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2024-01-30 | 3493-сон

Added 2026-08-13

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

The Director of the National Agency for Promising Projects of the Republic of Uzbekistan issued Order No. 3493 on January 29, 2024, which entered into force on January 30, 2024. This order approves the Regulation establishing the procedure for introducing the special legal regime known as the 'Regulatory Sandbox' within the capital market sector.

Uzbekistan

National Agency of Perspective Projects Uzbekistan

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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Reference to the next edition

Reference to the previous edition

Indexing according to QTU

Indexing according to QMQ

Source of Changes

Source of Official Publication

06.04.2026

30.01.2024

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Russian Uzbek Uzb Uzb|Russian

[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] Send suggestions for the document Listen to audio Get a reference from the document element 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: Send suggestions for the document Listen to audio Get a reference from the document element

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] Send suggestions for the document Listen to audio Get a reference from the document element 2. This Order enters into force from the date of its official publication. Send suggestions for the document Listen to audio Get a reference from the document element Director D. LI Send suggestions for the document Listen to audio Get a reference from the document element Tashkent city, Send suggestions for the document Listen to audio Get a reference from the document element December 26, 2023, Send suggestions for the document Listen to audio Get a reference from the document element No. 104 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 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 Send suggestions for the document Listen to audio Get a reference from the document element

The following main concepts are used in this Regulation: 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 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: Send suggestions for the document Listen to audio 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
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] Send suggestions for the document Listen to audio Get a reference from the document element 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. Send suggestions for the document Listen to audio Get a reference from the document element 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] Send suggestions for the document Listen to audio Get a reference from the document element 4. The working body: Send suggestions for the document Listen to audio 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] Send suggestions for the document Listen to audio Get a reference from the document element 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. 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 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 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 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] Send suggestions for the document Listen to audio Get a reference from the document element 7. The following are prohibited within the framework of the special regime on the territory of the Republic of Uzbekistan: 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 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] Send suggestions for the document Listen to audio Get a reference from the document element 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: Send suggestions for the document Listen to audio 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;