The purpose of this Constitutional Law (the “Constitutional Law”) is to establish the status of the Tashkent International Financial Centre as a designated territory and to define the special legal regime applicable within its territory and regulate the relations arising out of Tashkent International Financial Centreʼs (the “TIFC”) activities.

The following definitions are used in this Constitutional Law:

1. “Family Members” means the spouse of the TIFC Participant, the Employee or TIFC Investment Tax Resident, and their children under the age of 18;

2. “Digital Asset Activities” means the services described in Article 7(3) of this Constitutional Law and such other services as may be designated as Digital Asset Activities under TIFC Acts;

3. “Financial Market Infrastructure Activities” means the services described in Article 7(2) of this Constitutional Law and such other services as may be designated as Financial Market Infrastructure Activities under TIFC Acts;

4. “Financial Services” means, collectively, the Regulated Financial Services, Financial Market Infrastructure Activities, Digital Asset Activities described in Article 7 of this Constitutional Law, and any other activities and services as may be specified as Financial Services by TIFC Acts;

5. “Identification Number” means a unique number allocated to a TIFC Person for the purpose of recording and maintaining information relating to such TIFC Person;

6. “Significant TIFC Act” means any TIFC Act that: (a) imposes material new obligations, restrictions, or requirements on TIFC Participants or TIFC Persons; (b) introduces or materially increases fees, penalties, or charges applicable within the TIFC; (c) materially amends an existing regulatory framework applicable to TIFC Participants; or (d) relates to the governance, structure, or powers of a TIFC Body.

7. “Stock Exchange” means a multilateral system, operated under a licence granted pursuant to TIFC Acts, which brings together, or facilitates the bringing together of, multiple third-party buying and selling interests in financial instruments, in accordance with non-discretionary rules, in a way that results in a contract;

8. “TIFC Act” means a normative measure, adopted by a body set forth in Article 22(1) of this Constitutional Law, within such bodyʼs purview, and promulgated in a manner giving such measure legal force and effect;

9. “TIFC Employee” or “Employee” means an individual who is employed by, or seconded to, a TIFC Participant or a TIFC Body under an employment contract or equivalent arrangement in connection with activities in the TIFC;

10. “TIFC Participants” means persons registered or established or recognised in accordance with TIFC Acts;

11. “TIFC Persons” means TIFC Bodies, TIFC Participants, TIFC Employees and their Family Members and TIFC Investment Tax Residents and their Family Members.

1. TIFC is a territory where the special legal regime established by this Constitutional Law applies, the initial boundaries of which are determined by a decree of the President of the Republic of Uzbekistan adopted in connection with the establishment of the TIFC.

2. Once the initial territorial boundaries of the TIFC have been determined and the TIFC has commenced its activities within that territory, the reduction of the boundaries of such territory shall not be permitted.

3. The President of the Republic of Uzbekistan may, by decree, enlarge the territory of the TIFC or make clarifying amendments to its boundaries.

4. Where the context so requires, a reference to the TIFC shall also include the legal, regulatory and institutional framework, and/or the TIFC Bodies, established under this Constitutional Law.

5. The purpose of the TIFC is to be a leading international financial centre, designed to contribute effectively to the international financial services industry and to support the sustainable development, diversification, and international competitiveness of the economy of the Republic of Uzbekistan.

6. The TIFC Bodies shall exercise such powers and authority as are conferred by this Constitutional Law, by TIFC Acts, and by acts of state bodies of the Republic of Uzbekistan, respectively, as may be applicable.

7. The TIFC shall be developed and administered with the objective of ensuring legal certainty, regulatory predictability, judicial independence, and the attraction and protection of investors, guided by internationally recognised best practices of leading global financial centres.

8. The objectives of the TIFC are as follows:

1) to attract domestic and foreign investment into the economy of the Republic of Uzbekistan including national strategic projects, infrastructure, energy, public-private partnership projects and co-investment opportunities by creating an attractive, competitive and transparent environment for financial services and by facilitating access to those financial services;

2) to develop securities and other capital markets in the Republic of Uzbekistan and to promote their integration with international capital markets;

3) to develop and diversify financial services, including banking services; insurance; Islamic and non-Islamic finance; financial technologies; digital assets and other technology-enabled financial products and services to the extent permitted by TIFC Acts; electronic commerce; and other innovative financial activities;

4) to foster innovation in financial services and related professional services, including through the attraction of foreign financial service providers and TIFC Investment Tax Residents, in accordance with internationally recognised best practices;

5) to achieve recognition of the TIFC as an international financial centre and to promote the Republic of Uzbekistan as a leading international financial jurisdiction based on the principles of efficiency, transparency and integrity;

6) to participate in the achievement of the economic growth vision of the Republic of Uzbekistan;

7) to develop and diversify the Republic of Uzbekistanʼs economy through effective contribution to Financial Services and related activities and to increase the contribution of the Financial Services sector and related activities to the gross domestic product (GDP) of the Republic of Uzbekistan; and

8) to promote the TIFC, and thereby the Republic of Uzbekistan, as an international centre for dispute resolution and settlement.

9. TIFC Acts may establish additional objectives from time to time, consistent with and ancillary to the TIFCʼs purpose.

1. The activities of the TIFC and of TIFC Persons shall be guided by the application of international standards and best practices and, in particular, by the following principles:

1) Efficiency;

2) Transparency;

3) Integrity; and

4) Professionalism.

2. Regulation of the TIFC, as well as collaboration and cooperation between TIFC Bodies and bodies of state power and administration other than TIFC Bodies, shall be carried out in a manner that respects and preserves the independence, objectives and proper functioning of the TIFC and TIFC Bodies.

