Regulatory Alerts2023-04-19 | ЎРҚ-831-сонAdded
Law of the Republic of Uzbekistan on Amendments to the Law 'On Banks and Banking Activity'
The Law amends the Law "On Banks and Banking Activity" to gradually increase the minimum share capital of banks from 100 billion sum to 500 billion sum by January 1, 2025, with specific thresholds set for September 1, 2023 (200 billion sum) and April 1, 2024 (350 billion sum). It partially lifts restrictions on non-residents purchasing bank shares by allowing purchases through foreign stock markets and removes provisions regarding non-disclosure jurisdictions for bank founders and shareholders. The amendments apply to all banks, requiring them to adjust their capital levels by the specified deadlines, and enter into force upon official publication.
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