of May 17, 2019 No. 414
About approval of the Regulations on activities of investment and managing companies
In pursuance of the Presidential decree of the Republic of Uzbekistan of November 24, 2018 the No. UP-5583 "About Additional Measures for Enhancement of Funding Mechanisms for Projects in the field of Entrepreneurship and Innovations" Cabinet of Ministers decides:
1. Approve Regulations on activities of investment and managing companies according to appendix.
2. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan concerning investments and foreign economic relations E. M. Ganiyev and the minister of innovative development of the Republic of Uzbekistan I. Yu. Abdurakhmonov.
Prime Minister of the Republic of Uzbekistan
to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of May 17, 2019 No. 414
1. This Provision determines the purposes, tasks, functions, criterion, type of activity and procedure of monitoring of investment and managing companies, including when implementing venture funding, and also governs their relations.
2. In this Provision the following basic concepts are used:
investment company - the commercial organization which performs the activities connected with forming and accumulation of the money of skilled investors raised by managing company for their further attachment in innovative and other perspective projects;
managing company - the commercial organization exercising control of investment contribution of investment company according to the agreement signed between them;
venture fund - the investment company which is under control of managing company, intended for investment of the accumulated money only in highly risk venture projects;
skilled investors - legal entities and physical persons, including the foreign, made in investment companies investment contributions in the form of money in the amount of at least 500 million sum in national currency and/or in foreign currency in equivalent at the rate of the Central bank of the Republic of Uzbekistan for date of contributing;
investment deposits - the money given by the skilled investor of investment company for implementation of investing activities and which are not contribution to the authorized capital of investment company;
venture projects with high degree of risks - the projects bearing in themselves commercial nature with long-term receipt of expected profit, being, as a rule, at the initial stage of development or at stage of expansion of activities in which there is high probability of losses of financial resources;
innovative activities - the activities directed to creation and use of intellectual product, bringing the original ideas to their realization in the form of goods and services and also the organization of effective requirements satisfaction in these goods and services.
3. Activities of investment companies are not subject to licensing.
4. Investment companies shall be created only for implementation of the activities connected with forming and accumulation of money of skilled investors for their further attachment in commercial projects.
5. Criteria for evaluation of efficiency of investment companies are:
increase in profit;
ensuring financial balance of the organization in the course of its functioning and development;
providing the most effective ways of realization of investment strategy;
maximization of welfare of owners of the organization in the current and perspective periods.
6. Tasks of investment company are:
analysis and forecasting of development of the investment market;
development of strategic directions of investing activities and forming of investment (financial) resources of the organization;
assessment of investment appeal of investment projects, separate financial instruments and selection of the most effective of them;
forming of investment portfolio and its assessment by criteria of profitability, risk and liquidity;
routine planning and management of realization of separate investing programs and projects;
preparation of decisions on the timely termination (exit) of implementation of inefficient investment projects (sale of separate financial instruments) and reinvestment of the capital.
7. The investment company shall organize annually carrying out external audit according to the procedure, determined by its constituent document and the legislation of the Republic of Uzbekistan.
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