On Amendments to the Regulation on the Registration and Licensing of Credit Bureaus

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 06.11.2020, registration number 3042-2

Date of Entry into Force

01.01.2021

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[OKON:

1.07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.23.00.00 Other Credit Institutions / 07.23.01.00 Credit Unions]

[TSZ:

1. Finance / Banks and other credit institutions. Credits]

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

On Amendments to the Regulation on the Registration of Credit Bureaus and the Procedure for Licensing Their Activities

[Registered by the Ministry of Justice of the Republic of Uzbekistan on November 6, 2020, registration number 3042-2]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On the Exchange of Credit Information" and the Decree of the President of the Republic of Uzbekistan dated August 24, 2020, No. PF-6044 "On Measures for Fundamental Improvement of the Licensing and Permitting Procedures" Decree, the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments shall be made to the [Regulation](/docs/3835111?ONDATE=26.10.2018 00#3840834) and Appendix approved by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated April 28, 2018, No. 16/23 (registration number 3042, July 25, 2018) (Collection of Legislation of the Republic of Uzbekistan, 2018, No. 30, Article 630) on the Registration of Credit Bureaus and the Procedure for Licensing Their Activities.

2. This Resolution enters into force on January 1, 2021.

Chairman of the Central Bank M.B. NURMURATOV

Tashkent city,

October 28, 2020,

No. 24/7

Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated October 28, 2020, No. 24/7

APPENDIX

On Amendments to the Regulation on the Registration of Credit Bureaus and the Procedure for Licensing Their Activities

1. Paragraph [8](/docs/3835111?ONDATE=26.10.2018 00#3840911) shall be worded as follows:

"8. The following persons are deemed unsuitable for the position of the head of the executive body of a credit bureau and cannot hold this position:

persons without higher economic education;

persons without at least five years of work experience, including at least three years of work experience in areas related to credit operations;

persons who, in the capacity of a member of the executive body, a member of the supervisory board, or a participant (shareholder) with a controlling stake, or by other means, caused a legal entity under their control to enter a state of bankruptcy and compulsory liquidation due to their actions or inaction;

persons with an unexpunged or unrehabilitated criminal record for crimes against the economy or the order of management."

2. In [Paragraph 19](/docs/3835111?ONDATE=26.10.2018 00#3841027):

[the ninth sub-paragraph](/docs/3835111?ONDATE=26.10.2018 00#3841043) shall be deleted;

[the tenth sub-paragraph](/docs/3835111?ONDATE=26.10.2018 00#3841045) shall be considered the ninth sub-paragraph.

3. [Paragraph 30](/docs/3835111?ONDATE=26.10.2018 00#3841079) shall be worded as follows:

"30. A credit bureau acquires the status of a legal entity from the moment of its registration in the State Register of Credit Bureaus. A license is issued to it simultaneously with its state registration."

4. [Paragraph 33](/docs/3835111?ONDATE=26.10.2018 00#3841084) shall be worded as follows:

"33. Suspension, termination, revocation, and re-issuance of the license are carried out in the cases and in the manner provided for in Articles 20, 22, 23, and 24 of the Law of the Republic of Uzbekistan 'On Licensing of Certain Types of Activities.'"

(National Database of Legislative Acts of the Republic of Uzbekistan, November 6, 2020, 10/20/3042-2/1477)