Tashkent, Uzbekistan (UzDaily.com) — President of the Republic of Uzbekistan Shavkat Mirziyoyev has signed a law introducing amendments and additions to a number of legislative acts.

One of the key changes is an amendment to the Law On Currency Regulation, which now allows foreign exchange operations between residents when financing is provided by credit institutions under the assignment of monetary claims, if the client’s (creditor’s) counterparty is a non-resident. Previously, this provision was not included in the law.

Amendments were also made to the Law On the Central Bank of the Republic of Uzbekistan regarding the establishment of security and cybersecurity requirements and IT audits for the information systems of electronic factoring platforms created by entities that are not credit institutions. The Central Bank will supervise compliance with these requirements.

In addition, the law makes the Internal Audit Service of the Central Bank accountable not only to the Audit Committee, as previously, but also to the Board of the Central Bank.

The Central Bank will now issue permits for the following types of activities:

Operations of organizations providing guarantees;

Operations of factoring organizations.

In certain cases, the law introduces a requirement to notify the Central Bank. This applies to:

The opening or closure of a branch of a factoring organization;

The acquisition of a share in the charter capital of a non-bank credit institution.

Such notification is mandatory when individuals or legal entities — including their close relatives and non-residents — acquire a stake of 10 to 20 percent.

The law also introduces general provisions on financing through the assignment of monetary claims (factoring) into the Civil Code. An assignment of a monetary claim becomes valid with respect to third parties after the corresponding notice is registered in the collateral registry.

Moreover, the law establishes the procedure for satisfying the claims of financial agents under factoring agreements. If the same client makes multiple assignments of the same monetary claim or part of it, the financial agents’ claims will be satisfied in the order in which the assignments were made.

Amendments have also been made to the Law On Licensing, Permitting, and Notification Procedures. Specifically, it is now established that obtaining a permit is required for:

Engaging in activities as a guarantee-providing organization;

Engaging in factoring operations.

The acquisition of a share in the charter capital of a non-bank credit institution and the opening or closure of a branch of a factoring organization have been added to the list of activities requiring notification of the competent authorities.

The law enters into force upon its official publication.