On Amendments and Additions to the Regulation on the Procedure and Conditions for Granting Permission for Banking Activities

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on April 24, 2025, registration number 3252-5

Date of Entry into Force

April 25, 2025

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OKOB:
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07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.20.00.00 Establishment, Reorganization and Liquidation of Banks and Credit Institutions. Licensing of Banking and Credit Activities. Permitting Procedures;
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21.00.00.00 Comprehensive Documents on Amendments and Additions / 21.04.00.00 Departmental Normative Legal Documents]
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TSZ:
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Finance / Banks and Other Credit Institutions. Credits]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Amendments and Additions to the Regulation on the Procedure and Conditions for Granting Permission for Banking Activities

[Registered by the Ministry of Justice of the Republic of Uzbekistan on April 24, 2025, registration number 3252-5]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Banks and Banking Activities", and "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Improvement of Microfinance Activities", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions to the Regulation on the Procedure and Conditions for Granting Permission for Banking Activities, approved by Resolution No. 12/1 of the Board of the Central Bank of the Republic of Uzbekistan dated May 25, 2020 (registration number 3252, June 30, 2020) (National Database of Legislative Acts, June 30, 2020, No. 10/20/3252/1098), shall be made in accordance with the Appendix.

2. This Resolution enters into force from the date of its official publication.

Chairman T. ISHMETOV

Tashkent city,

April 11, 2025,

No. 9/1

APPENDIX

Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 11, 2025, No. 9/1

Amendments and Additions to the Regulation on the Procedure and Conditions for Granting Permission for Banking Activities

The Preamble shall be stated in the following wording:

"This Regulation establishes the procedure and conditions for granting permission for banking activities, evaluating and approving the appointment of members of the supervisory board and management of banks, as well as employees of significant importance, opening and closing separate divisions, registering amendments and additions to the charter, and reorganizing and liquidating them."

2. The title of paragraph 1 of Chapter 1 of Section 1 shall be stated in the following wording:

"§ 1. Applicability of this Regulation and Requirements for Documents Submitted to the Central Bank of the Republic of Uzbekistan."

Paragraphs 1 and 2 shall be stated in the following wording:

"1. The rules established by this Regulation for banks shall also apply to microfinance banks, unless otherwise provided.

2. Applications and other documents submitted to the Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank) in accordance with this Regulation shall be submitted in paper form or electronically via the information-communication system, certified with an electronic digital signature.

In this case, documents submitted in paper form and consisting of more than one page must be described page by page, bound, numbered, and signed. Annual financial reports (including consolidated balance sheets, income statements, and other forms of financial reports), as well as audit opinions confirming the accuracy of financial reports, may be submitted in the form of brochures printed by printing methods.

At the request of the Central Bank, separate documents must be submitted in electronic form.

A notification regarding the decision made on an application submitted in electronic form shall be sent to the applicant in electronic form via the information-communication system.

Documents submitted by foreign applicants in accordance with this Regulation shall be certified by a consular institution of the Republic of Uzbekistan located in the place where the applicant is registered, or by other consular institutions, except for the documents specified in sub-paragraphs 1–5, 8, and 10–13 of paragraph 20 of this Regulation.

The person who has applied to the Central Bank with an application in accordance with this Regulation is considered the applicant."

4. The fifth bullet point of paragraph 15 shall be stated in the following wording:

"If the requirements of this paragraph are not met due to changes in the composition, status, or share of bank shareholders, the bank must change its firm name and submit documents to the Central Bank for registration of corresponding amendments to the bank's charter within 6 months from the date the situation arose, in the procedure established in Chapter 4 of Part V of this Regulation."

Paragraph 16 shall be stated in the following wording:

"16. When a bank is established by two or more persons, the founders hold a founding meeting and sign a mutual founding agreement. If a bank is established by a single founder, the decision on the establishment of the bank is adopted by that founder individually.

These actions are carried out by the founder(s) in compliance with the requirements of the legislative acts on banks and banking activities and other legislative acts regulating the activities of joint-stock companies."

In paragraph 20:

the words "after the document specified in sub-paragraph 1 of this paragraph is signed" in the first bullet point shall be replaced with "after the decision on the establishment of the bank is adopted";

sub-paragraphs 1 and 2 shall be stated in the following wording:

"1) the founding agreement, if the bank is established by two or more persons;

2. the decision on the establishment of the bank. In cases where the bank is established by two or more founders, a copy of the minutes of the founding meeting certified by the chairman of the bank's supervisory board shall be submitted;"

the words "direct and indirect founders, including the ultimate beneficial owners" in the first sentence of sub-paragraph 6 shall be replaced with "each direct and indirect founder, including the ultimate beneficial owner";

the word "included" in sub-paragraph 8 shall be replaced with "to be included".

Paragraph 21 shall be supplemented with the words "necessary for the adoption of this resolution" after the words "from the applicant".

The words "Article 16" in paragraph 26 shall be replaced with "Articles 16 and 19".

Paragraph 27 shall be supplemented with the following bullet point:

"The Central Bank also takes these circumstances into account when considering an application for preliminary permission to acquire a share in the amount provided for in the fourth bullet point of paragraph 39 of this Regulation in the authorized capital of the bank."

10. The sixth bullet point of paragraph 28 shall be stated in the following wording:

"electronic copies of documents submitted in accordance with paragraphs 20–24 of this Regulation and the second–fifth bullet points of this paragraph."

The words "Article 20" in paragraph 29 shall be replaced with "Articles 20 and 21".

Paragraph 34 shall be stated in the following wording:

"34. A state duty in the amount of 0.1 percent of the minimum amount of the authorized capital of the respective bank or microfinance bank is collected for the issuance of a license."

Paragraph 73 shall be supplemented with the words ", direct and indirect owners, including the ultimate beneficial owners" after the word "founders".

Paragraph 141 shall be stated in the following wording:

"141. Banks, with the exception of microfinance banks, may open branch banks and establish branches, participate in the capital of banks, including in the establishment of foreign banks, abroad with the permission of the Central Bank in cases established by Article 31 of the Law of the Republic of Uzbekistan "On Banks and Banking Activities".

It is prohibited for microfinance banks to open banks, representative offices, and establish branches abroad, participate in the capital of foreign banks, including in the establishment of foreign banks."

Paragraph 149 shall be stated in the following wording:

"149. A bank service office is considered a structural subdivision of the bank and has the balance and code of the bank (branch) it is part of."

(, April 25, 2025, No. 10/25/3252-5/0381)