Order of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan on Approving the Regulation on the Procedure for Introducing the Special Legal Regime of the 'Regulatory Sandbox' in the Capital Market Sector

Order of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan, registered on 29.01.2024, registration number 3493

Date of Entry into Force

30.01.2024

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Indexing according to QMQ

Source of Changes

Source of Official Publication

06.04.2026

30.01.2024

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[OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
[TSZ:
1.
Finance / Securities. Securities Market]
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Director of the National Agency for Development Projects of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a reference from the document element Order Send suggestions for the document Listen to audio Get a reference from the document element On Approval of the Regulation on the Procedure for Introducing the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market Send suggestions for the document Listen to audio Get a reference from the document element [Registered by the Ministry of Justice of the Republic of Uzbekistan on January 29, 2024, registration number 3493] Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element In accordance with the Resolution of the President of the Republic of Uzbekistan dated July 27, 2017, No. PQ-3150 "On Organizing the Activities of the National Agency for Development Projects of the Republic of Uzbekistan" and the Resolution dated September 2, 2023, No. PQ-291 "On Additional Measures for the Development of the Capital Market", I order:
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1. Approve the Regulation on the Procedure for Introducing the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market in accordance with the Appendix.
   LexUZ Commentary
   See: Regulation on the Procedure for Introducing the Special Legal Regime in the Field of Financial Services by the Central Bank of the Republic of Uzbekistan, approved by Resolution No. 19/14-14 of the Board of the Central Bank of the Republic of Uzbekistan dated August 30, 2022 (registration number 3391, 04.10.2022) [OKAZ:

