Law of the Republic of Uzbekistan on Investment and Unit Funds

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25.07.2026

16.01.2024

12.10.2021

21.04.2021

01.07.2017

26.08.2015

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[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.03.00 Investment (Privatization) Funds] [ TSZ: 1. Finance / Investments]

Law of the Republic of Uzbekistan

On Investment and Unit Funds

Adopted by the Legislative Chamber on June 29, 2015 Approved by the Senate on August 6, 2015

Chapter 1. General Provisions

Article 1. Purpose of this Law [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity]

The purpose of this Law is to regulate relations in the field of activity of investment and unit funds. See previous edition.

Article 2. Legislation on Investment and Unit Funds [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity]

Legislation on investment and unit funds consists of this Law and other legislative acts. See previous edition.

Relations in the field of activity of investment and unit funds in a territory where a special legal regime is established by the Constitutional Law of the Republic of Uzbekistan are regulated by rules other than those established by this Law. (Paragraph 2 of Article 2 was supplemented by Paragraph 2 in accordance with the Law of the Republic of Uzbekistan No. URQ-1158 dated July 13, 2026 — , July 14, 2026, No. 03/26/1158/0727. Effective date — July 25, 2026) [ OKOZ: 1. 19.00.00.00 International Relations. International Law / 19.06.00.00 Law of International Treaties / 19.06.03.00 Application and Interpretation of Treaties]

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 investment and unit funds, the rules of the international treaty shall be applied. ( Article 2

In the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , April 21, 2021, No. 03/21/683/0375) [ SPiT: 1. Investment Institutions / Unit Fund]

Article 3. Investment Fund [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

An investment fund is a legal entity — a joint-stock company — that issues shares for the purpose of attracting monetary funds from investors and investing them in investment assets.

See: Article 11 of this Law, Article 3 of the Law of the Republic of Uzbekistan "On Joint-Stock Companies and Protection of Shareholders' Rights". See previous edition. (Paragraph 2 of Article 3 was deleted in accordance with the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 — , October 12, 2021, No. 03/21/721/0952) [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

An investment fund may be of the following types:

an investment fund with an obligation to repurchase the shares it has issued;

an investment fund without an obligation to repurchase the shares it has issued. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

The type of investment fund is specified in the fund's founding documents.

See: Article 29 of the Law of the Republic of Uzbekistan "On the Securities Market". [ SPiT: 1. Investment Institutions / Unit Fund]

Article 4. Unit Fund [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A unit fund is the aggregate of monetary funds of two or more persons — investors — entrusted to a trustee for the purpose of carrying out investment activity.

See: Articles 5 and 9 of this Law. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

A unit fund may be of the following types:

a unit fund with an obligation for the trustee to repurchase the issued investment units from the fund's funds;

a unit fund without an obligation for the trustee to repurchase the issued investment units from the fund's funds. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

The type of unit fund is specified in the trust management agreement for the unit fund. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

A unit fund is not a legal entity. [ SPiT: 1. Investments / Investment Unit]

Article 5. Investment Unit [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

An investment unit is a bearer security confirming the owner's share in a unit fund. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

Rights to investment units are confirmed by an extract issued by the Central Securities Depository of the Republic of Uzbekistan from the depository account of the owner of the investment units.

See: Part One of Article 37 of the Law of the Republic of Uzbekistan "On the Securities Market". [ SPiT: 1. Investments / Investment Assets]

Article 6. Investment Assets [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Issues]

Securities, shares, monetary funds (including foreign currency), deposits, and real estate forming the investment portfolio of an investment fund or a unit fund are investment assets.

Article 7. Name of Investment and Unit Funds [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

The full name of an investment fund or a unit fund must include the phrase "investment fund" or "unit fund" respectively and must not be similar to the name of other investment and unit funds. In this regard, the name of a unit fund must indicate the object of investment (shares, bonds, commodity markets, high technologies, etc.). [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

Investment and unit funds may have abbreviated names. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

Legal entities that are not investment funds are not entitled to use the phrase "investment fund" in their name. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

An investment fund must have a round seal with its full name expressed in the state language and indicating its location. The seal may also indicate its name in any other language at the same time. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

An investment fund has the right to have stamps and forms with its name written on them, and its emblem.

