Tashkent, Uzbekistan (UzDaily.com) -- The Regulation "On the procedure and conditions for admission to banking activities" was developed to bring licensing and licensing procedures in the field of banking in accordance with the requirements of the laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On banks and banking” in new editions.

The Regulation was developed taking into account the experience of foreign countries in order to ensure stability and further development of the banking system.

With the adoption of this Regulation, several regulatory legal acts regulating this area have been optimized and combined into a single regulatory document.

It should be noted that the Regulation regulates the issues of creating banks and obtaining a license for the right to carry out banking activities, obtaining preliminary permission to acquire shares in banks, assessing members of the supervisory board and management board, as well as key personnel of banks, opening and closing separate divisions (branches and offices) banks, registration of amendments and additions to the charter of a bank, reorganization and liquidation of banks.

The regulation sets out specific criteria to be met by founders and potential acquirers, members of the supervisory board and management board, as well as key personnel of the bank.

At the same time, in order to stimulate the inflow of investments into the domestic banking system of foreign banks and other credit institutions with high capital and credit ratings, as well as international financial organizations, the Regulation provides for a separate simplified procedure for obtaining preliminary permission by these organizations when establishing a bank or participating in the authorized capital of the bank.

The regulation "On the procedure and conditions for admission to banking activities" comes into force on 1 October 2020.