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The document ceased to be valid since  September 1, 2020 according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of August 10, 2020 No. 472

RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of March 10, 2014 No. 56

About approval of Regulations on procedure for passing by subjects of entrepreneurship of allowing procedures in the sphere of banking

(as amended on 10-08-2019)

 According to the Law of the Republic of Uzbekistan "About allowing procedures in the sphere of business activity" and the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of August 15, 2013 No. 225 "About measures for implementation of the Law of the Republic of Uzbekistan "About allowing procedures in the sphere of business activity", for the purpose of establishment of single procedure for passing of allowing procedures by subjects of entrepreneurship in the sphere of banking the Cabinet of Ministers decides:

1. Approve:

Regulations on procedure for passing of allowing procedures in the sphere of banking activity according to appendix No. 1;

Regulations on allowing procedures in case of issue of the certificate on the right of carrying out audit inspections in banks according to appendix No. 2;

Regulations on procedure for issue of permissions to opening by legal resident persons of accounts abroad according to appendix No. 3;

Regulations on procedure for issue of import permits and export of cash foreign and (or) national currency by authorized banks according to appendix No. 4;

Regulations on procedure for issue of the conclusion about compliance of the room, the equipment, cash node and equipment program technical means to requirements of the Central bank according to appendix No. 5;

No. 884 is excluded according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 29.10.2018

2. To the ministries and departments to bring the regulatory legal acts adopted by them into accord with this resolution in a month.

3. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan R.S.Azimov and the chairman of the Central bank of the Republic of Uzbekistan F.M.Mullazhanov.

Prime Minister of the Republic of Uzbekistan

Shavkat Mirziyoyev

Appendix No. 1

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 10, 2014 No. 56

Regulations on procedure for passing of allowing procedures in the sphere of banking activity

I. General provisions

1. 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", "About the security market" and "About allowing procedures in the sphere of business activity" determines procedure for passing of allowing procedures in the sphere of banking activity in the territory of the Republic of Uzbekistan.

The document of allowing nature is issued according to the scheme according to appendix No. 1 to this Provision.

2. Documents of allowing nature in the sphere of banking activity are issued by the Central bank of the Republic of Uzbekistan (further - the Central bank) according to the procedure determined by this Provision in the form of letters in forms according to appendices No. No. 2-8 to this Provision for making and (or) implementation of the following actions and (or) activities:

acquisition more than twenty percent of shares of bank;

share acquisition of resident banks of the Republic of Uzbekistan;

reorganization of bank;

voluntary liquidation of bank;

purchase of own shares by banks;

registration of bank branch;

opening by banks of subsidiary banks, the branches and representations, participation in creation of banks abroad.

II. Basic concepts

3. In this Provision the following basic concepts are used:

the applicant - the legal entity or physical person submitting documents for receipt of the documents of allowing nature in the sphere of banking activity provided by this Provision;

documents of allowing nature - the permissions issued by the Central bank for implementation of procedures in the sphere of banking activity, stipulated in Item 2 this provision;

the first-class foreign bank - foreign bank to which short-term obligations on classification of rating agencies of "Moody" of s", "Fitch Ratings" or "Standard & Poor" of s" is assigned score not below AA, prime-1.

4. The documents of allowing nature provided by this Provision are issued without restriction of effective period.

III. Consideration of the application and decision making about issue of documents of allowing nature or about refusal in their issue

5. The documents necessary for receipt of documents of allowing nature are represented by the applicant to the Central bank directly, through means of mail service or electronically with the notification on their obtaining. The documents submitted electronically are confirmed by the digital signature of the applicant.

The e-mail address of the applicant can be specified in the statement for issue of the document of allowing nature. Instruction in the statement for issue of the document of allowing nature of the e-mail address of the applicant is its consent to receipt of the notification on the made decision according to its statement electronically through information system.

6. The documents submitted to the Central bank for receipt of documents of allowing nature are accepted according to the inventory which is without delay issued (goes) to the applicant with mark about date of documents acceptance by the Central bank.

