudential norms by the bank during the last six months;

• the bank's insolvency or the existence of the possibility of its insolvency. See previous edition.

If the Central Bank adopts a decision on reissuing the license, the Central Bank enters the relevant record into the State Register of Banks regarding the change of bank activity to microfinance bank activity or the activity of a bank conducting only Islamic banking activity to the activity of a microfinance bank conducting only Islamic banking activity, and also reissues the granted license. (The fourth part of Article 75-4 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

A bank that has changed its activity to microfinance bank activity or the activity of a microfinance bank conducting only Islamic banking activity has the right to carry out financial operations restricted for microfinance banks for the purpose of fulfilling contracts concluded before the change of activity, until the expiration of the validity period of these contracts, but for a period not exceeding two years from the date of the change of activity. In this case, it is prohibited to change the initial specified amount of the obligation and the validity period of the contract in these contracts. (The fifth part of Article 75-4 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

75-5. Changing microfinance bank activity or the activity of a microfinance bank conducting only Islamic banking activity to microfinance organization activity (The name of Article 75-5 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

Changing microfinance bank activity or the activity of a microfinance bank conducting only Islamic banking activity to microfinance organization activity is permitted after the full repayment of deposits (deposits) and/or the transfer of obligations for the repayment of funds deposited in deposits (deposits) to another bank. (The first part of Article 75-5 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

The microfinance bank applying for changing microfinance bank activity or the activity of a microfinance bank conducting only Islamic banking activity to microfinance organization activity submits to the Central Bank within ten working days from the date of adoption of the decision on changing microfinance bank activity or the activity of a microfinance bank conducting only Islamic banking activity to microfinance organization activity the documents provided for in the first and third parts of Article 20 of the Law of the Republic of Uzbekistan "On Non-Bank Credit Organizations and Microfinance Activity." (The second part of Article 75-5 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

The consideration of documents submitted for changing microfinance bank activity or the activity of a microfinance bank conducting only Islamic banking activity to microfinance organization activity is carried out in the procedure established by the legislation on non-bank credit organizations and microfinance activity for considering documents submitted for the registration of non-bank credit organizations. (The third part of Article 75-5 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

If the Central Bank adopts a decision on granting consent to changing microfinance bank activity or the activity of a microfinance bank conducting only Islamic banking activity to microfinance organization activity, the Central Bank withdraws the license. (The fourth part of Article 75-5 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

The microfinance bank submits documents provided for by legislation to the Center for Public Services for state registration based on the decision of the Central Bank on granting consent to changing the activity of the microfinance bank or the activity of the Islamic microfinance bank conducting only Islamic banking activity to microfinance organization activity. (The fifth part of Article 75-5 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026)

The Center for Public Services enters changes related to the re-registration of the microfinance organization into the Unified State Register of Enterprises and Organizations within two working days from the date of re-registration of the microfinance organization.

The Central Bank, within two working days from the date of entry of changes into the Unified State Register of Enterprises and Organizations, removes the record about the microfinance bank from the State Register of Banks and carries out the registration of the microfinance organization. See previous edition.

A microfinance organization established by changing the activity of a microfinance bank or the activity of a microfinance bank conducting only Islamic banking activity must align its activity with the requirements established for microfinance organization activity within two years from the date of its registration. (The eighth part of Article 75-5 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026) See previous edition.

Chapter 11. Reorganization of Banks (The name of Chapter 11 in the edition of the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — , 24.06.2025 y., No. 03/25/1070/0536. Entry into force date — September 25, 2025)

76. Reorganization of a Bank See previous edition.

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Organizations. Licensing of Bank and Credit Activity. Permitting Procedures; 2. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.01.00 General Issues]

Reorganization of a bank is carried out with the permission of the Central Bank in the form of merger, acquisition, division, separation, and transformation, taking into account the requirements of competition legislation, based on the decision of the general meeting of shareholders. Reorganization of a bank may also be carried out at the request of the Central Bank. (The first part of Article 76 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021 y., No. 03/21/683/0375)

Reorganization of a bank with the state as the sole founder is carried out based on the decision of the authorized body, coordinated with the Central Bank.

The existence of the decision of the general meeting of shareholders on the reorganization of the bank serves as the basis for applying to the Central Bank for permission to reorganize the bank.

If the Central Bank refuses to reorganize the bank, the decision of the general meeting of shareholders on the reorganization of the bank is considered invalid.

After obtaining permission from the Central Bank for reorganization of the bank in the form of merger, acquisition, or separation, organizational and technical measures necessary for the state registration and obtaining a license for each new bank arising as a result of reorganization are carried out.

The fact that permission from the Central Bank for reorganization of the bank has been obtained cannot serve as a guarantee for the state registration of banks arising as a result of reorganization and the issuance of licenses to them.

The reorganizing bank must complete the reorganization process within six months from the date of obtaining permission from the Central Bank.

State registration of banks arising as a result of reorganization and the issuance of licenses to them are carried out in the procedure established by the Central Bank.

The procedure for reorganization of a bank is established by the Central Bank.