01.00.00.00 Constitutional System / 01.14.00.00 Law-making Activity of State Bodies / 01.14.05.00 Publication and Entry into Force of Normative Legal Acts]
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2. This Order enters into force from the date of its official publication.
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Director D. LI
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Tashkent city,
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December 26, 2023,
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No. 104
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APPENDIX
To the Order of the Director of the National Agency for Development Projects of the Republic of Uzbekistan dated December 26, 2023, No. 104 Send suggestions for the document Listen to audio Get a reference from the document element Regulation on the Procedure for Introducing the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element This Regulation establishes the procedure for registering participants of the special legal regime of the "Regulatory Sandbox" in the capital market (hereinafter referred to as the special regime in the text), monitoring their activities, depriving participants of the status of a special regime participant, and maintaining the registry of special regime participants. Send suggestions for the document Listen to audio Get a reference from the document element
Chapter 1. General Provisions
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1. The following main concepts are used in this Regulation:
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   Get a reference from the document element applicant — a legal entity that is a resident of the Republic of Uzbekistan applying for registration as a participant of the special regime, or a legal entity that is a non-resident of the Republic of Uzbekistan registered in a recognized foreign jurisdiction; (Paragraph 2 of Item 1 in the edition of Order No. 01 of the Director of the National Agency for Development Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) — National Database of Legislation, 06.04.2026, 10/26/3493-1/0318) Send suggestions for the document Listen to audio Get a reference from the document element custodian — a financial institution, including a bank, operating as a professional participant of the securities market abroad, which performs the function of maintaining accounts for financial instruments and customers' funds, confirming rights to them, and undertaking obligations for the storage of customers' financial instruments; Send suggestions for the document Listen to audio Get a reference from the document element special regime — creating separate organizational and legal conditions for legal entities introducing financial instruments, procedures, and mechanisms in the capital market; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element participant of the special regime — a legal entity that is a resident of the Republic of Uzbekistan registered as a participant of the special regime, or a legal entity that is a non-resident of the Republic of Uzbekistan registered in a recognized foreign jurisdiction; (Fifth paragraph of Item 1 in the edition of Order No. 01 of the Director of the National Agency for Development Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) — National Database of Legislation, 06.04.2026, 10/26/3493-1/0318) Send suggestions for the document Listen to audio Get a reference from the document element registry of participants of the special regime (hereinafter referred to as the registry in the text) — a mass information resource reflecting information about participants registered in the special regime; Send suggestions for the document Listen to audio Get a reference from the document element omnibus account — a type of foreign nominal account opened by a foreign nominal custodian in the Central Depository of Securities of the Republic of Uzbekistan or in the depository system of "Uzbekistan Republic Currency Exchange" JSC (hereinafter referred to as "UZRB" JSC), in which the quantity and value of securities belonging to all foreign beneficial owners and/or foreign nominal custodians are accounted for in aggregate; Send suggestions for the document Listen to audio Get a reference from the document element recognized foreign jurisdiction — a foreign
   jurisdiction recognized by the authorized state body for regulating the securities market of the Republic of Uzbekistan; Send suggestions for the document Listen to audio Get a reference from the document element foreign authorized state body for regulating the securities market — the authorized state body for regulating the securities market of a recognized foreign jurisdiction; Send suggestions for the document Listen to audio Get a reference from the document element foreign client — a client (physical or legal entity, including another foreign nominal custodian) of a foreign nominal custodian that provides services to clients outside the jurisdiction of the Republic of Uzbekistan based on a permit issued by the foreign authorized state body for regulating the securities market; Send suggestions for the document Listen to audio Get a reference from the document element foreign investment intermediary — an investment company (investment or depositary bank, broker or investment intermediary), global custodian, custodian, bank or other legal entity that has the right to conduct professional activities in the securities market of a recognized foreign jurisdiction, equated to the professional activity of an investment intermediary as defined in the Law of the Republic of Uzbekistan "On the Securities Market"; Send suggestions for the document Listen to audio Get a reference from the document element foreign beneficial owner — a physical or legal entity that is registered or not registered as the owner of securities in the account of the Central Depository of Securities of the Republic of Uzbekistan or in the depository system of "UZRB" JSC, but has the right to directly or indirectly own or benefit from securities, and is considered the ultimate owner of securities in the account of a foreign nominal custodian; Send suggestions for the document Listen to audio Get a reference from the document element foreign nominal custodian — a foreign investment intermediary, foreign or international central securities depository recognized by the authorized state body for regulating the securities market of the Republic of Uzbekistan as a result of consultations with the Central Bank of the Republic of Uzbekistan, which conducts professional activities, including having the following powers:
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   Get a reference from the document element acting in the name of and on the instructions of its foreign clients (foreign beneficial owners or other foreign nominal custodians); Send suggestions for the document Listen to audio Get a reference from the document element carrying out settlements with securities, if it is a foreign or international central securities depository; Send suggestions for the document Listen to audio Get a reference from the document element carrying out settlements with securities and funds for its foreign clients based on the settlements of the foreign or international central securities depository as a result of trades on foreign stock exchanges regulated by the foreign authorized state body for regulating the securities market; Send suggestions for the document Listen to audio Get a reference from the document element transferring, registering, accounting for, storing and/or confirming rights to securities on the instructions of or in the name of its foreign clients; Send suggestions for the document Listen to audio Get a reference from the document element foreign nominal account — a type of deposit account opened by a foreign nominal custodian directly in the name of a single foreign beneficial owner in the form of a direct individual account or an omnibus account in the Central Depository of Securities of the Republic of Uzbekistan or in the depository system of "UZRB" JSC; Send suggestions for the document Listen to audio Get a reference from the document element delivery versus payment — a settlement mechanism for securities that links the system of transferring securities to the transfer of funds in such a way that the transfer of securities and the corresponding payment are carried out simultaneously; Send suggestions for the document Listen to audio Get a reference from the document element direct individual account — a deposit account opened by a foreign nominal custodian directly in the name of and for a foreign beneficial owner in the Central Depository of Securities of the Republic of Uzbekistan or in the depository system of "UZRB" JSC; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element justified consideration — a professional assessment applied by the authorized state body for regulating the securities market, in addition to the requirements established by legislation, which presupposes the primacy of the actual content of the matter under consideration over its formal content. Justified consideration is based on information obtained by the authorized body in the course of supervising the activities of professional participants of the securities market, information obtained from physical and legal entities, international organizations, state bodies, including foreign control bodies and organizations, and other open sources, as well as other information
   important for forming the justified consideration. (Paragraph 1 of Item 1 was supplemented with a paragraph based on Order No. 01 of the Director of the National Agency for Development Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) — National Database of Legislation, 06.04.2026, 10/26/3493-1/0318) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element
2. Unless otherwise provided by this Regulation, the norms and rules of the current legislation of the Republic of Uzbekistan on the securities market apply within the framework of the special regime.
   (Paragraph 11 of Item 1 was introduced based on Order No. 01 of the Director of the National Agency for Development Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) — National Database of Legislation, 06.04.2026, 10/26/3493-1/0318) [OKAZ:

02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republican State Administration Bodies and Economic Management Bodies / 02.03.04.00 Agencies, Inspections and Other Departments]
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2. Registration of participants of the special regime is carried out by the authorized state body for regulating the securities market — the National Agency for Development Projects of the Republic of Uzbekistan (hereinafter referred to as the Agency in the text) in accordance with the scheme presented in Appendix 1 to this Regulation.
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3. The functions of the working body of the Agency for accepting and considering applications submitted for registration as a participant of the special regime are performed by the Capital Market Development Department of the Agency (hereinafter referred to as the working body in the text).
[OKAZ:
1.
01.00.00.00 Constitutional System / 01.06.00.00 Rights, Freedoms and Duties of Man and Citizen / 01.06.03.00 Basic (Constitutional) Political Rights and Freedoms / 01.06.03.04 Right to Address with Applications, Suggestions and Complaints]
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4. The working body:
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Get a reference from the document element accepts and considers applications of applicants for registration as a participant of the special regime; Send suggestions for the document Listen to audio Get a reference from the document element provides a conclusion to the Head (Deputy Head) of the Agency regarding the registration or refusal of registration as a participant of the special regime based on the results of considering documents submitted by applicants; Send suggestions for the document Listen to audio Get a reference from the document element maintains the registry of participants of the special regime; Send suggestions for the document Listen to audio Get a reference from the document element provides organizational and advisory support to participants of the special regime. Send suggestions for the document Listen to audio Get a reference from the document element Submits proposals to the Head (Deputy Head) of the Agency regarding the deprivation of the status of a participant of the special regime. [OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.05.00 Exemptions and Preferences on Taxes and Fees]
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5. No fee is collected for the consideration of applications and documents submitted by applicants and for the registration of a participant of the special regime.
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51. "Central Depository of Securities" JSC (hereinafter referred to as the Central Depository) and "Tashkent" Republic Stock Exchange" JSC are not required to register as a participant of the special regime to carry out actions (operations) within the framework of the special regime in accordance with the Decree of the President of the Republic of Uzbekistan dated December 18, 2025, No. PF-254 "On Additional Measures to Improve the Investment Climate in the Capital Market" and the Resolution dated September 2, 2023, No. PQ-291 "On Additional Measures for the Development of the Capital Market".
(Paragraph 51 of Item 1 was introduced based on Order No. 01 of the Director of the National Agency for Development Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) — National Database of Legislation, 06.04.2026, 10/26/3493-1/0318) Send suggestions for the document Listen to audio Get a reference from the document element
Chapter 2. Requirements and Conditions for Registration of Participants of the Special Regime
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6. Foreign participants must be registered in recognized foreign jurisdictions presented in Appendix 2 to this Regulation to apply for registration as a participant of the special regime.
(Paragraph 6 of Item 1 in the edition of Order No. 01 of the Director of the National Agency for Development Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) — National Database of Legislation, 06.04.2026, 10/26/3493-1/0318) [OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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7. The following are prohibited within the framework of the special regime on the territory of the Republic of Uzbekistan:
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Carrying out activities by investment intermediaries and foreign nominal custodians who do not have the relevant license or permit document of the authorized state body of the Republic of Uzbekistan or the authorized body of recognized foreign jurisdictions; (Second paragraph of Paragraph 7 in the edition of Order No. 01 of the Director of the National Agency for Development Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) — National Database of Legislation, 06.04.2026, 10/26/3493-1/0318) Send suggestions for the document Listen to audio Get a reference from the document element Carrying out activities other than the activities of an investment intermediary and foreign nominal custodian provided for in the legislative acts of the Republic of Uzbekistan. LexUZ Commentary See:
Law "On Investments and Investment Activity".
[OKAZ:
1.
16.00.00.00 Security and Law Enforcement / 16.04.00.00 Public Security / 16.04.10.00 Combating Terrorism and Religious Extremism]
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8. Owners and managers (directors and deputies) of participants of the special regime must not be persons involved or suspected of involvement in terrorist activities or the proliferation of weapons of mass destruction.
LexUZ Commentary
See: Regulation on the Procedure for Suspending Operations, Freezing Funds or Other Property, Allowing the Use of Frozen Property, and Restoring Operations of Persons Included in the List of Persons Involved or Suspected of Involvement in Terrorist Activities or the Proliferation of Weapons of Mass Destruction, approved by Order No. 53-B-14 of the Prosecutor General of the Republic of Uzbekistan dated July 30, 2021 (registration number 3327, 19.10.2021). See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element
9. Within the framework of the special regime:
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Get a reference from the document element foreign investment intermediaries may carry out investment intermediary activities in the securities market of the Republic of Uzbekistan and open deposit accounts; Send suggestions for the document Listen to audio Get a reference from the document element foreign nominal custodians may open accounts for securities and carry out their activities directly or through an agent in the Republic of Uzbekistan; Send suggestions for the document Listen to audio Get a reference from the document element foreign nominal custodians, including custodian banks, are permitted to open accounts in foreign and national currencies in the Central Bank of the Republic of Uzbekistan, as well as open deposit accounts in the Central Depository of Securities; Send suggestions for the document Listen to audio Get a reference from the document element depositary banks (foreign issuers of global depositary receipts confirming rights to shares of resident issuers participating in the sale of state share packages through IPO/SPO in international markets based on the resolutions of the President of the Republic of Uzbekistan) (hereinafter referred to as depositary banks in the text) have the right to issue a document confirming the presence of shares of resident issuants in the custody of the custodian and in the Central Depository of Securities in their own name based on the data of the registered custodian as a participant of the special regime; Send suggestions for the document Listen to audio Get a reference from the document element the transfer of securities without payment (Free of Payment Transfer) within the framework of the program of depositary receipts based on securities issued in the Republic of Uzbekistan — the underlying asset (issuance, conversion and cancellation) is carried out by the Central Depository of Securities based on instructions on the change of ownership (Change of Beneficiary Owner), and it is not permitted to formalize them as a transaction in the manner established by legislation; Send suggestions for the document Listen to audio Get a reference from the document element non-resident legal entities selling (buying) securities in organized trades are permitted to open accounts in national currency in commercial banks of the Republic of Uzbekistan; Send suggestions for the document Listen to audio Get a reference from the document element the issuance and circulation of corporate bonds and the carrying out of settlements on them are permitted with the denomination of the value of bonds in foreign currency and payment in this currency. In this case, the procedure for the issuance, placement and circulation of corporate bonds by issuants who are residents of the Republic of Uzbekistan is established by the Agency; Send suggestions for the document Listen to audio Get a reference from the document element foreign nominal custodians are not considered beneficial owners of accounted securities or funds in
their accounts opened in the Republic of Uzbekistan; Send suggestions for the document Listen to audio Get a reference from the document element the transfer of securities from a foreign nominal account (or to a foreign nominal account) without changing the beneficial owner through "free of payment transfer of securities" is not considered the realization (sale) of such securities and does not give rise to tax obligations for either of the parties, including the foreign nominal custodian; Send suggestions for the document Listen to audio Get a reference from the document element

