Resolution of the Cabinet of Ministers of the Republic of Uzbekistan on Approving the Regulation on the Procedure for Opening a Personal Investment Account and Accounting for Funds Therein

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17.04.2026

15.06.2024

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[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Issues] [ TSZ: 1. Finance / Investments] Send suggestions for the document Listen to audio Get a reference from a document element Send suggestions for the document Listen to audio Get a reference from a document element Send suggestions for the document Listen to audio Get a reference from a document element Resolution of the Cabinet of Ministers of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a reference from a document element Listen to audio Get a reference from a document element on approval of the Regulation on the Procedure for Opening a Personal Investment Account and Accounting for Funds Therein Send suggestions for the document Listen to audio Get a reference from a document element Send suggestions for the document Listen to audio Get a reference from a document element To ensure implementation of the Resolution of the President of the Republic of Uzbekistan No. PQ-291 dated September 2, 2023 "On Additional Measures for the Development of the Capital Market", as well as to establish the procedure for opening a personal investment account and accounting for funds therein, the Cabinet of Ministers resolves: Send suggestions for the document Listen to audio Get a reference from a document element

1. Accept for information the following: [ OKOZ:

07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.03.00 Taxes and Fees] Send suggestions for the document Listen to audio Get a reference from a document element That in accordance with Article 378 of the Tax Code of the Republic of Uzbekistan, the portion of salaries and other income of taxpayers directed to a personal investment account for the purchase of securities issued in the local capital market is included in the types of income not subject to tax on the relevant conditions; Send suggestions for the document Listen to audio Get a reference from a document element That Paragraph 17 of the "Roadmap" for the development of the capital market for 2023–2025, approved by the Resolution of the President of the Republic of Uzbekistan No. PQ-291 dated September 2, 2023, establishes the development of the procedure for opening a personal investment account and accounting for funds, is accepted for information. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.02.00 Procedure for Opening and Operating Bank Accounts; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] Send suggestions for the document Listen to audio Get a reference from a document element 2. Approve the Regulation on the Procedure for Opening a Personal Investment Account and Accounting for Funds Therein, which provides for the following: Send suggestions for the document Listen to audio Get a reference from a document element the purposes of opening and using a personal investment account; Send suggestions for the document Listen to audio Get a reference from a document element the procedure for accounting for funds in a personal investment account and providing information on their status; Send suggestions for the document Listen to audio Get a reference from a document element the procedure for applying benefits regarding salaries and other income directed to a personal investment account; Send suggestions for the document Listen to audio Get a reference from a document element the procedure for closing a personal investment account. Send suggestions for the document Listen to audio Get a reference from a document element 3. The National Agency for Strategic Projects of the Republic of Uzbekistan, together with the Ministry of Economy and Finance and the State Tax Committee under the Cabinet of Ministers of the Republic of Uzbekistan, shall carry out explanatory work on opening a personal investment account and its importance within one month. Send suggestions for the document Listen to audio Get a reference from a document element 4. Control over the implementation of this Resolution shall be entrusted to the Deputy Prime Minister of the Republic of Uzbekistan - Minister of Economy and Finance J.A. Kuchkarov and the Director of the National Agency for Strategic Projects of the Republic of Uzbekistan D.R. Li. Send suggestions for the document Listen to audio Get a reference from a document element Prime Minister of the Republic of Uzbekistan A. ARIPov Send suggestions for the document Listen to audio Get a reference from a document element Tashkent city, Send suggestions for the document Listen to audio Get a reference from a document element June 13, 2024, Send suggestions for the document Listen to audio Get a reference from a document element No. 331

See the previous revision. Send suggestions for the document Listen to audio Get a reference from a document element Send suggestions for the document Listen to audio Get a reference from a document element ATTACHMENT Send suggestions for the document Listen to audio Get a reference from a document element to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 331 dated June 13, 2024 Send suggestions for the document Listen to audio Get a reference from a document element Regulation on the Procedure for Opening a Personal Investment Account and Accounting for Funds Therein Send suggestions for the document Listen to audio Get a reference from a document element REGULATION Send suggestions for the document Listen to audio Get a reference from a document element Send suggestions for the document Listen to audio Get a reference from a document element I. General Provisions Send suggestions for the document Listen to audio Get a reference from a document element