1. The requirements and procedures for the recognition of persons as TIFC Participants, as well as the procedures and requirements for the establishment, registration, and organisational forms of legal entities in the territory of the TIFC, shall be determined by TIFC Acts issued by the TIFC Board. The licensing of Financial Services, Ancillary Services, and other permitted activities shall be governed by Article 7 of this Constitutional Law and by TIFC Acts adopted in accordance with it. For the conduct of (i) Financial Services and (ii) Ancillary Services regulated by the TFSA pursuant to TIFC Acts, additional TIFC Acts issued by the TFSA shall apply.

2. Legal entities may qualify, register and be recognised as TIFC Participants, irrespective of whether they are established under foreign law, the law of the Republic of Uzbekistan, or TIFC Acts, provided that the applicable requirements for recognition and registration as TIFC Participants are satisfied.

3. Identification Numbers allocated to TIFC Participants, TIFC Employees, TIFC Investment Tax Residents, and Family Members shall be recognised and applied throughout the territory of the Republic of Uzbekistan in the same manner as Identification Numbers allocated under other legislation of the Republic of Uzbekistan.

4. The procedures for the allocation, maintenance and use of Identification Numbers, including the establishment and operation of the relevant register, shall be determined by the TIFC Authority.

5. The issuance, offering, listing, trading, purchase, redemption, and other circulation of securities and other financial instruments in the territory of the TIFC shall be regulated by TIFC Acts issued by the TFSA.

6. Where securities or other financial instruments are listed or traded on a Stock Exchange, the listing and trading rules of that Stock Exchange shall additionally apply subject to the exclusive oversight and regulatory authority of the TFSA.

7. TIFC Participants, TIFC Employees, TIFC Investment Tax Residents and Family Members engaging in commercial business activities within the Republic of Uzbekistan but outside the territory of the TIFC shall be subject to the general laws and regulatory requirements of the Republic of Uzbekistan applicable to such activities. The TIFC Authority shall, in agreement with the Ministry of Economy and Finance of the Republic of Uzbekistan, adopt normative acts determining the criteria and procedures for attributing activities to the territory of the TIFC or to other territories of the Republic of Uzbekistan.

8. TIFC Participants may offer, promote and market their products and services to persons located in the Republic of Uzbekistan outside the territory of the TIFC, provided that:

1) any regulated financial services offered, marketed, or directed at persons outside the TIFC shall comply with the financial services, securities, tax, and other applicable legislation of the Republic of Uzbekistan; and

2) TIFC Participants shall not make public offers of services to retail persons in the Republic of Uzbekistan outside the territory of the TIFC except in compliance with the legislation of the Republic of Uzbekistan in respect of contracts concluded by such public offer.

9. The TFSA may, by TIFC Act developed in agreement with the Central Bank or other state body of the Republic of Uzbekistan, establish a framework governing the conditions under which TIFC Participants may provide financial services to residents located in the Republic of Uzbekistan outside the territory of the TIFC.

10. In any framework established pursuant to paragraph 9 of this Article, TIFC Participants that are operating in compliance with TIFC Acts shall be treated no less favourably than entities licensed under other laws of the Republic of Uzbekistan to provide equivalent services.

1. The funds, assets, property and rights of TIFC Bodies, TIFC Participants, TIFC Employees, TIFC Investment Tax Residents, and Family Members located in, or constituted under a TIFC Act shall not be subject to any act of confiscation, nationalisation, expropriation, sequestration, freezing, or any restriction on ownership or free disposal, except pursuant to a final and binding judgment or order of the TICC issued in accordance with this Constitutional Law and TIFC Acts, or to restrictions imposed under applicable laws or TIFC Acts relating to anti-money laundering, counter-terrorist financing, counter-proliferation financing, sanctions, criminal proceeds or insolvency.

2. Any measure taken under this Article shall be lawful, proportionate, subject to due process and to judicial review in accordance with this Constitutional Law and TIFC Acts.

3. The protections established by this Article shall not be diminished or limited by any act of a body of state power or administration of the Republic of Uzbekistan outside the TIFC, and any act purporting to do so shall, to the extent of that diminution or limitation, have no force or effect within the territory of the TIFC.

1. Subject to this Constitutional Law, TIFC Acts, and the terms of any licence, registration, or exemption granted by the TFSA, TIFC Participants may carry on one or more of the following Regulated Financial Services within or from the TIFC:

1) banking and financing activities, including funding services and activities, provision of short, medium and long term secured and unsecured financing and credit-related services, including arranging, providing, intermediating or advising on agreements relating to credit products, credit lines and financing mechanisms;

2) investment business, including carrying on investment business as principal or agent, commercial, investment and private banking, finance and investment companies, wholesale trading and electronic banking activities, and managing, dealing and arranging investments;

3) accepting deposits, opening and maintaining bank accounts of all types for third parties subject to this Constitutional Law and TIFC Acts;

4) trading in and dealing with financial instruments, currencies, commodities, metals and derivatives, including margin trading, spot and forward contracts, futures, options, and short selling, to the extent permitted by the TFSA;

5) financial and monetary brokerage, including prime brokerage;

6) market-making through providing sale and purchase offers of all types of currencies, commodities, metals, financial instruments, bonds, sukuk and derivatives;

7) providing money transfer, payment services and foreign exchange services;

8) Islamic finance, Islamic banking, and related activities;

9) establishment, creation, operation, management, and marketing of investment funds, portfolios, collective investment schemes, pension funds, hedge funds, trusts and fiduciary structures, and related asset management services, including acting as trustee or fiduciary manager of such assets;

10) project financing and the provision of capital for companies and other undertakings;

11) the issuance, offering, listing, promotion, purchase, sale, and trading of shares, bonds, sukuk, other financial instruments, financial products of all types, currencies, commodities, metals of all kinds and derivatives, including related futures contracts and options, and borrowing against or offering any of them as security to provide liquidity and to enable other activities and services relating to the money market;

12) insurance, reinsurance, and insurance intermediation, including insurance brokerage, property, life and casualty insurance, the provision of insurance business management services, and other kinds of insurance and related services;

13) financial, investment, and banking advisory services;

14) the operation of crowdfunding platforms; and

15) such other financial services and activities as may be specified by a TIFC Act.