Foreign nominal custodians carry out their activities in the Republic of Uzbekistan without obtaining a separate license or permit document, without establishing a branch or new legal entity, and without participating in the authorized capital of a local legal entity, in the manner established by the authorized state body;

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The qualification certificates allowing employees of foreign investment intermediaries to deal with securities issued in recognized foreign jurisdictions grant these employees the right to carry out operations with securities in the Republic of Uzbekistan in accordance with the procedure approved by the authorized state body for the regulation of the securities market of the Republic of Uzbekistan, without obtaining a separate qualification certificate of a securities market specialist;

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It is permitted to provide custody services and nominal storage services to legal entities that are residents of the Republic of Uzbekistan, including investment funds, by participants of the special regime who are foreigners, with respect to securities issued by them and belonging to them;

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the depository bank has the right to open securities accounts in the Central Securities Depository of Securities with respect to the securities specified in the fifth paragraph of this clause, as well to transfer securities from a foreign nominal account (or to a foreign nominal account) by "free of payment transfer of securities" without changing the beneficial owner;

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The foreign nominal custodian of securities and the depository bank have the right to exercise all rights of the shareholder granted by the shares held in its nominal storage on behalf of and in the interests of its clients - foreign beneficial owners and (or) other foreign nominal custodians of securities, based on the instructions of its clients, without any powers of attorney confirming the right to represent such foreign beneficial owners and (or) other foreign nominal custodians of securities. If the foreign nominal custodian or depository bank holds shares of one type of one issuer nominally for several clients, the foreign nominal custodian of securities or the depository bank exercises the rights of the shareholder proportionally to the number of shares belonging to each client, based on separate instructions received from such persons. In this case, the foreign nominal custodian of securities or the depository bank may vote separately on each issue on the agenda proportionally to the number of shares belonging to each such person, unless the terms of the nominal storage contract provide for a different rule;