1. This Regulation establishes the procedure for opening, operating, and closing a personal investment account, as well as accounting for funds therein. Send suggestions for the document Listen to audio Get a reference from a document element
2. The following terms are used in this Regulation: Send suggestions for the document Listen to audio Get a reference from a document element contribution — a portion of the salary or other income of individuals subject to individual income tax, directed to the client's personal investment account in the manner established by legislation; Send suggestions for the document Listen to audio Get a reference from a document element competent authority — the state body authorized to regulate the securities market, which implements unified state policy in the field of development and regulation of the securities market, as well as is responsible for its supervision; Send suggestions for the document Listen to audio Get a reference from a document element client — an individual who is a tax resident of the Republic of Uzbekistan at the time of opening a personal investment account; Send suggestions for the document Listen to audio Get a reference from a document element investment intermediary — a professional participant of the securities market who is a member of the fund and/or currency exchange, carrying out transactions and operations with securities on behalf of and at the expense of the client in accordance with the client's instructions; Send suggestions for the document Listen to audio Get a reference from a document element contract — a contract for brokerage and depository services providing for the opening and operation of a personal investment account; Send suggestions for the document Listen to audio Get a reference from a document element personal investment account (PIA) — an account opened by the investment intermediary for accounting for the client's securities and funds for the purpose of complying with the requirements of this Regulation. Send suggestions for the document Listen to audio Get a reference from a document element II. Procedure for Opening a Personal Investment Account Send suggestions for the document Listen to audio Get a reference from a document element
3. A PIA is opened and operated by the investment intermediary on the basis of a contract concluded with the client. Send suggestions for the document Listen to audio Get a reference from a document element
4. The client has the right to have only one PIA that accepts contributions. Send suggestions for the document Listen to audio Get a reference from a document element
5. To open a PIA, the client submits an application to the investment intermediary indicating the individual's personal identification number (IPN), telephone number, and email address, and attaches a copy of the document confirming identity. The investment intermediary has the right to request additional information if required by legislative requirements or to comply with internal regulations. Send suggestions for the document Listen to audio Get a reference from a document element
6. A PIA is opened by the investment intermediary no later than five business days from the date of receipt of the client's corresponding application. Send suggestions for the document Listen to audio Get a reference from a document element The investment intermediary has the right to remotely identify the client and open a PIA using electronic document management tools. Send suggestions for the document Listen to audio Get a reference from a document element
7. The client has the right to open a new PIA with another investment intermediary provided that the following conditions are met: Send suggestions for the document Listen to audio Get a reference from a document element the PIA previously opened with another investment intermediary must be closed within ten business days from the date of opening the new PIA; Send suggestions for the document Listen to audio Get a reference from a document element the client's securities and/or funds are transferred from the previous PIA to the new one within the aforementioned ten-day period. In this case, the transfer of securities and/or funds to the newly opened PIA is not considered a violation of the established limit for the introduction of funds over a certain period; Send suggestions for the document Listen to audio Get a reference from a document element the client submits a certificate to the investment intermediary opening the new PIA containing information on the dates and amounts of funds deposited and funds directed to the purchase of securities from the investment intermediary closing the PIA. Send suggestions for the document Listen to audio Get a reference from a document element
8. The investment intermediary closing the PIA must, at the client's request, provide a certificate containing information on the dates and amounts of funds deposited and funds directed to the purchase of securities within five business days, in a form that allows the correct calculation of tax benefits applicable to the client's PIA for another investment intermediary. Send suggestions for the document Listen to audio Get a reference from a document element
9. A PIA is opened, operated, and closed in accordance with the requirements of legislative acts regulating the maintenance of accounts for accounting for rights to securities and the submission of reports. Send suggestions for the document Listen to audio Get a reference from a document element III. Procedure for Accounting for Funds in a Personal Investment Account Send suggestions for the document Listen to audio Get a reference from a document element
10. The investment intermediary accounts for contributions deposited into the PIA during the tax period (calendar year). Send suggestions for the document Listen to audio Get a reference from a document element
11. Contributions to the PIA are made only in the national currency of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get a reference from a document element
12. The total amount of funds directed to the PIA during one tax period must not exceed one hundred times the minimum wage. In this case, the amount of funds transferred to the PIA during one calendar month must not exceed twenty times the minimum wage. Send suggestions for the document Listen to audio Get a reference from a document element
13. If excess funds arrive at the PIA exceeding the established limit contribution amount, the excess sum must be returned to the account from which the funds arrived no later than five business days from the date the funds arrived. Send suggestions for the document Listen to audio Get a reference from a document element
14. Dividends and/or coupon payments received on securities accounted for in the PIA are directed to another account opened by the client with the investment intermediary (if available) or to a bank account based on the client's instruction. Send suggestions for the document Listen to audio Get a reference from a document element
