On Introducing Amendments to the Regulation on the Procedure for Licensing Microcredit Organizations

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 13.06.2018, registration number 2093-9

Effective date

14.06.2018

Document lost force 28.09.2022

[ OKOZ: 1. 02.00.00.00 Fundamentals of Public Administration / 02.08.00.00 General Issues of Public Administration in the Economy, Socio-Cultural Construction Sector / 02.08.06.00 Administrative Procedures / 02.08.06.02 Licensing of Certain Types of Activities (see also 09.01.05.00); 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.23.00.00 Other Credit Institutions / 07.23.03.00 Other Credit Organizations; 3. 21.00.00.00 Documents of a Complex Nature on Introducing Amendments and Additions / 21.04.00.00 Departmental Regulatory Legal Acts] [ TSZ: 1. Civil Legislation. Entrepreneurship / Licensing of Certain Types of Activities; 2. Finance / Banks and Other Credit Institutions. Credits]

Resolution of the BOARD of the Central Bank of the Republic of Uzbekistan

On Introducing Amendments to the Regulation on the Procedure for Licensing Microcredit Organizations

[Registered by the Ministry of Justice of the Republic of Uzbekistan on June 13, 2018, registration number 2093-9]

LexUZ Commentary This resolution lost force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 22, 2022 No. 19/5 "On Declaring Certain Regulatory Legal Acts Adopted by the Central Bank of the Republic of Uzbekistan Invalid" (registration number 3389, 28.09.2022).

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", "On Microcredit Organizations", "On Licensing of Certain Types of Activities" and Decree of the President of the Republic of Uzbekistan dated January 9, 2018 No. PF-5296 "On Measures to Fundamentally Improve the Activities of the Central Bank of the Republic of Uzbekistan" and Resolution dated March 23, 2018 No. PQ-3620 "On Additional Measures to Increase the Availability of Banking Services", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments be introduced to the Regulation on the Procedure for Licensing Microcredit Organizations approved by Resolution No. 3/5 of the Board of the Central Bank of the Republic of Uzbekistan dated January 23, 2010 (registration number 2093, April 13, 2010) (Collection of Legislation of the Republic of Uzbekistan, 2010, No. 14-15, Article 116) according to the Appendix.

2. This resolution shall enter into force from the day of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent,

May 26, 2018,

No. 19/10

APPENDIX To Resolution No. 19/10 of the Board of the Central Bank of the Republic of Uzbekistan dated May 26, 2018

Amendments Introduced to the Regulation on the Procedure for Licensing Microcredit Organizations

1. The fourth indent of paragraph 1 be stated in the following edition:

"Committee — the Banking Supervision Committee of the Central Bank of the Republic of Uzbekistan".

2. In paragraph 18:

the word "commission" be replaced with the word "Committee".

3. Paragraph 36 be stated in the following edition:

"36. To establish a branch, a microcredit organization must:

have a satisfactory financial condition;

have the necessary software and technical tools and qualified accounting staff to compile the daily consolidated accounting balance of the microcredit organization;

have appropriate premises and equipment meeting the requirements of the Central Bank (if operations with cash and valuables are intended).".

4. In paragraph 37:

the third indent be stated in the following edition:

"when the amount of overdue loans with a payment delay of more than 30 days constitutes less than 5% of the microcredit organization's credit portfolio over the last 6 months;";

the fourth indent be removed.

5. Paragraph 38 be stated in the following edition:

"The following documents are submitted to the Central Bank to establish a branch of a microcredit organization and register it with the Central Bank:

an application for establishing said branch with economic justification;

a decision of the governing body of the microcredit organization on establishing the branch;

information on the candidate nominated for the position of branch head;

conclusion of the relevant territorial department of the Central Bank on the technical reinforcement of the branch cash rooms and their equipment with security and fire alarm systems (if operations with cash and valuables are intended).".

6. In paragraph 40:

the word "commission" be replaced with the word "Committee";

the third sentence be removed.

(National Database of Legislation, 14.06.2018, No. 10/18/2093-9/1350)