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the issuer - joint-stock company has the right to buy its own shares directly from a foreign nominal custodian or depository bank that accounts for rights to such shares in the interests of foreign beneficial owners of depositary receipts, provided that the settlement and their execution are carried out through a custodian authorized to operate within the special regime for the purpose of subsequently reducing the charter capital of the issuer or reselling shares. If the operations are carried out through a custodian registered as a participant of the special regime, it is not required for the issuer and the depository bank to register as participants of the special regime to carry out this operation;

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Get a reference from the document element corporate disputes related to the placement of the issuer's securities in foreign markets using depositary receipts and their circulation, as well as disputes arising from the fulfillment of the rights and obligations of the issuer, custodian, foreign nominal custodian, depository bank, and holders of depositary receipts, or disputes related to decisions of the issuer's management bodies, may be submitted for consideration to international commercial arbitration by agreement of the parties;

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permission is granted to organize the circulation of securities of foreign issuers through the relevant trading platform of stock exchanges or through the electronic platform of investment intermediaries that have obtained a license to carry out activities in the territory of the Republic of Uzbekistan, in the manner established by the authorized state body of the Republic of Uzbekistan.

(Para. 9 in the edition of Order No. 01 of the Director of the National Agency for Development of Priority Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) - National Database of Legislation, 06.04.2026, 10/26/3493-1/0318-no)

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. Requirements for trading platforms of stock exchanges and electronic platforms of investment intermediaries are established by the Agency.

(Para. 9 introduced on the basis of Order No. 01 of the Director of the National Agency for Development of Priority Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) - National Database of Legislation, 06.04.2026, 10/26/3493-1/0318-no)

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Chapter 3. Submission and Consideration of Applications

[OKOZ:
1.
01.00.00.00 Constitutional Order / 01.06.00.00 Rights, Freedoms and Duties of Man and Citizen / 01.06.03.00 Basic (Constitutional) Political Rights and Freedoms / 01.06.03.04 Right to Address with Applications, Proposals and Complaints]

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10. To register as a participant of the special regime, the applicant submits to the Agency an application in the form prescribed by
    Appendix 3
    of this Regulation, as well as the following information and documents:

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a questionnaire in the form prescribed by
Appendix 4
of this Regulation;

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a copy of the applicant's charter and other founding documents;

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a copy of the license or the relevant document with the nature of permission, as well as, if available, a reference to the relevant official source of the registry of licenses or documents with the nature of permission;

(Fourth paragraph of Para. 10 in the edition of Order No. 01 of the Director of the National Agency for Development of Priority Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) - National Database of Legislation, 06.04.2026, 10/26/3493-1/0318-no)

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information about the management (head, his deputies) and founders of the applicant in accordance with
Appendix 5
of this Regulation.

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The application and documents are submitted to the Agency by the applicant in paper form or in electronic form to the Agency's electronic mail address.

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11. The documents provided for in
    Para. 10 of this Regulation must be approved (signed) by the head of the applicant.

[OKOZ:
1.
12.00.00.00 Information and Information Provision / 12.03.00.00 Information Resources. Use of Information Resources / 12.03.02.00 Documentation of Information. Electronic Document Circulation / 12.03.02.01 Electronic Document Circulation]

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Information submitted in electronic form must be of high quality and in "PDF", "PNG" or "JPEG" formats.

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12. The Agency makes a decision on registering the applicant as a participant of the special regime or refusing registration within twenty working days from the date of receipt of the application.

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If additional verification of the application and submitted documents involving relevant specialists is required, the consideration period of the application may be extended by the head (deputy) of the Agency by ten working days at the proposal of the working body. The applicant is notified of this on the same day.

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13. The working body considers the application and submitted documents within fifteen working days, or twenty-five working days if additional study is required, and submits a conclusion on the results of the consideration to the head (deputy) of the Agency.

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14. Within five working days from the date the conclusion is submitted by the working body, the head (deputy) of the Agency makes a decision on registering the applicant as a participant of the special regime or refusing registration.