For additional information, see: the Law of the Republic of Uzbekistan "On Company Names", Resolution of the Cabinet of Ministers No. 480 dated September 19, 2023 "On Approval of the Administrative Regulation for Providing the State Service for Registration of Trademarks and Service Marks".

Article 8. Trustee [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trustee is understood to be a legal entity that carries out trust management of investment funds and (or) unit funds on the basis of a trust management agreement under this Law.

See: Article 849 of the Civil Code of the Republic of Uzbekistan, Paragraph 2 of the "Regulation on Trustees of Investment Assets" approved by Resolution of the Cabinet of Ministers No. 189 dated April 19, 2003. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trustee is a professional participant of the securities market.

See: Paragraphs One and Five of Part Two of Article 24, Article 30 of the Law of the Republic of Uzbekistan "On the Securities Market". [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trustee must own its own capital (excluding intangible assets included in the charter capital) in an amount of at least 5 percent of the average annual value of the investment assets it manages. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trustee that has accepted an investment fund and (or) a unit fund for management exercises the rights of the owner with respect to these funds (the fund) within the framework provided for in the trust management agreement.

See: Paragraphs 5 and 10 of the "Regulation on Trustees of Investment Assets" approved by Resolution of the Cabinet of Ministers No. 189 dated April 19, 2003. See previous edition.

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The rights and obligations of a trustee are established by legislation, the charter of the investment fund, the trust management agreement, and the regulation on the executive body of the investment fund. ( Paragraph 5 of Article 8

In the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , April 21, 2021, No. 03/21/683/0375)

See: Article 857 of the Civil Code of the Republic of Uzbekistan, Paragraphs 42, 43, 46 of the "Regulation on Trustees of Investment Assets" approved by Resolution of the Cabinet of Ministers No. 189 dated April 19, 2003. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trustee must organize an internal audit service in the composition and order established by its charter. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trustee is not entitled to acquire shares of investment funds under its management and investment units of unit funds. See previous edition.

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

In case of violation of the legislation on investment and unit funds, a trustee is liable to the owners of investment fund shares and unit fund investment units in the amount of actual damage caused. ( Paragraph 8 of Article 8

In the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , April 21, 2021, No. 03/21/683/0375)

See: Part Two of Article 14 of the Civil Code of the Republic of Uzbekistan. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trustee is paid remuneration for services rendered from the funds of an investment fund and (or) a unit fund in accordance with the trust management agreement. The total amount of remuneration and its specific payment features are established in this agreement.

For additional information, see: Chapter 49 of the Civil Code of the Republic of Uzbekistan ("Trust Management of Property"), Article 30 of the Law of the Republic of Uzbekistan "On the Securities Market", Paragraphs 31 — 32, 51, 52 of the "Regulation on Trustees of Investment Assets" approved by Resolution of the Cabinet of Ministers No. 189 dated April 19, 2003.

Article 9. Trust Management Agreement See previous edition.

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trust management agreement is an agreement concluded between a trustee and an investment fund or between a trustee and investors of a unit fund, which provides for restrictions during trust management, remuneration and compensation for expenses, grounds and conditions for termination of the agreement, liability of the parties, and other rules in accordance with legislation. ( Paragraph 1 of Article 9

In the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — , April 21, 2021, No. 03/21/683/0375)

For additional information, see: Articles 853 — 861 of the Civil Code of the Republic of Uzbekistan, Paragraphs 8, 9 of the "Regulation on Trustees of Investment Assets" approved by Resolution of the Cabinet of Ministers No. 189 dated April 19, 2003. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.05.00 Contract. Conclusion, Amendment and Termination of Contracts; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trust management agreement for a unit fund is an adhesion agreement.

See: Article 360 of the Civil Code of the Republic of Uzbekistan. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

Trust management is carried out in accordance with a trust management agreement, and the trust management agreement is signed by the head of the trustee:

on the basis of a decision of the general meeting of shareholders with the chairman of the supervisory board of the investment fund;

See: Paragraphs 36, 37 of the "Regulation on Trustees of Investment Assets" approved by Resolution of the Cabinet of Ministers No. 189 dated April 19, 2003.

by signing the agreement and an addendum to it with investors of a unit fund. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

An investment fund is not allowed to conclude trust management agreements with more than one trustee at the same time. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

A trust management agreement must include an investment declaration, which is an integral part of it and sets requirements for the composition of investment assets. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The term of validity of a trust management agreement for a unit fund must not exceed five years. If the owners of investment units have not demanded the withdrawal of all investment units belonging to them from circulation, the term of validity of the agreement may be extended by one year by decision of the general meeting of owners of investment units.

