JD Supra (Blogs)
- JD Supra Uzbekistan JD Supra, 2019
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Goods without mandatory digital label cannot be imported into and sold in Uzbekistan
The Republic of Uzbekistan has adopted the Resolution “On measures to implement pilot projects to expand the list of goods subject to mandatory digital labelling” No. 322 dated 20 May 2021 to prevent the illegal import and sale of certain types of consumer goods within the country.
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Uzbekistan is planning to extend copyright to 70 years, offer statutory liquidated damages for copyright infringement and introduce a fast-track route for trademark registration
As part of action plans to strengthen IP protection and prepare for accession to the WTO, a draft bill was developed and approved in the first reading by the Lower Chamber of the Parliament...
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Uzbekistan launches program to attract investment into mining
On April 21, 2021, the President signed Resolution No. PP-5083 on additional measures to actively attract investment into mining.
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Uzbekistan: Access to online resources to be restricted in case of non-compliance with data localization requirement
As we reported earlier, the Law “On Personal Data” was amended in January 2021. The amendments prescribe a new obligation on localizing the personal data of Uzbek citizens.
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Uzbekistan revamps the Law on Regulatory Legal Acts
The President of Uzbekistan signed a new amended Law on Regulatory Legal Acts (Law), which entered into force on April 20, 2021. The Law has revamped the procedure for drafting and adopting regulatory legal acts (legal acts) by making it more transparent and streamlined.
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Uzbekistan plans to establish an independent electricity and natural gas regulator
In the first quarter of 2021, a draft of Presidential Resolution “On Additional Measures to Reform the Electric Energy Industry” has been announced which aims to establish a competitive electricity market in Uzbekistan between 2020 and 2025.
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Uzbekistan enacts Law on Environmental Audit
On March 16, 2021, the Law No. ZRU-678 “On Environmental Audit” was adopted (Hereinafter – “the Law”), which defines such an audit as a systematic, documentary, independent assessment of economic and other activities for compliance with the requirements of regulatory documents in the field of technical regulation and regulations on environmental protection and reasonable use of natural resources.
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Uzbekistan ramps up privatization process
On February 11, 2021, the President of Uzbekistan signed decree no. 6167 (Decree) promoting ongoing privatization processes in the country. Specifically, the Decree aims to put up for sale two sets of state assets to be sold through a bidding process starting in March and April. Furthermore, the Decree widens the competence of the State Tender Commission (STC), a ministerial collective body in...
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Uzbekistan requires UBO disclosure for company registration
Starting from March 4, 2021, the state registration of a new company in Uzbekistan requires disclosure of its ultimate beneficiary owner (UBO). Government resolution no. 763 dated December 2 2020 (Resolution 763), has revolutionized the registration procedure that has existed in the country since 2017.
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Uzbekistan takes further steps to ensure the transparency of public procurement through the public disclosure of information on beneficial owners and founders
The Roadmap for ensuring the Republic of Uzbekistan's inclusion in the Open Budget Survey of the International Budget Partnership from 2020, which was adopted by the Resolution of the President in 2019, provided for the evaluation and publication of state budget expenses by types of beneficiaries.
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Uzbekistan: Non-compliance with data localization and other data protection obligations may lead to restriction of access to online resources
As we reported earlier, the Law “On Personal Data” was amended in January 2021. The amendments prescribe a new obligation related to localizing the personal data of Uzbek citizens. These changes will come into force on April 16, 2021 (“Data Localization Law”).
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Uzbekistan: Data localization requirement to be effective in April 2021
On January 15, the amendments to the Law of the Republic of Uzbekistan "On Personal Data" dated 2 July 2019 No. O’RQ-547 have been published. These changes will come into force on April 16, 2021 (“Data Localization Law”).
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Uzbekistan adopts procedure for removing unlawful online content
On December 23, the government amended the Resolution ‘On measures to improve information security in the global information network the Internet’ dated September 5, 2018, No. 707. These changes came into force on December 24, 2020. This procedure applies to information resources available for use in Uzbekistan. Information resources include a website, website pages, social networks and...
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Uzbekistan revamps its banking approval procedures
The Central Bank of the Republic of Uzbekistan (the “CBU”) approved the “Regulation on the procedures and conditions for admission to banking activities” (the “Regulation”), which will come into force on October 1, 2020. After the adoption of the revised Law “On banking and banking activity” in November 2019 (the “Law”), gaps have appeared between the Law and subordinate laws. Specifically, the...
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Government involvement in the economy will be limited in Uzbekistan
On July 6, 2020, the President of the Republic of Uzbekistan approved Decree No. UP-6019 “On additional measures to further develop the competitive environment and reduce government involvement in the economy” (Hereinafter – “Decree UP-6019”) which provides for the following points: Firstly, the Anti-Monopoly Committee (hereinafter - the Committee) is accountable to the Senate of the Oliy Majlis...
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Insurance regulatory news, July 2020
Recent regulatory developments of interest to insurers and their intermediaries. Includes updates relating to COVID-19, Solvency II, and more.
