LAW OF THE REPUBLIC OF UZBEKISTAN

of July 13, 2026 No. ZRU-1158

About the Tashkent international financial center

Accepted by Legislative house on July 1, 2026

Approved by the Senate on July 9, 2026

Article 1. Purpose of this Constitutional Law

The purpose of this Constitutional Law is determination of the status of the Tashkent international financial center (further - Financial center) as the allocated isolated territory and the special legal regime operating on its territories, and also regulation of the relations in the field of activities of Financial center.

Article 2. Basic concepts

In this Constitutional Law the following basic concepts are applied:

identification number - the unique number assigned to persons of Financial center for the purpose of accounting and storage of information about them;

activities of infrastructure of the financial market - the services provided in parts two of article 7 of this Constitutional Law, and also other services which can be determined by the decision of Financial center as activities of infrastructure of the financial market;

members of Financial center - the persons registered or founded according to the decision of Financial center, or recognized by Financial center;

the decision of Financial center which is important - any decision of Financial center entering new obligations, restrictions or requirements for persons of Financial center, entering the charges, penalties or other payments applied in Financial center, or significantly increasing their size, making essential changes to the operating regulation mode applied to members of Financial center, or concerning management, structure or powers of body of Financial center;

financial services - the regulated financial services, the activities of infrastructure of the financial market and activities connected with digital assets, provided in the article 7 of this Constitutional Law and also set of other activities and services which can be determined by decisions of Financial center as financial services;

the employee of Financial center - the physical person employed as the member of Financial center or body of Financial center or sent to their order for service based on the employment contract or other agreement equated to it in connection with activities in Financial center;

persons of Financial center - bodies of Financial center, and also members of Financial center, employees, investment tax residents and members of their families;

the decision of Financial center - the regulation adopted within the powers by the body of Financial center specified in Article part one 22 presents of the Constitutional Law, and having the legal force and legal act as a result of publication in accordance with the established procedure;

family members - the spouse (a) and children who did not reach 18 years, the participant, the employee or the investment tax resident of Financial center;

the activities connected with digital assets - the services provided in parts three of article 7 of this Constitutional Law, and also other services which can be determined by the decision of Financial center as the activities connected with digital assets;

stock exchange - the multilateral system managed based on the license granted according to decisions of Financial center, combining or promoting combination of interests of the several third parties on purchase and sale of financial instruments according to not discretionary rules and bringing in result to the conclusion of the agreement.

Article 3. Financial center, its purpose and tasks

The financial center is the territory on which the special legal regime established by this Constitutional Law which initial borders are determined by the presidential decree of the Republic of Uzbekistan accepted in connection with creation of Financial center acts.

After determination of initial territorial borders of Financial center and the beginning of activities of Financial center in this territory reducing borders of this territory is not allowed.

The president of the Republic of Uzbekistan can expand with the decree the territory of Financial center or make the specifying changes to its borders.

In cases if that is required by context, the term the Financial center includes the legal, regulating and institutional system created based on this Constitutional Law and (or) bodies of Financial center.

The purpose of Financial center is the transformation into the leading international financial center directed to introduction of effective contribution to the sector of the international financial services and support of sustainable development, diversification of economy of the Republic of Uzbekistan, and also its competitiveness on the international scene.

Bodies of Financial center have the powers and rights established by this Constitutional Law, decisions of Financial center and, in some cases, acts of the legislation of the Republic of Uzbekistan.

The financial center is created and controlled taking into account the best practice of the leading international financial centers for the purpose of ensuring legal definiteness, predictability of regulation, independence of court, and also attraction and investor protection.

Tasks of Financial center are:

attraction of local and foreign investments in economy of the Republic of Uzbekistan, including in national strategic projects, infrastructure, power, projects of public-private partnership and joint investment projects by creation of the attractive, competitive and transparent circle for financial services, and also expansion of opportunities of use of these financial services;

razvileniye of the security markets and other capital markets in the Republic of Uzbekistan, and also stimulation of their integration with the international markets of the capital;

development and diversification of financial services, including banking services, insurance, Islamic and not Islamic financial activities, financial technologies, digital assets based on technologies of other financial products and services in limits, permitted by decisions of Financial center, electronic commerce, and also other types of innovative financial activities;

stimulation of innovations in financial and professional services according to internationally acknowledged best practicians, including with involvement of foreign suppliers of financial services and investment tax residents of Financial center;

achievement of recognition of Financial center as the international financial center and promotion of the Republic of Uzbekistan as the advanced international financial jurisdiction based on the principles of efficiency, openness and honesty;

participation in realization of perspectives of economic growth of the Republic of Uzbekistan;

development and diversification of economy of the Republic of Uzbekistan by introduction of effective contribution to financial services and the accompanying activities, and also increase in share of the sector of financial services and the accompanying activities in gross domestic product of the Republic of Uzbekistan;

promotion of Financial center, and by that Republic of Uzbekistan, as international center for the dispute resolution and conciliation.

By decisions of Financial center also other tasks answering the purpose of Financial center can be determined.

Article 4. Basic principles of activities of Financial center

Activities of Financial center and his faces are based on application of international standards and the best the practician, in particular, is performed on the basis of the following principles:

efficiency;

transparency;

honesty;

professionalism.

Regulation of activities of Financial center, and also solidarity and cooperation between bodies of Financial center and other public authorities and executive bodies are performed with respect and preserving independence, is more whole than Financial center and its bodies, and also their proper functioning.