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15. Registration of the applicant as a participant of the special regime is refused in the following cases:

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if the applicant does not meet the requirements specified in paras. 7 and of this Regulation;

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if there are incorrect or distorted information in the submitted documents;

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if there is information about the involvement or suspicion of involvement of the applicant's officials and founders in economic crimes, as well as crimes related to the legalization of income from criminal activities, terrorism and proliferation of weapons of mass destruction, as well as organized crime, illegal trade in narcotic drugs, corruption and crimes in the field of information technology;

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if there is a violation of legislation in the field of the securities market by applicants who are residents of the Republic of Uzbekistan during the last 2 years prior to the date of application for registration as a participant of the special regime;

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the Agency's reasoned opinion.

(Para. 15 in the edition of Order No. 01 of the Director of the National Agency for Development of Priority Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) - National Database of Legislation, 06.04.2026, 10/26/3493-1/0318-no)

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16. If registration as a participant of the special regime is refused, a notification indicating the grounds for refusal is sent to the applicant by the working body within one working day.

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17. The applicant may re-apply within thirty days from the date of receipt of the notification, having eliminated the grounds for refusal.

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A decision on registering the applicant as a participant of the special regime or refusing registration is made within ten working days regarding the re-submitted application.

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Applications re-submitted after the expiration of the period specified in the first paragraph of this clause are considered on general grounds in the manner established by this Regulation.

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18. If a decision is made on registration as a participant of the special regime, the working body enters the relevant information into the registry within one working day and sends a notification to the applicant.

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The working body introduces the applicant to the decision on registration in writing within three working days from the date the decision on registration is made.

See previous edition.

(Para. 19 lost force on the basis of Order No. 01 of the Director of the National Agency for Development of Priority Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) - National Database of Legislation, 06.04.2026, 10/26/3493-1/0318-no)

Chapter 4. Monitoring of Activities of Participants of the Special Regime and Deprivation of Participant Status

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20. The working body carries out constant monitoring of the activities of participants of the special regime and their compliance with the requirements and conditions of the special regime.

[OKOZ:
1.
02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General Issues of State Administration in the Field of Economy, Social and Cultural Construction / 02.08.07.00 Accounting. Reporting. Statistics (also see 07.29.00.00)]

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21. Participants of the special regime submit reports on their activities to the Agency by the 5th of the following month in the form approved by the Agency.

See previous edition.

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22. The following are grounds for deprivation of the status of a participant of the special regime:

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the application of the participant of the special regime regarding renunciation of the status of a participant of the special regime;

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the provision of false information in reports on documents submitted for registration as a participant of the special regime;

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the recognition of the participant of the special regime as insolvent, as well as the revocation of its license or the relevant document with the nature of permission;

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receipt of information from law enforcement and other authorized bodies of the Republic of Uzbekistan and foreign states about the involvement or suspicion of involvement of the applicant's officials and founders in economic crimes, as well as crimes related to the legalization of income from criminal activities, terrorism, proliferation and financing of weapons of mass destruction, organized crime, illegal circulation of narcotic drugs, corruption and crimes in the field of information technology;

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failure to submit reports on activities to the Agency for two consecutive months;

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violation of the requirements and conditions established in
Chapter 2
of this Regulation;

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the Agency's reasoned opinion.

(Para. 22 in the edition of Order No. 01 of the Director of the National Agency for Development of Priority Projects of the Republic of Uzbekistan dated March 11, 2026 (registration number 3493-1, 03.04.2026) - National Database of Legislation, 06.04.2026, 10/26/3493-1/0318-no)

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23. A decision on depriving the participant of the special regime of status is made by the Agency within three working days from the date the circumstances specified in
    Para. 22 of this Regulation are identified.

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24. The working body enters the relevant information into the registry within one working day from the date the decision on depriving the participant of the special regime of status is made and notifies the relevant legal entity about this.

[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activities in the Securities Market / 07.24.04.01 Investment Intermediary]

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25. If a foreign investment intermediary or foreign nominal custodian is deprived of the status of a participant of the special regime, the procedure for transferring their deposit accounts to another foreign investment intermediary or foreign nominal custodian is regulated by agreement between them.

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Chapter 5. Maintenance of the Registry of Participants of the Special Regime

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26. The registry is maintained by the working body and includes the following:

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the name, organizational-legal form, location (postal address), electronic mail address, telephone number of the participant of the special regime;

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information about the license or documents with the nature of permission issued to the participant of the special regime by the authorized foreign state body for the regulation of the securities market;

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the registration number and date of the participant of the special regime;

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the grounds and date of deprivation of the participant of the special regime of the status of a participant of the special regime.

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27. Information existing in the registry is posted on the official website of the Agency.