2. TIFC Participants may, subject to authorisation by the TFSA, carry on the following Financial Market Infrastructure Activities within or from the TIFC:

1) custody, clearing, settlement, and depository activities and services, including the operation of central clearing houses and central securities depositories;

2) providing, owning, managing and operating financial market infrastructure services, including the provision of trading platforms, clearing services, custody, settlement and depository services for securities, metals, commodities and financial derivatives of all types;

3) ownership, management, and operation of exchanges and financial markets for shares, bonds, currencies, sukuk, securities, metals, commodities, forward and futures contracts, options and derivatives of all types; and

4) the operation of alternative trading systems.

5) such other Financial Market Infrastructure Activities as may be specified by a TIFC Act.

3. TIFC Participants may, subject to authorisation by the TFSA, carry on the following Digital Asset Activities within or from the TIFC:

1) the issuance, offering, listing, promotion, purchase, sale, and trading of digital assets, including related derivatives, futures contracts and options;

2) dealing in and market-making in digital assets and digital asset derivatives, including margin trading to the extent permitted by the TFSA;

3) custody, safekeeping, clearing, settlement and depository services in respect of digital assets;

4) the establishment, operation, management, and marketing of digital asset funds and related asset management services; and

5) the ownership, management, and operation of digital asset exchanges and trading platforms.

6) such other Digital Asset Activities as may be specified by a TIFC Act.

4. TIFC Participants may, in accordance with this Constitutional Law and TIFC Acts, provide the following Ancillary Services within or through the TIFC:

1) the services of auditing accounts and providing audit reports and opinions on the financial statements of TIFC Participants, the funds established in the TIFC, or the companies listed on any Stock Exchange;

2) the services of auditing accounts and providing audit reports and opinions to verify compliance by TIFC Participants;

3) auditing, accounting, legal, rating, and information services ancillary to financial and banking businesses and activities, including the operation of credit rating agencies, to the extent permitted by this Constitutional Law and TIFC Acts;

4) storage, processing, transportation, delivery and logistics services relating to commodities, metals or other assets, but only where such services are incidental or ancillary to regulated commodities trading, custody, clearing, settlement, depository or market infrastructure activities authorised by the TFSA; and

5) any other services, businesses, professions, or activities which are provided or conducted within or through the TIFC, are classified under TIFC Acts or any other legislation applicable in the Republic of Uzbekistan and the TIFC as non-financial, and are controlled by the TFSA for the purpose of enforcement of the requirements and procedures for combating money laundering or the financing of terrorism or counter-proliferation financing.

5. The TIFC Authority may licence or register the following Other Permitted Activities that do not constitute Regulated Financial Services, Financial Market Infrastructure Activities, Digital Asset Activities, or Ancillary Services:

1) the formation, operation and administration of holding companies, special purpose vehicles, treasury companies and headquarter entities;

2) the establishment and administration of foundations, trusts and fiduciary structures;

3) the provision of corporate services, including company formation, corporate administration, registered office services and similar services;

4) the provision of professional services, including legal, consulting, valuation, accounting, tax advisory, management advisory, technology development, software development, fintech services and similar services;

5) the establishment and operation of representative offices;

6) the operation of retail, hospitality, food and beverage, conference, educational, cultural, wellness or similar amenities intended to support the functioning of the TIFC ecosystem; and

7) any other activity designated by the TIFC Authority as a permitted non-regulated activity within the TIFC.

6. The Regulated Financial Services, Financial Market Infrastructure Activities, Digital Asset Activities, Ancillary Services and Other Permitted Activities provided for in this Article shall be permitted within the TIFC only to the extent authorised by the relevant licence, registration or exemption and in accordance with applicable TIFC Acts. TIFC Acts issued by the TFSA (“TFSA Acts”) may provide for exclusions and exemptions from licensing requirements, including in respect of persons located outside the TIFC conducting Financial Services or Ancillary Services with or for TIFC Participants on a cross-border basis, subject to such conditions as the TFSA may prescribe.

7. Unless otherwise expressly provided by TFSA Acts, licensing to carry on activities under paragraphs 1, 2, and 3 of this Article in or from the TIFC shall be granted to a legal person, partnership, branch of a foreign legal person, subsidiary, joint venture, or any other form of entity permitted under TIFC Acts, or to a natural person where and to the extent permitted by TIFC Acts, provided that such persons:

1) maintain a strong financial position;

2) have comprehensive systems and controls appropriate to the nature, scale, and complexity of the activities proposed to be carried on; and

3) are managed by persons possessing sufficient expertise, good repute, and knowledge of such activities.

1. The prevailing law of the TIFC shall consist of the following, in the order of precedence set out in this Article:

1) the Constitution of the Republic of Uzbekistan;

2) this Constitutional Law;

3) edicts and resolutions of the President of the Republic of Uzbekistan expressly issued pursuant to this Constitutional Law in relation to the establishment, activation, determination of boundaries, strategic governance, appointment of key officials, and other matters expressly reserved to the President by this Constitutional Law;

4) TIFC Acts, adopted pursuant to this Constitutional Law and consistent with it, which shall regulate matters falling within the jurisdiction of the TIFC; and

5) the principles and rules of the common law and equity of England and Wales, from time to time, to the extent that they are not inconsistent with the Constitution of the Republic of Uzbekistan, this Constitutional Law, and TIFC Acts.

