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Ministry of Justice

Republic of Uzbekistan

On December 23, 2008 No. 1883

RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of November 22, 2008 No. 26/6

About approval of the Regulations on procedure for accreditation of representative offices of banks of foreign states in the territory of the Republic of Uzbekistan

(as amended on 06-01-2022)

According to Articles 7, "About the Central bank of the Republic of Uzbekistan" the Board of the Central bank of the Republic of Uzbekistan decides 9 and 17 Laws of the Republic of Uzbekistan:

1. Approve Regulations on procedure for accreditation of representative offices of banks of foreign states in the territory of the Republic of Uzbekistan according to appendix.

2. From the date of entry into force of this resolution to declare invalid the minutes of the Board of Directors of the Central bank of July 20, 1996 No. 20 "About approval of the Regulations on procedure for opening, registration and accreditation of representative offices of foreign banks in the territory of the Republic of Uzbekistan" (reg. N 598 of January 16, 1999).

3. Enact this resolution after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Chairman of the Central bank

F.Mullazhanov

 

Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of November 22, 2008 No. 26/6

Regulations on procedure for accreditation of representative offices of banks of foreign states in the territory of the Republic of Uzbekistan

This Provision according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity" and "About currency control" determines procedure for accreditation of representative offices of foreign banks in the territory of the Republic of Uzbekistan.

I. General provisions

1. In this Provision the following determinations are used:

bank of foreign state (further - Bank) - the Bank registered in the territory of foreign state and having the license for implementation of banking activity granted by banking supervisor authority in the location and registration;

representative office of foreign bank (further - Representation) - the separate division of foreign bank located in the territory of the Republic of Uzbekistan, having the certificate of the Central bank of the Republic of Uzbekistan on its accreditation in the territory of the Republic of Uzbekistan and representing the interests of bank without the right of implementation of banking and other business activity;

accreditation of Representation - issue of foreign state of permission of the Central bank of the Republic of Uzbekistan to bank to opening and implementation of activities of Representation in the territory of the Republic of Uzbekistan;

the certificate on accreditation (further - the Certificate) - the written instrument certifying accreditation of Representation by the Central bank of the Republic of Uzbekistan;

2. The representation is created by Bank for the purpose of studying of economic situation and condition in the bank sphere of the Republic of Uzbekistan, consultation, representation of interests of Bank in the Republic of Uzbekistan, strengthening and extension of contacts with credit institutions, and also developments of international cooperation.

II. Procedure for opening and accreditation of representative office of bank

3. Central Bank of the Republic of Uzbekistan considers question of accreditation in the Republic of Uzbekistan of Representative office of Bank in case of submission of the statement by Bank. Necessary conditions at the same time are implementation of activities by Bank in the country at least five years, availability at Bank of positive reputation in bank system and strong financial position, and these data shall be confirmed with banking supervisor authority of the country where this Bank is registered.

4. Ceased to be valid according to the Resolution of Board of the Central bank of the Republic of Uzbekistan of 06.01.2022 No. 31/8

5. For opening of the representation in the territory of the Republic of Uzbekistan the Bank submits the following documents to the Central bank of the Republic of Uzbekistan:

a) the statement addressed to the Chairman of the Central bank of the Republic of Uzbekistan in whom the following data are reflected:

reasons for need of creation of representation;

expected program of activities;

detailed data on business and other connections with banks of the Republic of Uzbekistan, on contracts and agreements for which realization assistance of Representation is provided;

prospects of development of cooperation;

person, authorized to run business from bank name;

b) the decision of Bank on opening of Representation in the territory of the Republic of Uzbekistan;

c) charter of Bank;

d) the registration certificate of Bank or the statement from the register of banks;

e) the consent of monitoring body of the country where the Bank, on opening of Representation is registered;

e) annual statements of Bank, including composite balance sheets of Bank, and also the profit and loss statement confirmed with auditing firm in three last financial years;

g) the power of attorney issued by authority of Bank on negotiating concerning opening of Representation;

h) the certificate of Bank containing data on structure of governing bodies of Bank;

i) the regulations on Representation approved by authority of bank;

j) the lease of the room or the guaranty letter of the owner of the room about its provision under office of Representation (with indication of conditions and lease terms).

Documents are submitted in duplicate with the notarized translation into official language.

6. If separate of  the documents specified in Item 5 of this provision the Bank countries are not stipulated by the legislation, then the Bank represents to the Central bank of the Republic of Uzbekistan confirmation of this circumstance by authority of the country where the Bank, or its diplomatic representation in the Republic of Uzbekistan is founded.

7. For accreditation of Representation the payment is not levied.

8. To the banks registered in offshore zones, opening of Representation in the Republic of Uzbekistan is forbidden.

9. Central Bank of the Republic of Uzbekistan makes the decision on accreditation (prolongation of effective period of accreditation or refusal of accreditation) within one month from the moment of reception of an application and the documents attached to it.

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