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Chapter 6. Final Provisions

[OKOZ:
1.
01.00.00.00 Constitutional Order / 01.06.00.00 Rights, Freedoms and Duties of Man and Citizen / 01.06.07.00 Citizens' Appeal to Courts, Other State Bodies and Other Organizations]

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28. Interested persons may appeal decisions adopted by the Agency to the court in the established manner.

LexUZ commentary
See: Chapter 23 of Part II of the Code of the Republic of Uzbekistan on Administrative Court Proceedings ("Proceedings on Complaints against Decisions, Actions (Inaction) of Administrative Bodies and Self-Governing Bodies, and Their Officials").

[OKOZ:
1.
16.00.00.00 Security and Law Enforcement / 16.09.00.00 Administrative Liability / 16.09.02.00 Administrative Offenses]

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29. Persons guilty of violating the requirements of this Regulation are liable in accordance with the legislation.

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Regulation on the Procedure for Introducing the Special Legal Regime "Regulatory Sandbox" in the Capital Market Sector

Appendix 1

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Procedure for Registering Participants of the Special Legal Regime "Regulatory Sandbox" in the Capital Market Sector

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SCHEME

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Stages

Responsible Parties

Measures

Execution Period

Stage 1

Applicant

1. Prepares the application and documents for registration as a participant of the special legal regime "Regulatory Sandbox" in the capital market sector (hereinafter referred to as the special regime in the text).

2. Submits the application and documents to the National Agency for Development of Priority Projects of the Republic of Uzbekistan (hereinafter referred to as the Agency in the text).

At its own discretion

Stage 2

Agency

Considers the application and documents and makes a decision on registering the applicant as a participant of the special regime or refusing registration.

20 working days, or 30 working days if extended

Agency

1. The working body considers the application and documents and prepares a conclusion on registering the applicant as a participant of the special regime or refusing registration.

15 working days, or 25 working days if extended

2. Based on the conclusion of the working body, a decision is made on registering the applicant as a participant of the special regime or refusing registration.

5 working days

Stage 3

Working Body

If registration as a participant of the special regime is refused, a notification is sent to the applicant indicating the grounds for refusal.

1 working day

Stage 4

Applicant

Re-applies after eliminating the grounds for refusal to register as a participant of the special regime.

30 days

Agency

1. Makes a decision on registering the applicant as a participant of the special regime or refusing registration regarding the re-submitted application.

10 working days

2. Considers re-submitted applications on general grounds in the manner established by this Regulation after the expiration of the specified period.

within the specified period

Stage 5

Working Body

1. If a decision is made on registration as a participant of the special regime, enters the relevant information into the registry and sends a notification to the applicant.

1 working day

2. Introduces the applicant to the decision on registration as a participant of the special regime in writing and warns about deprivation of the status of a participant of the special regime in case of non-compliance with the requirements and conditions of the special regime.

3 working days

Stage 6

Participant of the Special Regime

If changed, name or location (postal address) has changed, submits an application to the Agency attaching relevant documents confirming the specified information.

5 working days

Agency

Enters relevant changes into the registry after receiving the application.

1 working day

Stage 7

Agency

Makes a decision on depriving the participant of the special regime of status if circumstances specified in this Regulation are identified.

3 working days

Working Body

Based on the decision on depriving the participant of the special regime of status, the working body enters the relevant information into the registry and notifies the relevant legal entity about this.

1 working day

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Regulations on the Procedure for Introducing the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market Sector
ANNEX 2
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Regulations on the Procedure for Introducing the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market Sector List of Recognized Foreign Jurisdictions for Foreign Participants within the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market Sector Submission of Comments Listen to Audio Get Link from Document Element Submission of Comments Listen to Audio Get Link from Document Element

No.

Name of Foreign Jurisdiction

Australia

Austria

Armenia

Belgium

United Kingdom

Hungary

Germany

Hong Kong

Greece

Georgia

Denmark

Ireland

Iceland

Spain

Italy

China

Canada

South Korea

Latvia

Lithuania

Luxembourg

Netherlands

New Zealand

Norway

Poland

Portugal

Singapore

Slovenia

Slovakia

United States of America

Turkey

Finland

France

Czech Republic

Sweden

Switzerland

Estonia

Japan

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Regulations on the Procedure for Introducing the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market Sector
ANNEX 3
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APPLICATION

Name of the legal entity (applicant):

Legal address (postal address):

Email address:

Phone number:

Taxpayer Identification Number (TIN)
(if available):