2. The TIFC Board shall adopt, as a TIFC Act, an Act on the application of the law of England and Wales, which shall specify any legislation of England and Wales that is to apply in the TIFC, the dates as at which it applies, and the modifications subject to which it applies. Such Act, with changes and additions from time to time, shall rank as a TIFC Act for the purposes of paragraph 1 of this Article.

3. Internationally recognised standards of leading global financial centres may be applied by TIFC Bodies and the TICC as an aid to the interpretation, construction, and gap-filling of TIFC Acts.

4. The laws of the Republic of Uzbekistan shall apply:

1) to matters falling outside the jurisdiction of the TIFC; and

2) within the territory of the TIFC where this Constitutional Law or TIFC Acts expressly provide for their application.

5. Procedures for the development, obtaining the approval of competent authorities, registration, commencement, publication, amendment, and termination of TIFC Acts are to be determined by special TIFC Acts, which shall be proposed by the TIFC Authority and require approval of the TIFC Board, except for:

1) regulatory rules and guidance adopted by the TFSA within the categories of relationships assigned to the TFSA by this Article; and

2) rules, directions, and guidelines issued by the Chief Justice of the TICC pursuant to Article 29 of this Constitutional Law, which shall take effect without the approval of the Board.

6. No TIFC Body may adopt a TIFC Act on matters falling outside its competence under this Constitutional Law.

7. The TIFC Bodies within their competence may adopt binding TIFC Acts which govern and regulate the following categories of relationships between and/or among TIFC Persons, which shall fall within the jurisdiction of the TIFC:

1) civil, corporate, and commercial law, finance, banking, taxation, labour relationships, and data protection;

2) civil and economic procedural relationships;

3) administrative procedures, including general licensing and incorporation procedures;

4) procurement procedures; and

5) such other matters as the TIFC Board considers necessary to achieve the objectives of the TIFC.

8. The TFSA may adopt binding TIFC Acts which govern and regulate the services and activities set forth in Article 7, as well as:

1. effecting oversight, compliance, and enforcement with respect to such TIFC Acts; and

2. such other matters as the TFSA considers necessary or desirable for the effective performance of its regulatory objectives and functions, subject to this Constitutional Law.

9. The TICC may adopt binding TIFC Acts which govern and regulate the following categories of relationships between and/or among TIFC Persons, which shall fall within the jurisdiction of the TIFC:

1) Dispute resolution related matters that are within its authority;

2) The regulation, training and discipline of law firms and legal practitioners operating within the TIFC; and

3) such other matters as the Chief Justice considers necessary or desirable for the effective administration of justice, subject to this Constitutional Law.

10. In cases expressly provided for by this Constitutional Law, the relevant TIFC Body may also adopt Acts governing relationships that are not covered by paragraphs 7 — 9 (inclusive) above.

11. TIFC Acts shall be binding normative legal acts within the jurisdiction of the TIFC.

12. Contracts and transactions concluded in, from, through or in connection with the TIFC shall be governed by TIFC Acts, except where all parties have otherwise agreed, and such agreement is consistent with this Constitutional Law and TIFC Acts.

13. To exclude conditions that may threaten the national security of the Republic of Uzbekistan, TIFC Acts approved by the TIFC Board may impose restrictions on TIFC Participants. Any such restriction shall be proportionate to the threat that it addresses, shall be without prejudice to Article 6 of this Constitutional Law, and shall be subject to review by the TICC.

14. TIFC Acts shall prevail over any conflicting national legislation within the TIFC, except the Constitution, this Constitutional Law and international treaties ratified by the Republic of Uzbekistan.

1. Every TIFC Act shall be published in the Official Register of TIFC Acts before it enters into force. A TIFC Act shall enter into force on the date of its publication unless the TIFC Act expressly provides for a later date.

2. The TIFC Authority shall establish, maintain, and continuously update the Official Register of TIFC Acts as a publicly accessible digital register available on the official website of the TIFC.

3. The Official Register shall contain: (a) the original text of every TIFC Act from the date of its publication; (b) the current consolidated text of every TIFC Act in force, incorporating all amendments made since original enactment; and (c) the date of enactment, the date of entry into force, and a record of all amendments to each TIFC Act.

4. The Official Register shall be maintained in the English language. The Official Register may also publish official translations of TIFC Acts into Uzbek and other languages.

5. A TIFC Act that has not been published in the Official Register in English in accordance with this Article shall have no legal force or effect and shall not be binding on any TIFC Person.

1. Before enacting a Significant TIFC Act, the relevant TIFC Body shall conduct a public consultation in accordance with this Article.

2. The consultation process for a Significant TIFC Act shall include:

1) publication of a consultation paper setting out the proposed TIFC Act, its policy rationale, the key questions on which feedback is sought, and the period for consultation;

2) due consideration of all responses received; and

3) publication of a response to consultation summarising the material feedback received and explaining how it has been taken into account in the final TIFC Act.

3. A TIFC Body may enact a Significant TIFC Act without prior consultation where it determines in writing that urgent circumstances require immediate enactment provided that the TIFC Body shall state its reasons for urgency in the text of the TIFC Act at the time of enactment and shall conduct a public consultation on the enacted measure within sixty (60) days of enactment and shall amend the measure if and as appropriate after consultation.

4. The TIFC Board may, by TIFC Act, establish additional requirements as to the length of consultation periods, the form and depth of consultation and of regulatory impact assessment, and the proportionate scaling of the requirements of this Article and of Article 11 of this Constitutional Law according to the significance of the proposed Significant TIFC Act.