7. Central Bank considers the application for issue of documents of allowing nature, issues or refuses their issue in time, not exceeding thirty working days from the date of documents acceptance provided in Items 22, of 29, of 34, of 38, 41 and 44 this provision. For consideration of the application about issue of documents of allowing nature by the Central bank collection is not levied.

The requirement from the applicant of submission of the documents which are not provided in Items 22, of 29, of 34, of 38, 41 and 44 this provision is not allowed.

Central Bank provides on a grant basis on oral or written, including directed in the form of the electronic document, to request of applicants the complete information and qualified consultations (explanations) concerning allowing procedures in the sphere of banking activity.

8. If the Central bank during the term of consideration of the application of the applicant about issue of documents of allowing nature, issue or refusal in their issue does not issue to the applicant documents of allowing nature or does not refuse their issue, then after term, stipulated in Item 7th this provision, the applicant has the right to make action and (or) to perform certain activities, for making and (or) implementation of which he intended to receive documents of allowing nature, having in writing notified on it the Central bank.

In case, the provided in paragraph one of this Item, the Central bank within five working days on receipt of the written notice of the applicant shall issue it documents of allowing nature. Before receipt of documents of allowing nature the inventory of the submitted documents with mark on date of their acceptance and the written notice sent by the applicant to the Central bank are equated to documents of allowing nature and are the basis for making of such action and (or) implementation of such activities.

9. Central Bank shall issue (to direct) to the applicant the document of allowing nature or to notify him in writing including electronically through information system on refusal in issue of such document no later than one working day from acceptance date of the relevant decision.

For issue of documents of allowing nature by the Central bank collection is not levied.

10. Issue of documents of allowing nature it can be refused on the following bases:

submission of the documents by the applicant necessary for issue of documents of allowing nature, not in full;

discrepancy of the applicant to allowing requirements and conditions;

availability in the documents submitted by the applicant, the doubtful or distorted data.

The refusal in issue of the document of allowing nature on other bases, including based on inexpediency, is not allowed.

11. In case of adoption by the Central bank of the decision on refusal in issue of documents of allowing nature the notification on refusal goes (is handed) to the license applicant in writing, including electronically through information system, with indication of causes of failure of specific regulations of the legislation and term during which the applicant, having removed the specified causes, can submit documents for de novo review. The term during which the applicant has the right to remove causes of failure and to submit documents for de novo review, there cannot be less than ten working days from the date of receipt of the written or electronic notice of refusal in issue of documents of allowing nature.

12. In case of elimination by the applicant of the reasons which formed the basis for refusal in issue of documents of allowing nature, at the scheduled time de novo review of documents, issue of documents of allowing nature or refusal in their issue are performed by the Central bank in time, not exceeding ten working days from the date of receipt of the statement of the applicant for elimination of the causes of failure and the relevant documents certifying elimination of causes of failure.

For de novo review of the statement collection is not levied.

13. In case of de novo review of documents reduction from the Central bank of the causes of failure which are earlier not stated in writing including electronically through information system to the applicant, except for reductions of the causes of failure connected with the documents certifying elimination of earlier specified reasons is not allowed.

14. The application submitted by the applicant after the term specified in the written or electronic notice of refusal in issue of documents of allowing nature is considered again given and is considered by the Central bank in accordance with general practice.

15. The applicant has the right to appeal in accordance with the established procedure refusal in issue of documents of allowing nature, and also action (failure to act) of the official of the Central bank.

16. The financial condition of the applicant can be acknowledged unsatisfactory if one of the following facts is revealed at least:

liabilities of the applicant or person, related the agreement or controlling its property or controlled by it, exceed their assets and/or can represent significant risk for financial stability of bank;

the facts which are specified possibility of financial danger to bank as a result of expected share acquisition by this person.

17. Person is considered not having faultless goodwill if one of the following facts is known at least:

person was the head, the member of council or the large shareholder (participant) of the bankrupt legal entity earlier and the facts showing that actions of this person were the considerable factor which resulted in bankruptcy are authentically known;

person in the activities showed the malmanagement and dishonest business management which led to real threat to interests of investors and creditors.

18. If the applicant is legal entity, the requirements specified in Item 17 of this provision are applied to each member of council, boards or to the large participant (shareholder) - physical person of the applicant.

