Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 74-2 on Amendments to the Regulation on Measures and Sanctions Applied by the Central Bank to Commercial Banks for Violations of Banking Legislation

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 18.03.2005, reg. number 622-2

Entry into force date

28.03.2005

All

16.09.2020

28.03.2005

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Act lost force 16.09.2020

[OKOS:

1.07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.19.00 Liability for violation of legislation on banks and banking activity;

2.21.00.00.00 Complex documents on amendments and additions / 21.04.00.00 Departmental normative legal acts]

[TSZ:

1. Finance / Taxes (fees, duties)]

Resolution

Board of the Central Bank of the Republic of Uzbekistan

ON AMENDING THE REGULATION ON MEASURES AND SANCTIONS APPLIED BY THE CENTRAL BANK TO COMMERCIAL BANKS FOR VIOLATIONS OF BANKING LEGISLATION AND REGULATORY ACTS GOVERNING BANKING ACTIVITY

[Registered by the Ministry of Justice of the Republic of Uzbekistan on March 18, 2005. Registration No. 622-2]

Commentary LexUz

This resolution has lost force in accordance with the [resolution](/docs/4998902?ONDATE=16.09.2020 00#4999037) of the Board of the Central Bank of the Republic of Uzbekistan dated September 4, 2020 No. 13/9 "On Recognizing Certain Normative Legal Acts Adopted by the Central Bank of the Republic of Uzbekistan as Having Lost Force" (reg. No. 3282 dated 16.09.2020).

In accordance with the laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Currency Regulation" (new edition), the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. To amend the Regulation on measures and sanctions applied by the Central Bank to commercial banks for violations of banking legislation and regulatory acts governing banking activity (reg. No. 622 dated February 5, 1999) according to the appendix.

2. To bring this resolution into force upon the expiration of ten days from the date of its state registration by the Ministry of Justice of the Republic of Uzbekistan.

Chairman of the Central Bank F. MULLAZHANOV

Tashkent,

January 29, 2005,

No. 74-2

APPENDIX
to the resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 29, 2005 No. 74-2

Amendments made to the Regulation on measures and sanctions applied by the Central Bank to commercial banks for violations of banking legislation and regulatory acts governing banking activity

Under [Section V](/docs/630878?ONDATE=15.02.1999 00#631023):

1. Points [5.1](/docs/630878?ONDATE=01.06.2000 00#708854) and [5.2](/docs/630878?ONDATE=15.02.1999 00#631028) are to be worded as follows:

«5.1. In cases of exceeding limits of open currency positions for individual foreign currencies and the aggregate magnitude of the open currency position, or failure to submit the corresponding reporting, the Central Bank may collect a fine of 0.01% of the established minimum size of the authorized charter capital of the authorized bank for each case of exceeding, but not more than 0.1% of the established minimum size of the authorized charter capital of the authorized bank, or restrict the authorized bank's operations for buying and selling foreign currency for a period of up to six months, as well as establish individual limits of open currency positions.

5.2. In case of violation of the procedure for buying and selling cash foreign currency and payment documents in foreign currency from authorized banks, a fine is collected in the amount of 0.01% of the established minimum size of the authorized charter capital of the authorized bank for each case, but not more than 0.1% of the established minimum size of the authorized charter capital of the authorized bank.

Violations of the procedure for buying and selling cash foreign currency and payment documents in foreign currency include:

a) non-compliance with requirements specified in point 120 of the Regulation on the exchange office (reg. No. 1114 dated March 14, 2002);

b) untimely backing of exchange offices with sums, cash foreign currency, and strict accountability forms;

c) non-compliance with the requirements of the Central Bank regarding the establishment of buying and selling rates for foreign currencies in exchange offices, as set out in point 4 of the Regulation on the exchange office.».

2. Points [5.7](/docs/630878?ONDATE=01.06.2000 00#708890) and [5.8](/docs/630878?ONDATE=01.06.2000 00#708917) are to be worded as follows:

«5.7. For untimely notification by authorized banks to currency control authorities of facts of non-arrival within the terms established by legislation or incomplete arrival of proceeds from the export of goods (works, services) and goods upon import, as well as of currency operations conducted by clients according to relevant indicators as a result of monitoring their justification, a fine is collected from authorized banks in the amount of 0.01% of the established minimum size of the authorized charter capital of the authorized bank for each case, but not more than 0.1% of the established minimum size of the authorized charter capital of the authorized bank.

5.8. For violation of the procedure for accounting for foreign trade contracts, as well as for violation of the procedure for conducting monitoring and control over their execution, a fine is collected from authorized banks in the amount of 0.01% of the established minimum size of the authorized charter capital of the authorized bank for each case, but not more than 0.1% of the established minimum size of the authorized charter capital of the authorized bank.».

3. [Point 5.10](/docs/630878?ONDATE=01.06.2000 00#708978) is to be worded as follows:

«5.10. In case of violation of the procedure for conducting operations for buying and selling foreign currency on the over-the-counter currency market, a fine is collected from authorized banks in the amount of 0.01% of the established minimum size of the authorized charter capital of the authorized bank for each case, but not more than 0.1% of the established minimum size of the authorized charter capital of the authorized bank.

Violations of the procedure for conducting operations for buying and selling foreign currency on the over-the-counter currency market include:

submission to the interbank trading session of currency funds received from the mandatory sale of part of currency proceeds from decentralized export, later than three working days;

consideration of client applications submitted for buying foreign currency later than three working days;

non-compliance of the expert conclusion on conversion of sums into foreign currency with established requirements;

submission of applications for buying foreign currency later than the next day after the expert group's positive decision;

absence of reserved funds in national currency in an amount sufficient for buying foreign currency;

crediting purchased currency funds to secondary (special) demand deposit accounts of clients in foreign currency later than two working days after the completion of transactions and settlement;

allowing facts of withdrawal from secondary (special) demand deposit accounts of clients in foreign currency of cash currency (except for the payment of travel expenses), transfer of foreign currency to other currency accounts of economic entities, as well as placement of funds in deposits and accrual of interest on account balances.».

(Collection of Legislation of the Republic of Uzbekistan, 2005, No. 10-11, art. 83)