5. The provisions of this Article and Article 11 of this Constitutional Law shall not apply to the TIFC Acts enacted within 12 months following the entry into force of this Constitutional Law.

1. Before proposing a Significant TIFC Act, the relevant TIFC Body shall prepare and publish a regulatory impact assessment analysing: (a) the policy problem or objective that the proposed TIFC Act is intended to address; (b) the costs and benefits of the proposed measure and any alternatives considered; (c) the likely effect of the proposed measure on the competitiveness and attractiveness of the TIFC; (d) the likely effect on TIFC Participants and TIFC Persons; and (e) the proposed implementation timeline and transition arrangements.

2. Following completion of the consultation process, the relevant TIFC Body may revise the regulatory impact assessment to reflect material information received during consultation.

3. The regulatory impact assessment shall be published as part of or alongside the consultation paper required by Article 10 of this Constitutional Law.

4. The content requirements, methodology, and form of regulatory impact assessments shall be further determined by the TIFC Board.

1. Obligations arising under international treaties of the Republic of Uzbekistan and under the following legislative acts of the Republic of Uzbekistan shall continue to apply within the territory of the TIFC:

1) the Constitution of the Republic of Uzbekistan;

2) criminal and criminal-procedural legislation in accordance with Article 14 of this Constitutional Law;

3) legislation on administrative liability, subject to the provisions of paragraph 2 of this Article;

4) legislation on national security, defence, countering the legalisation of proceeds from criminal activities, countering the financing of terrorism and the financing of the proliferation of weapons of mass destruction, immigration control, family law, environmental protection, emergencies, sanitary and epidemiological welfare and public health;

5) international treaties ratified by the Republic of Uzbekistan, to the extent directly applicable to TIFC Persons; and

6) other legislative acts expressly provided by this Constitutional Law or TIFC Acts to apply within the territory of the TIFC.

2. Where acts or omissions committed by TIFC Persons within the territory of the TIFC relate to violations of legislation on currency assets, customs, taxation, securities, competition, circulation of crypto assets, or rules on trade or provision of services, for which administrative liability is established under the Administrative Liability Code of the Republic of Uzbekistan, and such acts or omissions substantially constitute, arise from, or are connected with a commercial dispute, an economic or civil-law dispute, a breach of requirements of a TIFC Body, or market misconduct, and may be addressed under this Constitutional Law or TIFC Acts, the relevant TIFC Body shall apply the economic, civil-law, regulatory or administrative measures available within the jurisdiction of the TIFC.

3. No TIFC Body shall refer a matter falling within paragraph 2 of this Article to the national authorities of the Republic of Uzbekistan for the initiation of administrative proceedings.

4. TIFC Acts may impose on TIFC Persons additional or more detailed requirements concerning the countering of the legalisation of proceeds from criminal activities, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction, consistent with the legislation of the Republic of Uzbekistan referred to in item 4 of paragraph 1 of this Article.

5. Except in the cases provided for in paragraph 1 of this Article, TIFC Persons shall not be governed, in relation to matters within the jurisdiction of the TIFC as established by this Constitutional Law and TIFC Acts, by the laws of the Republic of Uzbekistan or the administrative acts of any state body or authority of the Republic of Uzbekistan, except as may be expressly provided by a special provision in this Constitutional Law or in TIFC Acts.

1. The TIFC Investment Tax Residency Programme shall grant to natural persons who make investments, in the forms, volumes, and instruments determined by a TIFC Board Act, recognition of those persons (and their Family Members) as TIFC Investment Tax Residents, for the purpose of attracting investment into the Republic of Uzbekistan.

2. The Programme shall be adopted in consultation with the state bodies responsible for state security, internal affairs, economy and finance, and implementation of state policy on investment promotion. The TIFC Board Act establishing the Programme shall determine the forms, volumes, and instruments of investment, the criteria for the recognition of residence, and the procedures for participation in the Programme.

3. TIFC Acts shall determine the criteria for recognising a person as a TIFC Investment Tax Resident, subject to the following minimum requirements:

1) the person has not been a tax resident of the Republic of Uzbekistan during the three-year period preceding the application for participation in the Programme; and

2) the personʼs citizenship of the Republic of Uzbekistan (if any) has not been terminated at any time during the ten-year period preceding the application for participation in the Programme.

4. A person shall not qualify as a TIFC Investment Tax Resident where the principal purpose, or one of the principal purposes, of participation in the Programme is in the reasonable opinion of the TIFC Authority the avoidance or reduction of tax on income, assets, gains, or activities substantially connected with the Republic of Uzbekistan.

5. TIFC Acts may require disclosure of beneficial ownership, source of funds, source of wealth, tax residence history, sanctions status, and such other information as is necessary to protect the integrity of the Programme.

6. Recognition as a TIFC Investment Tax Resident shall carry:

1) recognition as a tax resident of the Republic of Uzbekistan for the purposes of the exemptions established by Article 18 of this Constitutional Law;

2) the visa rights established by Article 20 of this Constitutional Law; and

3) access to the TICC and to the wills and succession register in accordance with Article 29 of this Constitutional Law.

1. Where acts or omissions committed by TIFC Persons within the territory of the TIFC relate to violations of legislation on currency assets, customs, taxation, competition, circulation of crypto assets, or rules on trade or provision of services, for which criminal liability is established under the Criminal Code of the Republic of Uzbekistan, and such acts or omissions substantially constitute, arise from, or are connected with a commercial dispute, an economic or civil-law dispute, a breach of requirements of a TIFC Body, or market misconduct, and may be addressed under this Constitutional Law or TIFC Acts, the relevant TIFC Body shall in the first instance apply the economic, civil-law, regulatory or administrative measures available within the jurisdiction of the TIFC.