See: Part Three of Article 854 of the Civil Code of the Republic of Uzbekistan, Chapter II ("General Conditions and Features of Trust Management Agreements for Investment Assets") of the "Regulation on Trustees of Investment Assets" approved by Resolution of the Cabinet of Ministers No. 189 dated April 19, 2003.

Article 10. Investment Declaration [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Issues]

An investment declaration must include:

the purpose of establishing an investment fund or a unit fund and carrying out its activity;

a list of investment assets in which the monetary funds and other funds of an investment fund or a unit fund will be invested;

a description of investment risks;

information on the composition of investment assets that a trustee must hold (the ratio between different types of securities and issuers, as well as between securities, monetary funds, and other investment assets);

the term of validity of the rules of the investment declaration that must be observed by the investment fund or unit fund and the trustee;

rules on the powers of the general meeting of owners of investment units of a unit fund, the rights and obligations of each owner of an investment unit, as well as the rights and obligations of the trustee of a unit fund. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Issues]

The investment declaration of an investment fund, including amendments and additions made to it, is approved by a decision of the general meeting of shareholders of the investment fund. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Issues]

The investment declaration of a unit fund, including amendments and additions made to it, is approved by a decision of the investors (owners of investment units) of the unit fund. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Issues]

An investment declaration, including amendments and additions made to it, is submitted to the state body authorized to regulate the securities market within ten calendar days from the day this declaration is approved.

See: Paragraphs 16—21 of the "Regulation on Trustees of Investment Assets" approved by Resolution of the Cabinet of Ministers No. 189 dated April 19, 2003.

Chapter 2. Investment Fund

Article 11. Establishment of an Investment Fund [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

An investment fund is established by creating a new legal entity or by reorganizing another investment fund. It is not allowed to establish an investment fund by reorganizing another legal entity that is not an investment fund. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

An investment fund is a commercial organization that owns separate property assigned to it, including property included in the charter capital. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

Legal and natural persons may act as founders (shareholders) of an investment fund. See previous edition.

The registration of an investment fund is carried out by state service centers. (Paragraph 4 of Article 11, in the edition of the Law of the Republic of Uzbekistan No. URQ-896 dated January 16, 2024 — , 16.01.2024, 03/24/896/0037)

For additional information, see: Article 39, Article 40, Part 1, Articles 42–44, Article 49 of the Civil Code of the Republic of Uzbekistan; Article 3, Part 2, Chapter 2 ("Establishment of the Company"), Article 31 of the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Shareholders' Rights" (new edition); Article 13 of the Law of the Republic of Uzbekistan "On Guarantees of Freedom of Entrepreneurial Activity"; and the "Regulation on the Procedure for State Registration of Business Entities" approved by Resolution No. 66 of the Cabinet of Ministers of February 9, 2017. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

The payment of the value of shares in the establishment of an investment fund is carried out with cash funds, securities, shares, as well as real estate and other property, property rights. In this regard, at least 75 percent of its charter capital must be paid in cash form. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

The placement of shares of an investment fund is carried out on the stock exchange, except for the initial issuance of shares placed among the founders of the fund through closed subscription.

See: Article 33 of the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Shareholders' Rights"; Article 17 of the Law of the Republic of Uzbekistan "On the Securities Market"; and Chapter XIII ("Placement of Securities") of the "Rules for State Registration of Securities Issuance and Issuance of Issued Securities" (registration number 2000, 30.08.2009).

Article 12. Management Bodies of an Investment Fund [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Societies and Companies / 03.03.05.05 Joint Stock Companies]

The general meeting of shareholders, the supervisory board, and the executive body exercising its powers through a trustee are the management bodies of an investment fund.

See: Chapter 7 ("Management Bodies of the Company. Minority Shareholders Committee") of the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Shareholders' Rights".