IV. Procedure for issue of prior consent of the Central bank to acquisition more than twenty percent of shares of bank

19. Legal entities or physical persons or group of the legal entities and physical persons connected among themselves by the agreement or controlling property of each other and also persons listed in Item 26 of this provision (further - the applicant), in case of acquisition as a result of one or several transactions more than twenty percent of shares of bank shall receive prior consent of the Central bank.

20. The share of one shareholder or group of the connected shareholders in the authorized capital of commercial bank (except share of the state) cannot exceed 25 percent from the general size of the authorized capital (except for banks with participation of the foreign capital and private banks).

21. To the allowing requirements and conditions obligatory for receipt of prior consent to acquisition more than twenty percent of shares of bank (further - prior consent), belong:

satisfactory financial position of the applicant or person, related the agreement or controlling its property or controlled by it;

availability of faultless goodwill.

22. For receipt of prior consent the applicant represents to the Central bank:

a) the statement for issue of prior consent in form according to appendix No. 9 to this Provision;

b) for applicants - physical persons:

the detailed information about professional activity and qualification, including names of all organizations in which this person worked (works) or in which was (is) large shareholder (participant), and the description performed (performed) it activities, in particular, information on the questions entering its competence, field of activity which he directed (directs);

tax declarations in the last two years (except for physical resident persons who take part in the authorized capital of private bank institutes);

the information about the connected persons containing the following:

information about relatives (spouse (a), parents, children, brothers, sisters);

information about legal entities which activities this physical person in connection with participation in their authorized fund or otherwise can influence, in particular:

name, location (postal address), form of business, phone number and payment details, identification taxpayer number;

information about founders;

data on financial condition (including data on the issued bonds, the obtained credits and bank guarantees);

staff of governing bodies;

information about legal entities which activities close relatives of this physical person in connection with participation in their authorized fund or otherwise can influence, including:

name, location (postal address), form of business, phone number and payment details, identification taxpayer number;

c) for applicants - legal entities:

departmental accessory, phone number, payment details and identification taxpayer number of each participant participating in its authorized fund, share which is owned by such person, in percentage terms;

if the large shareholder (participant) is physical person, then the data specified in the subitem "b" of this Item are represented;

the data specified in the subitem "b" of this Item for members of council and government of the legal entity;

balance statements in the last two years, including on two last reporting dates certified by bodies of the State Tax Service and confirmed with auditing organization;

d) the information specified in subitems "a", "b" and "v" of this Item, about other persons, related the agreement or controlling its property or controlled by it;

e) the information about the connected persons containing the following:

staff of governing bodies, including:

data of the identity document of the citizen, identification taxpayer number;

residence;

occupation;

share in authorized fund of this legal entity (if is available);

information about legal entities which activities this legal entity in connection with participation in their authorized fund or otherwise can influence, including:

name, location (postal address), form of business, phone number and payment details, identification taxpayer number; information about founders;

data on financial condition (including data on the issued bonds, the obtained credits and bank guarantees);

staff of governing bodies.

23. For increase in the size of the share in the authorized capital of bank acquired from prior consent it is required to receive repeated prior consent.

24. The applicant after receipt of prior consent of the Central bank also shall receive prior consent of antimonopoly authority in accordance with the established procedure if share acquisition of bank requires prior consent of antimonopoly authority.

V. Procedure for issue of preliminary permission of the Central bank to share acquisition of resident banks of the Republic of Uzbekistan

25. Transactions on share acquisition of resident banks in the amount of, equal or exceeding five percent from total quantity of shares, are performed by persons specified in Item 26 of this provision only after receipt of preliminary permission of the Central bank.

Persons specified in Item 26 of this provision within one day after transaction on acquisition less than five percent from total quantity of bank shares - resident of the Republic of Uzbekistan send to the Central bank the written notice of making of this transaction on form according to appendix No. 16 to this Provision.

26. In the amount of, equal or exceeding five percent from total quantity of shares of the banks - residents of the Republic of Uzbekistan (further - preliminary permission) the following persons - applicants shall get preliminary permission of the Central bank to share acquisition:

nonresidents of the Republic of Uzbekistan;

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