2. The list of acts or omissions referred to in paragraph 1 of this Article and the measures applicable to them shall be prescribed by the relevant TIFC Body.

3. No TIFC Body shall refer a matter falling within paragraph 1 of this Article to the national authorities of the Republic of Uzbekistan for the initiation of criminal proceedings, investigation or criminal prosecution.

4. Nothing in this Article shall be construed as limiting the jurisdiction of the competent national authorities of the Republic of Uzbekistan over conduct that constitutes a criminal offence under the laws of the Republic of Uzbekistan and that is not capable of being adequately addressed by civil, regulatory, or administrative remedies within the TIFC. In such cases, the relevant TIFC Body shall cooperate fully with the competent national authorities and shall provide such assistance as is necessary for the investigation and prosecution of the matter.

5. The TIFC Bodies may enter into cooperation agreements with the competent national law enforcement authorities of the Republic of Uzbekistan for the purpose of giving effect to the primacy of civil, regulatory, and administrative enforcement under this Article, and to establish coordinated procedures for the handling of matters that may engage both TIFC jurisdiction and national criminal jurisdiction.

1. The following activities are prohibited within the territory of the TIFC:

1) any activity that conflicts with the provisions of this Constitutional Law, TIFC Acts, or the licences, permits, authorisations, or registration requirements issued to TIFC Participants under TIFC Acts;

2) any activity that conflicts with public order or public morality as determined by the law of the Republic of Uzbekistan;

3) retail deposit-taking in the national currency of the Republic of Uzbekistan from persons located or resident outside the territory of the TIFC, except as may be permitted by TIFC Acts developed in agreement with the Central Bank;

4) manufacturing, trading, or distribution of goods and services that are prohibited under the legislation of the Republic of Uzbekistan and that are not otherwise permitted within the TIFC by this Constitutional Law or TIFC Acts.

2. TIFC Bodies shall have the power to take enforcement action, including the suspension or revocation of licences and registrations and other enforcement measures against any TIFC Persons engaging in prohibited activities, in accordance with this Constitutional Law and TIFC Acts.

1. Any TIFC Participant that conducts any commercial or financial activity contrary to the provisions of this Constitutional Law or TIFC Acts shall be liable to an administrative fine not exceeding the higher of: (a) ten million United States Dollars; or (b) ten percent (10%) of the value of the relevant transaction, series of related transactions, or activity giving rise to the contravention.

2. The TIFC Board shall, by TIFC Act, adopt a schedule of contraventions and the administrative sanctions applicable thereto, which shall include without limitation:

1) the issuance of formal notices and warnings;

2) directions to take or refrain from taking specified action;

3) restitution orders;

4) disgorgement of profits;

5) public censure;

6) private reprimand;

7) appointment of skilled persons;

8) restriction of business;

9) prohibition or suspension of individuals from performing controlled functions;

10) the imposition of conditions on licences or registrations;

11) the suspension of licences or registrations for a specified period;

12) the permanent revocation of licences or registrations; and

13) emergency protective measures.

3. Nothing in this Article limits the power of the TFSA to impose prudential, supervisory, or protective measures in accordance with TFSA Acts.

4. Such sanctions may be imposed in addition to, or instead of, financial penalties, in accordance with the TIFC Act establishing the schedule. No penalty under the schedule shall exceed the maximum established in paragraph 1 of this Article.

5. The relevant TIFC Body shall be authorised to implement the penalties and administrative sanctions provided for under this Article.

6. The imposition of administrative penalties under this Article shall be subject to the due process requirements established by TIFC Acts, including the right to notice of the alleged contravention, the right to make representations, and the right to seek review before the TICC.

1. Monetary obligations of TIFC Participants may be denominated and executed in the foreign currencies agreed in their contracts, including digital assets, to the extent permitted by TIFC Acts and applicable TFSA rules.

2. The monetary obligations of Stock Exchange trading participants are to be denominated and executed in a currency specified by the Stock Exchange rules.

3. The terms of, and procedures for, currency transactions related to the provision of financial and professional services in the territory of the TIFC are to be regulated by TIFC Acts.

4. Except as otherwise provided by TIFC Acts developed in consultation with the Central Bank, the requirements of general currency legislation of the Republic of Uzbekistan relating to registration of currency contracts, registration or notification of capital flow transactions, opening or maintaining foreign bank accounts, and notification of currency transactions shall not apply to currency transactions conducted by TIFC Participants within the jurisdiction of the TIFC.

5. TIFC Acts developed in consultation with the Central Bank shall establish simplified reporting, information exchange and supervisory mechanisms to ensure that the Central Bank receives from the TFSA the information necessary for balance of payments, financial stability, AML/CFT, counter-proliferation financing and macroeconomic monitoring purposes.

6. The requirements for the reporting of information, and the procedure for its provision, by banks and other organisations conducting certain types of banking operations in the Republic of Uzbekistan that conduct currency transactions on behalf of TIFC Participants, are determined by the TFSA in accordance with the TIFC Acts adopted after consultation with the Central Bank of the Republic of Uzbekistan.

7. TIFC Acts adopted in consultation with the Central Bank of the Republic of Uzbekistan shall impose requirements on TIFC Participants in relation to the (i) provision of information about currency transactions as well as the procedure for the transfer of information between TIFC Bodies and the Central Bank of the Republic of Uzbekistan and (ii) provision of financial services between TIFC Participants and persons resident in the Republic of Uzbekistan outside the TIFC, including but not limited to rules on TIFC Participantsʼ accepting deposits in the Republic of Uzbekistanʼs national currency, conduct of business, consumer protection and reporting.