77. Withdrawal of License [OKOZ:

07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural subdivisions and institutions; 2. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.01.00 General Issues]

The Central Bank has the right to withdraw the license in the following cases: See previous edition.

if the bank has not started conducting bank activity and/or Islamic banking activity within twelve months after obtaining the license, has directly renounced this activity, or has not conducted financial operations, including Islamic finance operations, for a period exceeding three months; (The second subparagraph of the first part of Article 77 in the edition of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026)

if the conditions for issuing the license are not fulfilled by the bank;

if one of the gross violations specified in Article 54 of this Law is committed by the bank;

if the bank has incurred losses exceeding ten percent of the bank's regulatory capital in each of three consecutive quarters or, regardless of the term, exceeding fifty percent of the regulatory capital, or if there is a possibility of incurring such losses;

if the activity of the bank is terminated as a result of reorganization;

if a decision is adopted at the general meeting of shareholders on the voluntary liquidation of the bank;

if the license is withdrawn from a foreign state bank that organized a bank in the Republic of Uzbekistan; See previous edition.

if the Central Bank adopts a decision on granting consent to changing microfinance bank activity to microfinance organization activity; (The ninth subparagraph of the first part of Article 77 added on the basis of the Law of the Republic of Uzbekistan No. URQ-1026 dated February 11, 2025 — , 12.02.2025 y., No. 03/25/1026/0131)

if the bank becomes insolvent. See previous edition.

Insolvency of a bank is understood as the following situations:

the bank's inability to satisfy the claims of its customers within seven days due to insufficient funds;

the bank's liabilities exceed its assets;

the coefficients of capital adequacy and/or the amount of charter capital of the bank have decreased by fifty percent or more from the minimum amount established by legislation;

the Central Bank has identified situations where the information about the financial condition of the bank is not correctly reflected in the reports, leading to the emergence of the grounds indicated in the second, third, and fourth subparagraphs of this part;

the existence of situations posing a threat to the full preservation of funds entrusted to the bank by depositors and creditors. (The second part of Article 77 in the edition of the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — , 24.06.2025 y., No. 03/25/1070/0536. Entry into force date — September 25, 2025)

The bank management must immediately notify the Central Bank in cases where there is a risk of the emergence of the bank's insolvency or the inability to satisfy claims demanded by customers. See previous edition.

From a bank holding the relevant license(s) for bank activity:

if the license granting the right to conduct Islamic banking activity is withdrawn, the bank continues its activity based on the license granting the right to conduct bank activity;

the withdrawal of the license granting the right to conduct bank activity leads to the withdrawal of the bank's license granting the right to conduct Islamic banking activity, except for the case where the withdrawal of the license granting the right to conduct bank activity by the Central Bank as a result of changing the bank to a bank conducting only Islamic banking activity. (The fourth part of Article 77 added on the basis of the Law of the Republic of Uzbekistan No. URQ-1126 dated March 27, 2026 — , 28.03.2026 y., No. 03/26/1126/0279. Entry into force date — June 29, 2026)

The decision of the Central Bank Board on the withdrawal of the license enters into force from the moment this decision is adopted.

The decision of the Central Bank Board is signed and handed over to the bank management on the day this decision is adopted.

Information about the withdrawal of the bank's license must be published in mass media and on the official website of the Central Bank within one day from the date this decision is adopted.

The bank is prohibited from carrying out activities permitted for banks under this Law from the moment the decision of the Central Bank Board on the withdrawal of the license is adopted, except for actions related to the liquidation of the bank. See previous edition. (The date of loss of force of Article 78 on the basis of the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — September 25, 2025 — , 24.06.2025 y., No. 03/25/1070/0536) See previous edition. (The date of loss of force of Article 79 on the basis of the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — September 25, 2025 — , 24.06.2025 y., No. 03/25/1070/0536) See previous edition. (The date of loss of force of Article 80 on the basis of the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — September 25, 2025 — , 24.06.2025 y., No. 03/25/1070/0536) See previous edition. (The date of loss of force of Article 81 on the basis of the Law of the Republic of Uzbekistan No. URQ-1070 dated June 23, 2025 — September 25, 2025 — , 24.06.2025 y., No. 03/25/1070/0536)

Chapter 12. Final Provisions

82. Resolution of Disputes See previous edition.

Disputes between the bank and its customers are resolved in the procedure established by legislation. (The text of Article 82 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021 y., No. 03/21/683/0375) See previous edition.

83. Liability for Violation of Legislation on Banks and Banking Activity [OKOZ:

07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.01.00 General Issues; 2. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.19.00 Liability for Violation of Legislative Acts on Banks and Banking Activity]

Persons guilty of violating legislation on banks and banking activity are liable in the established procedure. (Article 83 in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , 21.04.2021 y., No. 03/21/683/0375) (National database of legislative acts of the Republic of Uzbekistan, 06.11.2019 y., No. 03/19/580/3994; 07.01.2020 y., No. 03/20/600/0023; , 21.04.2021 y., No. 03/21/683/0375, 12.10.2021 y., No. 03/21/721/0952; 20.04.2023 y., No. 03/23/831/0219; 29.11.2023 y., No. 03/23/880/0905; 07.02.2024 y., No. 03/24/905/0106; 22.02.2024 y., No. 03/24/911/0142; 21.09.2024 y., No. 03/24/964/0736; 12.02.2025 y., No. 03/25/1026/0131; 19.02.2025 y., No. 03/25/1031/0160; 18.04.2025 y., No. 03/25/1058/0355; 24.06.2025 y., No. 03/25/1070/0536; 28.03.2026 y., No. 03/26/1126/0279; 14.07.2026 y., No. 03/26/1158/0727)