Article 5. Members of Financial center and the activities performed in Financial center

Requirements and procedures of recognition of persons as members of Financial center, and also requirements imposed to organization, registration of legal entities in the territory of Financial center and to their forms of business, and procedures connected with it are determined by the decision of council of Financial center. Licensing of financial services, support services and other permitted types of activity is regulated by the article 7 of this Constitutional Law, and also decisions of Financial center made according to it. The documents accepted by Management of financial services are applied to the questions concerning the financial services and support services regulated by Management of financial services according to decisions of Financial center in addition.

Legal entities irrespective of whether they are created according to foreign law, the legislation of the Republic of Uzbekistan or decisions of Financial center, can correspond to criteria of members of Financial center, to be recognized and registered on condition of observance of the requirements applied to recognition and registration as members of Financial center.

The identification numbers issued to members of Financial center, employees, investment tax residents and members of their families are recognized and applied in all territory of the Republic of Uzbekistan in the same order, as the identification numbers issued according to other acts of the legislation of the Republic of Uzbekistan.

Procedures of issue, maintaining and use of identification numbers, including creation of the register of the corresponding identification numbers and its functioning, are determined by administration of Financial center.

Release, the offer, listing, trade, purchase, repayment and other security circulation and other financial instruments in the territory of Financial center are regulated by the solution of Management of financial services.

In case of passing of listing or exposure to the biddings of securities or other financial instruments on the stock exchange, rules of listing and the biddings of this stock exchange with preserving special powers of Management of financial services in supervision and regulation are in addition applied.

Concerning members of Financial center, employees, investment tax residents and members of their families performing business activity in the territory of the Republic of Uzbekistan, but outside the territory of Financial center, the legislation and regulatory requirements of the Republic of Uzbekistan relating to this type of activity are applied. Criteria and procedures of belonging of these activities to the territory of Financial center or to other territory of the Republic of Uzbekistan are determined by the decisions of administration of Financial center made in coordination with the Ministry of Economics and finance of the Republic of Uzbekistan.

Members of Financial center can offer and advance the products and services to persons in the Republic of Uzbekistan which are outside the territory of Financial center in the following cases if:

any regulated financial services which are offered, implemented by means of marketing or go to the persons outside the territory of Financial center, correspond to the legislation of the Republic of Uzbekistan on financial services, securities, taxes and other applicable legislation;

members of Financial center do not perform retail services to persons in the Republic of Uzbekistan which are outside the territory of Financial center by means of the public offer, except for other cases established by the legislation of the Republic of Uzbekistan for this agreement type of the offer.

Management of financial services together with the Central bank of the Republic of Uzbekistan or other authorized state body can determine the procedures concerning conditions of rendering financial services by members of Financial center to the residents of the Republic of Uzbekistan which are outside the territory of Financial center.

Equal opportunities for the members of Financial center performing activities according to decisions of Financial center with persons having the license for rendering this type of service according to other legislation of the Republic of Uzbekistan shall be provided in any procedure developed according to part nine of this Article.

Article 6. Protection of investments, property and property right

Confiscation, nationalization, expropriation, the sequester, freezing or any restriction of ownership or the free order of the means, assets, property and the rights of bodies of Financial center, participants, employees, investment tax residents and members of their families which are in the territory of Financial center or created according to decisions of Financial center are not allowed, except for the final and binding decisions or the determinations of the Tashkent international commercial court which are taken out according to this Constitutional Law and decisions of Financial center, or the restrictions accepted according to current laws or decisions of Financial center concerning counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction, application of sanctions criminal income or insolvency (bankruptcy).

Any measures taken according to this Article shall be performed legally, in proportion, with observance of the corresponding procedural guarantees and can be reviewed judicially according to this Constitutional Law and decisions of Financial center.

The measures of protection established in this Article cannot be belittled or limited to any act of public authority or executive body of the Republic of Uzbekistan outside the territory of Financial center, and any act providing such derogation or restriction regarding such derogation or restriction will not have legal force and is not subject to application in the territory of Financial center.

Article 7. Financial services and other permitted activities

According to this Constitutional Law, decisions of Financial center, and also conditions of any corresponding license, registration or release from them, members of Financial center can perform in the territory of Financial center or through it one or several of the following regulated financial services:

banking and financial activities, including services and activities for financing, short-term, mid-term and long-term secure and unsecured financing, and also services relating to the credit including the organization, provision, mediation or consultation on agreements on credit products, credit lines and funding mechanisms;

investing activities, including implementation of investing activities as the principal or the agent, commercial, investment and banking services, activities of finance and investment companies, wholesale trade and electronic banking activity, and also investment management, implementation of transactions with them and the organization of investment transactions;

acceptance of deposits from the third parties, opening and maintaining all types of bank accounts according to this Constitutional Law and acts of Financial center;

trade in financial instruments, currencies, goods, metals and derivative (derivative) financial instruments, and also the conclusion of transactions on them, including implementation of transactions on margin trading, spot - and to forward contracts, futures, options, and also short sales in the limits permitted by Management of financial services;

implementation of financial and broker activities in the money market, including prime brokerage;

conducting market-meykersky activities by provision of offers on sale and purchase for all currency types, goods, metals, financial instruments, bonds, сукук and derivative (derivative) financial instruments;

implementation of money transfers, rendering payment services and services in currency exchange;

implementation of Islamic finance, Islamic banking services and related activities;

organization, creation, ensuring functioning, management and marketing of investment funds, investment portfolios, schemes of collective investment, the pension funds, hedge funds, trusts and fiducial structures, and also rendering services in management of the related assets, including activities as the trustee or the fiducial managing director of such assets;

project financing and provision of the capital for the companies and other organizations;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info