8. TIFC Acts adopted pursuant to this Article in consultation with the Central Bank of the Republic of Uzbekistan shall reflect and implement the principles of free capital repatriation and currency convertibility for TIFC Participants, Employees who are not citizens of the Republic of Uzbekistan, TIFC Investment Tax Residents and their Family Members.

1. The tax and customs regime applicable in the territory of the TIFC shall be governed by this Constitutional Law and by TIFC Acts adopted in consultation with the Ministry of Economy and Finance of the Republic of Uzbekistan. The Tax Code of the Republic of Uzbekistan shall apply within the TIFC only to the extent expressly provided by this Constitutional Law or by such TIFC Acts adopted in consultation.

2. Until 1 January 2076, TIFC Bodies and their organisations (being organisations established by, or wholly owned and controlled by, TIFC Bodies) are exempt from income and social taxes subject to compliance with any conditions provided by the TIFC Acts referred to in paragraph 1 of this Article.

3. Until 1 January 2076, Qualified TIFC Participants, except for digital asset exchanges that do not satisfy the economic substance, governance, AML/CFT, counter-proliferation financing, cybersecurity, and other conditions prescribed by TIFC Acts, are exempt from income tax and social taxes in respect of income derived from Financial Services, subject to compliance with any conditions provided by the TIFC Acts referred to in paragraph 1 of this Article and to the requirements set out in this Article.

4. For the purposes of this Article, a “Qualified TIFC Participant” means a TIFC Participant that satisfies all of the following conditions:

1. it maintains adequate economic substance in the TIFC;

2. it derives the relevant income from the provision of Financial Services rendered or exported from the TIFC; and

3. it satisfies such other requirements as may be prescribed by TIFC Acts adopted by the TIFC Authority in consultation with the Ministry of Economy and Finance of the Republic of Uzbekistan.

5. A TIFC Participant that does not satisfy the conditions set out in paragraph 4 of this Article, or that is a digital asset exchange that does not satisfy the economic substance, governance, AML/CFT, counter-proliferation financing, cybersecurity, and other conditions prescribed by TIFC Acts, shall be subject to taxation in accordance with the Tax Code of the Republic of Uzbekistan as applied pursuant to paragraph 1 of this Article, and shall retain the exemption established by paragraph 6 of this Article where the conditions of that paragraph are satisfied.

6. Until 1 January 2076, TIFC Participants shall, subject to compliance with any conditions provided by the TIFC Acts referred to in paragraph 1 of this Article, be exempt from income tax and social tax in respect of income received from Ancillary Services provided within the territory of the TIFC.

7. For the purposes of paragraph 4 of this Article, the procedure for the separate accounting of income exempt from corporate income tax and taxable income, as well as deductible expenses, shall be determined by TIFC Acts adopted by the TIFC Authority in consultation with the Ministry of Economy and Finance of the Republic of Uzbekistan.

8. Until 1 January 2076, individuals who are TIFC Employees and who are not residents of the Republic of Uzbekistan are exempt from tax on income received from activities in the TIFC under their employment contracts with the TIFC Participant or TIFC Body. The exemption under this paragraph shall apply only to employment income received from a TIFC Participant or a TIFC Body and shall not apply to employment income received from any other person. TIFC Employees who are residents of the Republic of Uzbekistan may be exempted by from income tax in accordance with the prescribed procedure.

9. Until 1 January 2076, natural and legal persons are exempt from tax on income received from the following:

1) income, including capital gains from the sale of securities listed on the official list of a Stock Exchange;

2) income, including capital gains from the sale of shares or stakes in the capital of TIFC Participants;

3) dividends and interest from securities listed, on the day of their accrual, on the official list of a Stock Exchange;

4) dividends from shares or stakes in the capital of TIFC Participants; and

5) sources outside the Republic of Uzbekistan, if the natural persons are TIFC Investment Tax Residents.

10. The provisions of subparagraph 3 of this article 18(9) shall apply to dividends on securities that were traded on a Stock Exchange in accordance with the criteria determined by TIFC Act adopted by the TIFC Authority in consultation with the Ministry of Economy and Finance of the Republic of Uzbekistan.

11. For the purposes of applying subparagraph 5 of this article 18(9), a TIFC Investment Tax Resident must make a mandatory payment for the issuance of a document confirming that the person is a resident of the Republic of Uzbekistan for the taxation purposes, in the manner and amount provided by a TIFC Act adopted by the TIFC Authority in consultation with the Ministry of Economy and Finance of the Republic of Uzbekistan. The exemption under subparagraph 5) of this paragraph shall apply to income from sources outside the Republic of Uzbekistan irrespective of whether the relevant assets were acquired before or after recognition as a TIFC Investment Tax Resident, subject to such minimum residence periods and other conditions as may be established by a TIFC Act adopted by the TIFC Authority in consultation with the Ministry of Economy and Finance of the Republic of Uzbekistan.

12. Real property located in the TIFC territory owned or used by TIFC Bodies or TIFC Participants is exempt from property tax and land tax.

13. The following are not sales turnover that is subject to value added tax:

1) budget funds received by the TIFC Bodies in the form of a targeted transfer in accordance with the budget legislation of the Republic of Uzbekistan; and

2) money received by the TIFC Bodies from the TIFC Authority in the form of a targeted transfer.

14. Services provided and activities carried out by TIFC Participants in accordance with this Constitutional Law shall be exempt from value added tax.

15. Works performed, or services provided, on a reimbursable basis by a non-resident for a TIFC Body or its organisation are not turnover for the acquisition of works and services from a non-resident if the recognised place of sale is the Republic of Uzbekistan.

