Regulatory Alerts2024-08-12 | ПФ-109Added
On Measures for the Rapid Development of the Factoring Services Market
The President of Uzbekistan approves a roadmap to rapidly develop the factoring services market, including the establishment of a Central Bank-facilitated electronic factoring platform and the creation of a National Factoring Association. Effective January 1, 2025, factoring operations are permitted in foreign currency when the counterparty is a non-resident, banks are allowed to resell receivables (refactoring), liability for violating the prohibition on assigning receivables is abolished, and receivables must be registered in a pledge registry to ensure priority. The decree mandates that the Cabinet of Ministers submit a draft law to the Legislative Chamber within one month and requires the Central Bank to integrate with tax and customs systems to automate financing and verify receivables.
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