Article 13. Restrictions on the Activity of an Investment Fund [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

An investment fund: See previous edition. (Paragraph 2 of Article 13, issued based on the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 — , 12.10.2021, 03/21/721/0952)

is not entitled to:

issue corporate bonds and infrastructure bonds, as well as preferred shares;

invest more than 10 percent of the net assets of the investment fund in the securities of one issuer or the share of a limited liability company;

attract credit and (or) loan funds if the total amount of debts to be paid exceeds 15 percent of the value of the net assets of the investment fund on the date the credit and (or) loan agreement is signed (in this case, the term of the credit and (or) loan must not exceed three months);

act as a guarantor or pledge property or property rights;

make investments in securities and shares of economic societies whose organizational and legal form implies additional liability of their participants;

make investments in securities issued by a trustee or audit organizations, as well as acquire shares in their charter capital;

acquire and own shares of other investment funds;

enter into transactions not related to investment activity, acquire options or futures;

make investments with a total amount exceeding 10 percent of the fund's net assets (except for investments in securities).

See: Paragraph 4 of Article 29 of the Law of the Republic of Uzbekistan "On the Securities Market".

Article 14. Specific Features of Reorganization and Liquidation of an Investment Fund [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

An investment fund is not entitled to be reorganized into another organizational and legal form of a legal entity without terminating its activity as an investment fund.

See: Paragraph 2 of Article 29 of the Law of the Republic of Uzbekistan "On the Securities Market". [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

In the absence of a trustee, the supervisory board of the investment fund must, within three months, hire a trustee or initiate the liquidation of the investment fund.

For additional information, see: Articles 49 and 53 of the Civil Code of the Republic of Uzbekistan; Articles 92–96, 98–101 of the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Shareholders' Rights" (New Edition).

Article 15. Accounting and Storage of Investment Fund Property See previous edition.

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]

The accounting of rights to securities issued by and belonging to investment funds, as well as their storage, if not otherwise provided by legislation, is carried out by the Central Securities Depository. ( Part 1 of Article 15

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: Chapter 5 ("Accounting of Rights to Securities") of the Law of the Republic of Uzbekistan "On the Securities Market". [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

Investment assets are reflected on a separate balance sheet of the trustee, and independent accounting is maintained for them. A separate bank account is opened for settlements related to trust management activities. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The trustee carries out the accounting of the investment fund's property, as well as the preparation of financial, tax reports, and other reports. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The trustee maintains separate accounting for the fund's investment assets, ensures their integrity and preservation, and is responsible for the accuracy and reliability of the investment fund's financial, tax reports, and other reports.

For additional information, see: Chapter III ("Accounting of Operations under Trust Management Contracts for Investment Assets and Maintenance of Account Numbers") of the "Regulation on Trustees of Investment Assets" approved by Resolution No. 189 of the Cabinet of Ministers of September 19, 2003.

Chapter 3. Unit Fund

Article 16. Establishment of a Unit Fund [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The decision on the establishment of a unit fund is made by the trustee. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

An investor contributes cash funds to the unit fund based on a contract concluded with the trustee, which envisages the pooling of investors' cash funds into the unit fund on the basis of joint ownership rights. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The trustee issues investment units to investors within two business days after they contribute cash funds to its separate bank account. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The placement of investment units is carried out at a single price for all investors. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Matters]

The cash funds of the unit fund are invested in accordance with the investment declaration. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

Income received during the trust management of the unit fund is accumulated in the separate bank account of the trustee. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]

A unit fund is considered established from the moment it is included in the Unified Register of Unit Funds and the relevant information is published on the official websites of the state authority authorized to regulate the securities market and the Central Securities Depository. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulator of the Securities Market]

The maintenance of the Unified Register of Unit Funds is carried out in the manner established by the state authority authorized to regulate the securities market.

Article 17. Accounting of a Unit Fund and Investment Units [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]

The accounting of a unit fund is carried out by the Central Securities Depository through the registration of investment units after the unit fund is included in the Unified Register of Unit Funds. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

Investment units must be registered within one week from the moment the decision on the establishment of the unit fund is adopted. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]

When registering investment units, depository accounts are opened for investors at the Central Securities Depository, in which the accounting of rights to investment units belonging to investors is maintained.

