The event was organized at the support of Uzbekistan Banking Association, International Finance Corporation, and Tashkent Finance Institute.

Representatives of banks, financial and credit institutions, ministries and departments of Uzbekistan, experts and scholars participated at the seminar.

The law “On private banking and financial institutions and guarantees of their activities” is directed at regulating relations in activities of private banks and financial institutions, based on private investments, forming legislative bases to ensure protection interests and rights, developing competition in financial sector, etc.

The law determines order of creation of private banks and financial institutions, sets ban for illegal interference to their activities by state bodies, establishes their rights and liabilities. It also sets clear list of guarantees for these banks, including protection of their rights and property, non-interference to their activities, right to set own fees for rendered services, independent management of income, etc.

The document also sets order of holding inspection of private banking and financial institutions. It also sets restrictions for officials of controlling bodies, and others.

At the seminar, it was noted that the law “On private banking and financial institutions and guarantees of their activities” ensures legal regulation of activities of private banks and financial institutions.

Participants exchanged opinion on legal bases for activities of private banking and financial institutions. It was stated that the document will help to develop private banks and financial institutions in the country.