ORDER OF THE DIRECTOR OF THE NATIONAL AGENCY OF PERSPECTIVE PROJECTS OF THE REPUBLIC OF UZBEKISTAN

of December 26, 2023 No. 104

About approval of the Regulations on procedure for provision of special legal regime "Regulatory sandbox" in the capital market sphere

According to resolutions of the President of the Republic of Uzbekistan of July 27, 2017 "About the organization of activities of the National agency of perspective projects of the Republic of Uzbekistan" and of September 2, 2023 No. PP-291 "About additional measures for market development of the capital" I order to No. PP-3150:

1. Approve Regulations on procedure for provision of special legal regime "Regulatory sandbox" in the capital market sphere according to appendix.

2. This order becomes effective from the date of its official publication.

Appendix

to the Order of the director of the National agency of perspective projects of December 26, 2023 No. 104

Regulations on procedure for provision of special legal regime "Regulatory sandbox" in the capital market sphere

This Provision determines procedure for provision of special legal regime "Regulatory sandbox" in the capital market sphere (further - the special mode), registration of participants of the special mode and implementation of monitoring of their activities, deprivation of participant status of the special mode, and also maintaining the register of participants of the special mode.

Chapter 1. Basic provisions

1. In this Provision the following basic concepts are applied:

the applicant - the legal entity registered in acknowledged foreign jurisdiction, filing petition for passing of registration as the participant of the special mode;

custodian - the financial organization, including bank operating abroad as the professional participant of the security market, performing accounting of financial instruments and money of clients, confirming the rights to them, assuming liabilities on storage of financial instruments of clients;

the special mode - creation of special organization-legal conditions for the legal entities implementing financial instruments, procedures and mechanisms in the capital market sphere;

the participant of the special mode - the legal entity registered in acknowledged foreign jurisdiction, who was registered by quality of the participant of the special mode;

the register of participants of the special mode (further - the register) - public information resource in which the information about the registered participants of the special mode is displayed;

the account omnibus - type of the foreign nominal account opened by the foreign nominee holder in Central Securities Depository of the Republic of Uzbekistan or in depositary system of JSC Uzbek Republican Currency Exchange (further - JSC UZRVB) on which the quantity and cost of the securities belonging to all foreign beneficial owners and (or) foreign nominee holders are considered in total;

acknowledged foreign jurisdiction - the foreign jurisdiction recognized by authorized state body on regulation of the security market of the Republic of Uzbekistan;

foreign authorized state body on regulation of the security market - authorized state body on regulation of the security market of acknowledged foreign jurisdiction;

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