Article 18. Disposal of Investors' Cash Funds and Investment Assets of a Unit Fund [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]

The trustee is entitled to dispose of investors' cash funds after the unit fund is registered at the Central Securities Depository. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]

The cash funds of the unit fund are spent based on a payment document signed by the head of the trustee and an authorized official of the Central Securities Depository. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The purpose and direction of the use of cash funds and other investment assets must comply with the terms of the trust management contract, including the investment declaration. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

Income received on investment assets is distributed among the owners of the unit fund's investment units once a year or, with the consent of all owners of the unit fund's investment units, reinvested. The payment of income to the owners of the unit fund's investment units is carried out by the trustee. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]

Contracts concluded by the trustee in the name of the unit fund and at the expense of the funds of this fund must be registered at the Central Securities Depository.

Article 19. Restrictions on the Disposal of Investment Assets of a Unit Fund

The cash funds of a unit fund:

cannot be invested in the securities of one issuer or the shares of a limited liability company in an amount exceeding 10 percent of the fund's investment assets;

cannot be invested in the securities and shares of economic societies whose organizational and legal form implies additional liability of their participants;

cannot be invested in securities issued by a trustee or audit organizations, as well as in shares of their charter capital;

cannot be used for directions not related to investment activity;

cannot be invested in an amount exceeding 10 percent of the total amount of the fund's investment assets (except for investments in securities).

Article 20. Circulation of Investment Units [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Matters]

The circulation of an investment unit is carried out by performing actions leading to its purchase and sale on the stock exchange and other actions leading to the exchange of the owner of the investment unit. [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.05.00 Contract. Conclusion, Amendment and Termination of Contracts; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The trust management contract may provide for the possibility of exchanging investment units of a unit fund for investment units of another unit fund under the trust management of the same trustee, at the request of the owner of the investment units. In this case, the exchange of investment units of one unit fund for investment units of another unit fund may be carried out only if the date of withdrawal of the investment units to be exchanged coincides with the date of issuance of the investment units being exchanged.

Article 21. Liquidation of a Unit Fund [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.02.00 Establishment, Reorganization and Liquidation of Legal Entities. State Registration of Legal Entities]

Liquidation of a unit fund is carried out in the following cases:

upon expiration of the term of the trust management contract;

upon receipt of orders for the withdrawal of all investment units from circulation;

upon revocation of the trustee's license, if its rights and obligations under the trust management contract for the unit fund are not transferred to another trustee within three months from the date of revocation of the license;

upon achievement of the purpose of establishing the unit fund and carrying out its activity specified in the unit fund documents;

in the presence of a unanimous decision of the owners of investment units to liquidate the unit fund. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

The investment assets of the unit fund must be realized by the trustee on the stock exchange (for securities) and at auctions. The funds received from the realization of the investment assets of the unit fund must be paid to the owners of the unit fund's investment units in proportion to the number of investment units belonging to them. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

A unanimous decision of the owners of the unit fund's investment units to establish an investment fund on the basis of the unit fund is recognized as a decision on the liquidation of the unit fund. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]

When a unit fund is liquidated, the activity of the trustee of this unit fund must undergo a mandatory audit by an audit organization.

Article 22. Withdrawal of an Investment Unit from Circulation

Withdrawal of an investment unit from circulation is carried out when the unit fund is liquidated. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Matters]

Withdrawal of an investment unit from circulation may be carried out through:

payment of the value of the investment unit in cash funds from the unit fund's funds by the trustee;

exchange of the investment unit for shares of an investment fund established on the basis of the unit fund.

Chapter 4. Regulation of the Activity of Investment and Unit Funds

Article 23. Implementation of Regulation of the Activity of Investment and Unit Funds [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulator of the Securities Market]

The regulation of the activity of investment and unit funds is carried out by the state authority authorized to regulate the securities market through the following:

establishing the procedure for trust management of investment and unit funds, including the procedure for accounting for their investment assets and disclosure of information about their activity;

restricting the participation of officials of the trustee and affiliated persons in the operations of investment and unit funds;

establishing requirements for the content of the investment declaration and other documents of investment and unit funds;

monitoring the activity of investment and unit funds, trustees, and the Central Securities Depository. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

Only the Central Securities Depository, acting as an agent based on a contract concluded with the trustee, may issue, withdraw, and exchange investment units in the name of and at the expense of the trustee. The procedure for the activity of the Central Securities Depository regarding the issuance, withdrawal, and exchange of investment units is established by the state authority authorized to regulate the securities market.

See: Article 55 of the Law of the Republic of Uzbekistan "On the Securities Market"; Paragraph 17 of the "Regulation on Trustees of Investment Assets" approved by Resolution No. 189 of the Cabinet of Ministers of April 19, 2003.

