Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on December 21, 2016, Registration No. 2788-1

Effective Date

01.01.2017

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[ OKOZ: 1. 02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General Issues of State Administration in the Sphere of Economy, Socio-Cultural Construction / 02.08.06.00 Administrative Procedures / 02.08.06.02 Licensing of Certain Types of Activities (also see 09.01.05.00); 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation of Currency and Currency Control / 07.27.05.00 Licensing of Operations in Foreign Currency; 3. 09.00.00.00 Entrepreneurship and Economic Activity / 09.01.00.00 Legislation on Entrepreneurship / 09.01.06.00 Licensing of Certain Types of Activities. Permitting (also see 02.08.06.00) / 09.01.06.02 Procedure for Licensing Certain Types of Activities; 4. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.02.00 State Regulation of Exchange Activity. Licensing of Exchange Activity; 5. 21.00.00.00 Comprehensive Documents on Amendments and Additions / 21.04.00.00 Departmental Normative Legal Documents] [ TSZ: 1. Civil Legislation. Entrepreneurship / Licensing of Certain Types of Activities; 2. Finance / Currency Regulation. Precious Metals (Stones); 3. Finance / Exchange Activity]

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

On Amendments to the Regulation on the Licensing of Currency Exchange Activities

[Registered by the Ministry of Justice of the Republic of Uzbekistan on December 21, 2016, Registration No. 2788-1]

In accordance with the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and the Decree of the President of the Republic of Uzbekistan No. PF-4848 dated October 5, 2016 "On Additional Measures to Ensure Rapid Development of Entrepreneurial Activity, Comprehensive Protection of Private Property, and Qualitative Improvement of the Business Environment," the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments to the Regulation on the Licensing of Currency Exchange Activities, approved by Resolution No. 12/1 of the Board of the Central Bank of the Republic of Uzbekistan dated April 23, 2016 (Registration No. 2788, May 18, 2016) (Collection of Legislation of the Republic of Uzbekistan, 2016, No. 20, Article 227), shall be made in accordance with the Appendix.

2. This Resolution shall enter into force on January 1, 2017.

Chairman of the Central Bank F. MULLAJONOV

Tashkent city,

December 10, 2016,

No. 39/1

APPENDIX

To Resolution No. 39/1 of the Board of the Central Bank of the Republic of Uzbekistan dated December 10, 2016

Amendments to be Made to the Regulation on the Licensing of Currency Exchange Activities

1. The fourth bullet point of paragraph 23 shall be stated in the following wording:

"when the instructions of the licensing authority on eliminating violations of rules identified in the licensee's activities are not implemented by the licensee."

In paragraph 26,

the third bullet point shall be deleted;

the fourth through seventh bullet points shall be considered, respectively, as the third through sixth bullet points.

3. In the third bullet point of Appendix 2, the words "organization of information" shall be replaced with the words "formation of information." (Collection of Legislation of the Republic of Uzbekistan, 2016, No. 51, Article 589)