Regulatory Alerts2023-04-19 | ЗРУ-831Added
On Amendments to the Law of the Republic of Uzbekistan 'On Banks and Banking Activity'
This law amends the Law of the Republic of Uzbekistan 'On Banks and Banking Activity' to implement a phased increase in the minimum authorized capital of banks, rising from 100 billion sum to 500 billion sum by January 1, 2025. It also amends Article 17 to prohibit founders and shareholders from being entities in jurisdictions with preferential tax regimes or non-disclosure of beneficial owners, with an exception for shares acquired on foreign stock exchanges. Additionally, the law removes restrictions on non-residents acquiring shares of banks listed on foreign stock markets and mandates the Cabinet of Ministers to align government resolutions with these changes.