Article 24. Accounting of Investment Assets and Reports on Them [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]

Accounting of investment assets and preparation of reports on these assets are carried out by the trustee. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Matters]

If investments are made at the expense of the unit fund's funds, the trustee is indicated in the registry of securities owners and in the constituent documents of economic societies, and a mark is made that it is acting as the trustee of the unit fund.

For additional information, see: Chapter III of the "Regulation on Trust Managers of Investment Assets" approved by Resolution No. 189 of the Cabinet of Ministers of September 19, 2003 ("Accounting for operations under trust management contracts for investment assets and maintaining account numbers").

Article 25. Disclosure of information on the activities of investment and unit investment funds

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Issues]

Disclosure of information on the activities of investment and unit investment funds is carried out by the trustee through the following:

Previous edition.

publication of information on the official websites of investment funds, the trustee of unit investment funds, the authorized state body for securities market regulation, as well as the stock exchange, in accordance with legislation;

(The second paragraph of Part One of Article 25 was amended by the Law of the Republic of Uzbekistan No. URQ-683 of April 21, 2021 — , 21.04.2021, 03/21/683/0375)

submission of information upon request in the prescribed manner.

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulator of the Securities Market]

The authorized state body for securities market regulation and the stock exchange are not entitled to charge fees for publishing the information provided for in this Article on their official websites.

For additional information, see: Chapter VI of the Law of the Republic of Uzbekistan "On the Securities Market" ("Disclosure of Information in the Securities Market") and the "Rules for Submission and Publication of Information in the Securities Market" (registration No. 2383, 31.07.2012).

Chapter 5. Final Provisions

Article 26. Resolution of Disputes

Previous edition.

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Issues]

Disputes in the field of activities of investment and unit investment funds are resolved in the manner established by legislation.

(The text of Article 26 was amended by the Law of the Republic of Uzbekistan No. URQ-683 of April 21, 2021 — , 21.04.2021, 03/21/683/0375)

Previous edition.

Article 27. Liability for Violation of Legislation on Investment and Unit Investment Funds

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Emission of Securities / 07.25.09.00 Liability for Violation of Legislative Acts on Securities]

Persons guilty of violating the legislation on investment and unit investment funds shall be held liable in the prescribed manner.

(Article 27 was amended by the Law of the Republic of Uzbekistan No. URQ-683 of April 21, 2021 — , 21.04.2021, 03/21/683/0375)

See: Article 1741 of the Code of Administrative Liability of the Republic of Uzbekistan.

Previous edition.

Article 28. Alignment of Legislation with this Law

(The title of Article 28 was amended by the Law of the Republic of Uzbekistan No. URQ-683 of April 21, 2021 — , 21.04.2021, 03/21/683/0375)

[OKOZ: 1. 02.00.00.00 Fundamentals of State Administration / 02.01.00.00 Cabinet of Ministers of the Republic of Uzbekistan (also see 01.11.00.00) / 02.01.02.00 Powers of the Cabinet of Ministers]

The Cabinet of Ministers of the Republic of Uzbekistan:

aligns government decrees with this Law;

ensures the review and repeal by state administration bodies of their normative legal acts that contradict this Law.

Article 29. Entry into Force of this Law

[OKOZ: 1. 01.00.00.00 Constitutional Order / 01.14.00.00 Law-making Activity of State Bodies / 01.14.05.00 Publication and Entry into Force of Normative Legal Acts]

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

[OKOZ: 1. 01.00.00.00 Constitutional Order / 01.14.00.00 Law-making Activity of State Bodies / 01.14.05.00 Publication and Entry into Force of Normative Legal Acts]

The rules of Chapter III of this Law are applied from July 1, 2017.

This Law was published in the "Halk So'zi" newspaper, No. 167 (6350) of August 26, 2015.

President of the Republic of Uzbekistan I. KARIMOV

Tashkent,

August 25, 2015,

No. URQ-392 (Collection of Legislative Acts of the Republic of Uzbekistan, 2015, No. 34, Article 450; , 21.04.2021, 03/21/683/0375; 12.10.2021, 03/21/721/0952; 16.01.2024, 03/24/896/0037; 14.07.2026, 03/26/1158/0727)