Service bank:

Surname and name of the head:

Surname and name of the person authorized to submit the application, phone number, email address:

We request your permission to register as a participant of the special regime within the framework of the special legal regime of the capital market "Regulatory Sandbox". ________________________________________________________________________

(purpose of request: registration as a special regime participant)

The following are attached to the application:

1. Questionnaire ___ pages;
2. Copy of the charter and other founding documents of the legal entity (applicant);
3. Copy of the license or permit issued by the state body regulating the securities market in the country where the legal entity is registered, as well as, if available, a reference to the relevant official source of the registry of licenses and permits;
4. Information about the management (head, his deputies) and founders of the legal entity

Signature of the head of the legal entity
20___ year ""_________

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Regulations on the Procedure for Introducing the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market Sector
ANNEX 4
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Regulations on the Procedure for Introducing the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market Sector QUESTIONNAIRE of the applicant for registration as a participant of the special legal regime of the "Regulatory Sandbox" in the capital market sector Submission of Comments Listen to Audio Get Link from Document Element Submission of Comments Listen to Audio Get Link from Document Element
Chapter 1. Information about the Applicant
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Name of the legal entity (applicant)

Location (address)

Phone number

Email address

Official website

State where the legal entity (applicant) is registered

Permanent place of business

Date (day/month/year) and number of state registration of the legal entity (applicant)

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Chapter 2. Information related to the Applicant's activities
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1. Information about the applicant, including organizational structure, previously achieved achievements and activity profile

2. Information about the knowledge and experience of the applicant's major shareholders (owning at least 25 percent of shares/interests) and executive bodies/governing body members (chairman of the board, general director, directors) in the field

3. Information about the applicant's financial condition (based on the annual financial report audited in accordance with international standards as of the end of the last financial year)

4. Information about the applicant's licenses or permits issued by recognized foreign jurisdictions where it is registered

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Chapter 3. Information about the activities planned to be carried out within the framework of the special regime of the "Regulatory Sandbox" in the capital market sector
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1. Information about the planned activities, including the applicant's experience in carrying out such activities in other markets and an objective analysis of how it will help develop the capital market

2. Specify the procedure for providing services for the planned activities:

mutual relations and cash flows between the applicant, its clients and business partners (if any);

organization where the applicant's clients' funds and securities are placed and stored.

3. Technical systems and solutions used by the applicant to carry out activities

4. Estimated start date of the planned activities

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Chapter 4. Declaration
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1. The applicant:

has participated in investigations, is accused, convicted or under criminal prosecution for any crime, or is currently under such prosecution, or

has been subject to disciplinary liability by any regulatory or licensing body in a recognized foreign jurisdiction within the last 5 years?

☐ Yes ☐ No

2. The applicant is currently or previously:

bankrupt, has ceased operations or is under court supervision;

are bankruptcy, liquidation or court supervision procedures being applied against it?

☐ Yes ☐ No

(In the event of a positive answer to the above questions, detailed information must be provided below)

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☐ I confirm the truthfulness and accuracy of the information in this questionnaire and attached documents, and that no false or distorted information has been provided. Submission of Comments Listen to Audio Get Link from Document Element ☐ I understand that if false or distorted information is found in the documents submitted after my application is approved, I may be deprived of the status of a special regime participant. Submission of Comments Listen to Audio Get Link from Document Element

Name of authorized person

Position

Phone number

Email

Signature of authorized person

Date:

Additional contact person (if different from above)

Position

Phone number

Email

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Regulations on the Procedure for Introducing the Special Legal Regime of the "Regulatory Sandbox" in the Capital Market Sector
ANNEX 5
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Information about the Management (Head and Deputies) and Founders of the Legal Entity (Applicant) Submission of Comments Listen to Audio Get Link from Document Element Submission of Comments Listen to Audio Get Link from Document Element

Table 1

No.

Management of the legal entity (head and deputies)

Position

Surname, Name

Citizenship

Document confirming identity

Document type

Series and number

Date of issue and validity period

Issued by

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Table 2

No.

Founders of the legal entity

Surname, Name or name of legal entity

Share amount

Citizenship ( for individuals
) or place of registration ( for legal entities )

Document confirming identity or certificate of state registration

Document type

Series and number

Date of issue and validity period

Issued by

(National Database of Legislative Information, 30.01.2024, No. 10/24/3493/0074; 06.04.2026, No. 10/26/3493-1/0318)