Representatives of commercial banks, financial credit organizations of Uzbekistan, interested ministries and departments, foreign experts participated at the event.

The draft law was developed in line with the decree of the presidential decree “On measures on cardinally improving business environment and providing more freedom to entrepreneurship”.

In the roundtable, the participants discussed several issues related to “On pledge registry”. It was noted that the draft law ensures legal regulation of relations in sphere of forming, conduction and using pledge registry.

The draft law is directed at further improving procedures on registering loans, credits and other operations, expanding accessibility of financing to small businesses due to expanding pledge turnover and decreasing credit risks at providing financial services under property pledge.

It was noted that the draft project envisages creation of register on pledge as single database, determining types of pledge, registered in registry, register holders, their rights and liabilities, as well as strengthening rights and liabilities of assets’ owners and their creditors.

The draft law also determines collection of reliable pledge information, processing and providing it to persons, who possess rights to pledged property or those, who want to acquire it, as well as determines rights of creditors to pledged property, etc.

At the same time, pledge registry collects information in electronic form. Changes to pledge registry is carried out only in electronic form and the information can be also obtained in electronic form.

Uninterrupted and 24 hour access to registry is ensured with corresponding software and it should have registration opportunity to receive pledge information.

Foreign participants briefed about pledge practices. It was noted that the adoption of the law will help to further development of financial services in Uzbekistan.