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Uzbekistan establishes new Anti Corruption Agency
On June 29, 2020, the President of the Republic of Uzbekistan has approved the Decree No. UP-6013 “On Additional Measures to Improve the Anti-Corruption System in the Republic of Uzbekistan” (hereinafter – “Decree UP-6013”), which establishes the Anti-Corruption Agency of the Republic of Uzbekistan (hereinafter – the “Agency”). The Agency is a specially authorized state body responsible for the...
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New regulation on mining licenses in Uzbekistan
Uzbekistan’s Cabinet of Ministers has approved a new Regulation “On the procedure for issuing licenses for the right to use subsoil plots”, including plots containing strategic types of minerals (gold, silver, copper, lead, zinc, tungsten, hydrocarbons, coal, rare metals and rare earth, etc.) (hereafter referred to as the Regulation). The previous regulation, which was approved by the President...
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Reference pricing in Uzbekistan: ban on import and distribution of medicines exceeding the price limits
Uzbekistan is planning to introduce a reference pricing system for pharmaceutical products from July 1, 2020. According to this system, it will be prohibited to import foreign medicines to Uzbekistan and distribute domestic medicines with a price higher than the price limits calculated through reference pricing.
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Major transactions in Uzbekistan: mandatory “blessing” by an external auditor and its implications for loan deals
Uzbek banks and non-financial entities have started to borrow considerably more since 2017 in comparison with the pre-2017 period. They have even upped their game and are gradually diversifying the sources through which they are raising funds. Uzbek entities do not confine themselves to traditional bilateral or syndicated loans from international institutions anymore, though this remains a...
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Strategy for the Development of the Banking Sector in Uzbekistan until 2025
Currently, the government participates in the charter capital of 13 of 31 local banks, which have more than 87% of the capital, and 85% of the assets of the banking system. Reforms of the current system were laid out in the Decree of the Republic of Uzbekistan No. PF-5992 dated 12 May 2020, in the form of a long-term development strategy. The strategy summarizes the main directions of the...
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Measures to improve the financial stability of the oil and gas industry in Uzbekistan
On April 4, 2020, Presidential Decree No. PP-4664 “On priority measures to improve the financial stability of the oil and gas industry” (the Decree) was adopted. The Decree provides for the following measures: The Ministry of Energy along with other governmental institutions were tasked with creating a program with the help of experts from the World Bank and Asia Development Bank to develop a gas
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COVID-19: Uzbekistan Government Financial Assistance Measures - State support for business and public
During the course of March and April 2020, the Government of the Republic of Uzbekistan (the “Government”) has implemented a number of laws and measures, including: 19 March 2020: Presidential Decree No. UP-5969 “On priority measures to mitigate the negative impact of coronavirus pandemic and global crisis to the economic sectors” (the “Decree 5969”)....
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On application of guarantees against adverse changes in legislation that affect investment agreements in Uzbekistan
On April 30, 2020, the Cabinet of Ministers adopted the Resolution No. PCM 264 on introduction of amendments into the Resolution of Cabinet of Ministers No. PCM 180 (hereinafter referred to as “PCM No. 180”). The Resolution introduced amendments into the regulations on the procedure for notification of the application of the guarantee established by Article 19 of the Law “On Investments and...
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Uzbekistan substantially updates payments services regulations
Uzbekistan has substantially updated its regulations regarding payments, payment systems and payment services, in particular to meet the diversity of payment preferences in the digital era and to pave the way for electronic money and digital wallets. The new regulations also clarify whether companies need to be licensed for providing payment services in Uzbekistan.
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Uzbekistan improves legal framework for public-private partnership projects
On April 26, 2020, the Cabinet of Ministers of Uzbekistan enacted Resolution No. 259 “On Improving the Procedure for Implementation of Public-Private Partnership Projects”. The Resolution approves the Regulation on the Procedure for Implementation of PPP projects (the Regulation), which complements and clarifies the Law “On Public-Private Partnership” adopted on May 10, 2019.
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Kyiv Tax Newsletter (Ukrainian)
On April 1, 2020, the President of Ukraine signed Law 540-IX "On Amendments to Certain Legislative Acts to Provide Additional Social and Economic Guarantees in Relation to the Distribution of Coronavirus Disease (COVID-2019)", adopted by the Verkhovna Rada of Ukraine on March 30, 2020 year.
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New statutory audit requirements for companies in Uzbekistan
The Law of the Republic of Uzbekistan No. ORQ-603 dated January 22, 2020, implements a new mandatory requirement of annual external auditing for a limited liability company (LLC), the most popular type of company used in the country, as well as pre-transaction external auditing requirements for joint-stock companies (JSC).
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Changes in the Uzbek banking system
At the end of 2019, the new version of the Law of the Republic of Uzbekistan “On Banks and Banking Activities” (No. 216-I) (hereinafter the “Law”) was adopted. The new version of the Law provides for extensive and important changes which, in particular, include changes in the requirements for investors who want to purchase shares of local banks; strict obligations for commercial banks; as well as
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Reforms of the Central Bank of Uzbekistan’s Supervisory Duties
A new version of the Law “On the Central Bank of the Republic of Uzbekistan” (hereinafter – the “Law”) has been adopted, thereby continuing the reform of the country’s banking industry. The law widens the supervisory functions and defines new tasks and authorities of the Central Bank of the Republic of Uzbekistan (hereinafter – the “CB”). The reforms are mainly directed at ensuring the stable...