15. Funds deposited into the PIA can only be used to purchase securities issued within the territory of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get a reference from a document element
16. The amount of contributions accounted for in the PIA is exempt from individual income tax if it is kept in the PIA for at least twelve months from the date of its first arrival and used to purchase securities. Send suggestions for the document Listen to audio Get a reference from a document element When securities and/or funds are transferred to a new PIA opened with another investment intermediary, the date of the arrival of the first contribution to the client's first opened PIA is considered the date of the first arrival of funds. Send suggestions for the document Listen to audio Get a reference from a document element
17. The client has the right to entrust the management of the PIA to a trustee of investment assets in the manner established by legislation. Send suggestions for the document Listen to audio Get a reference from a document element IV. Procedure for Closing a Personal Investment Account Send suggestions for the document Listen to audio Get a reference from a document element
18. The client has the right to close the PIA at any time and demand the return of deposited funds and/or securities therein by submitting an application to the investment intermediary to close the account, including remotely. Send suggestions for the document Listen to audio Get a reference from a document element
19. If funds and/or securities are withdrawn from the PIA at the client's initiative before twelve months have passed from the date the funds were first transferred to the PIA, tax is levied on the deposited funds — individual income tax is withheld from them in the manner established by legislation, except for cases where funds and/or securities are transferred to a new PIA. Send suggestions for the document Listen to audio Get a reference from a document element
20. If the PIA is closed before twelve months have passed from the date the funds were first transferred to the PIA at the initiative of the investment intermediary, the client does not incur tax obligations. In this case, the investment intermediary must transfer the funds and/or securities in the client's account to a PIA opened with another investment intermediary or to the corresponding account in the Central Depository in the manner established by legislation. Send suggestions for the document Listen to audio Get a reference from a document element
21. Withdrawal of funds and/or securities from the PIA is permitted only simultaneously with its closure. Partial withdrawal of funds and/or securities from the PIA is not permitted. Send suggestions for the document Listen to audio Get a reference from a document element The PIA can only be closed after all securities therein are sold or transferred to another PIA or another account based on the client's instruction. Send suggestions for the document Listen to audio Get a reference from a document element
22. If there is no possibility to fully sell the securities in the PIA, the unsold part of these securities must be transferred to the account specified in the client's instruction no later than five business days. Send suggestions for the document Listen to audio Get a reference from a document element
23. The investment intermediary calculates and withholds taxes arising from the closure of the PIA in accordance with current legislation. Withheld tax amounts must be transferred to the budget no later than five business days from the date the PIA is closed. After taxes are withheld, the remaining funds are transferred to the account specified by the client. Send suggestions for the document Listen to audio Get a reference from a document element
24. If the PIA is closed before twelve months have passed from the date the funds were first transferred to the PIA (except for cases of closure due to transfer of funds and/or securities to another PIA), the investment intermediary calculates the amount of individual income tax payable in connection with this closure. Send suggestions for the document Listen to audio Get a reference from a document element If the balance of funds in the PIA at the time of tax payment does not cover the client's arising tax obligation, withdrawal of funds and/or securities from this PIA is not permitted. Send suggestions for the document Listen to audio Get a reference from a document element
25. In cases where the client's funds are withdrawn from the PIA after twelve months have passed from the date the funds were first transferred to the PIA, the investment intermediary determines the difference between the sum of contributions deposited into the PIA for the period passed and the sum of funds directed to the purchase of securities from the PIA (including the sum of intermediary payments paid by the client in the purchase of securities). Send suggestions for the document Listen to audio Get a reference from a document element If the sum of contributions deposited into the PIA exceeds the sum of funds directed to the purchase of securities (including the sum of intermediary payments paid by the client in the purchase of securities), this excess sum is subject to individual income tax when withdrawn from the PIA. Send suggestions for the document Listen to audio Get a reference from a document element
26. The investment intermediary must close the PIA within ten business days from the date of receipt of the corresponding application from the client. Send suggestions for the document Listen to audio Get a reference from a document element V. Final Provisions Send suggestions for the document Listen to audio Get a reference from a document element
27. The investment intermediary submits a report in electronic form to the tax authorities on a monthly basis regarding tax obligations arising from the closure of PIAs by clients, in the manner established by the State Tax Committee of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get a reference from a document element
28. Investment intermediaries and trustees of investment assets must provide information on the status of the client's securities and funds in the PIA upon the client's request. Send suggestions for the document Listen to audio Get a reference from a document element
29. Disclosure of information related to the PIA is carried out in the manner established by the legislation of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get a reference from a document element
30. Persons guilty of violating the requirements of this Regulation are held liable in accordance with the legislative acts of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get a reference from a document element
31. Issues not regulated by this Regulation are resolved in accordance with the legislative acts of the Republic of Uzbekistan on the securities market and other normative legal acts applicable to the activity of investment intermediaries. (Attachment in the edition of the Decree of the President of the Republic of Uzbekistan No. PF-65 dated April 17, 2026) (National Database of Legislative Information, June 15, 2024, No. 09/24/331/0421)