16. Until 1 January 2076, no customs duties or other levies shall be imposed on the property of TIFC Bodies, TIFC Participants, TIFC Employees or TIFC Investment Tax Residents imported from abroad into the customs territory of the Republic of Uzbekistan for use or consumption in the territory of the TIFC. The customs exemptions provided for in this Article shall apply only to goods necessary for the activities of TIFC Bodies and TIFC Participants, and used or consumed within the territory of the TIFC. In the event that the specified goods are used, alienated, or transferred to other persons outside the territory of the TIFC, the collection of customs duties shall be carried out in accordance with the customs legislation of the Republic of Uzbekistan.

17. Tax administration on the taxation of the TIFC Bodies and TIFC Participants, and for customs administration in respect of goods used or consumed within the territory of the TIFC, shall be determined by TIFC Acts adopted by the TIFC Bodies in consultation with the Ministry of Economy and Finance of the Republic of Uzbekistan.

18. No subsequent legislation shall reduce or restrict the tax exemptions granted under this Article without the consent of the TIFC Board.

19. The tax and customs exemptions and preferences established by this Article shall be subject to periodic review by the TIFC Authority in order to assess their effectiveness, economic impact, continued policy justification, and consistency with the objectives of the TIFC. The first such review shall be undertaken within ten (10) years from the entry into force of this Constitutional Law, and thereafter at intervals of five (5) years. A report on the results of each review, together with any recommendations, shall be submitted to the TIFC Board. Nothing in this paragraph shall by itself require the amendment or termination of any tax preference established by this Article.

1. Notwithstanding any other provision of this Constitutional Law or any TIFC Act, tax incentives on the income of TIFC Participants shall not apply to members of a multinational enterprise group consisting of two or more enterprises or divisions located in different countries, with consolidated annual revenues of EUR 750 million or more in at least two of the four fiscal years immediately preceding the relevant fiscal year (an “MNE Group”). Such MNE Group shall be subject to the Qualified Domestic Minimum Top-up Tax (QDMTT).

2. A TIFC Participant that is a member of an MNE Group and operates through the TIFC shall be liable to the QDMTT at a rate equal to the standard corporate income tax rate applicable to legal entities under the legislation of the Republic of Uzbekistan in force at the relevant time.

3. The manner of assessment, collection, and administration of the QDMTT as applied to such MNE Group shall be stipulated in a TIFC Board Act adopted in collaboration with the Ministry of Economy and Finance of the Republic of Uzbekistan.

1. A foreign national or a stateless person coming to the territory of the Republic of Uzbekistan to conduct activities in the TIFC may obtain an entry visa from an embassy or other diplomatic office of the Republic of Uzbekistan or on arrival at an international airport in the Republic of Uzbekistan. TIFC Acts may establish the documentation and process necessary to confirm intent to conduct activities.

2. A foreign national or stateless person who is a TIFC Person may obtain entry visas for periods of up to 5 years.

3. The issuance, annulment, restoration, and reduction of the validity period of visas for natural TIFC Persons are carried out in accordance with the legislation of the Republic of Uzbekistan pursuant to a request from the TIFC Authority.

4. A visa issued to a TIFC Person mentioned in paragraph 1 or 2 of this article may be extended, without the person leaving the Republic of Uzbekistan, on the application of the TIFC Authority, under the legislation of the Republic of Uzbekistan.

5. The specific terms and procedures for entry into and departure from the Republic of Uzbekistan by foreign nationals and stateless persons coming to the Republic of Uzbekistan to conduct activities in the TIFC shall be determined by a TIFC Board Act adopted in consultation with the authorised ministries and agencies of the Republic of Uzbekistan.

1. TIFC Participants and TIFC Bodies may employ qualified foreign nationals or stateless persons for the conduct of activities in the TIFC without obtaining confirmation of the right of those persons to work.

2. Foreign nationals or stateless persons who are employed by a TIFC Participant or TIFC Body with a principal place of work within the TIFC are exempt from the obligation to obtain work permits in the Republic of Uzbekistan. Requirements as to the qualification of foreign nationals or stateless persons and quotas for their hiring shall be determined by TIFC Authority.

3. Any qualification requirements or quotas determined by the TIFC Authority shall be designed to support the objectives of the TIFC and shall not prevent TIFC Participants from employing foreign nationals or stateless persons where such employment is reasonably required for the conduct of activities within the TIFC.

4. The TIFC Authority shall

1) maintain records of foreign labour engaged by TIFC Participants and TIFC Bodies; and

2) provide information on employed foreign nationals or stateless persons to the authorised state body responsible for migration matters. The content, frequency, and form of such information shall be determined by the TIFC Authority in consultation with the authorised state body responsible for migration matters.

5. TIFC Participants and TIFC Bodies shall provide the TIFC Authority with information on employed foreign nationals or stateless persons in accordance with TIFC Acts.

1. The TIFC Bodies are:

1) the TIFC Board (“Board”);

2) the TIFC Authority (“Authority”);

3) the Tashkent Financial Services Authority (“TFSA”); and

4) the Tashkent International Commercial Court (“TICC”).

2. This Constitutional Law and the TIFC Acts determine the organisation and procedures of the TIFC Bodies and the supervision of the activities of the TIFC Participants.

3. In the exercise of the powers and functions expressly conferred upon them by this Constitutional Law and by TIFC Acts, TIFC Bodies shall operate independently and shall not be subject to direction or interference, except as expressly provided by this Constitutional Law.

4. The Republic of Uzbekistan shall not be liable for the debts, obligations, acts or omissions of TIFC Bodies, and TIFC Bodies shall not be liable for the debts, obligations, acts or omissions of TIFC Participants or any other person, except as expressly provided by this Constitutional Law or other applicable law.

5. TIFC Bodies shall collaborate with one another in accordance with this Constitutional Law and TIFC Acts and, where applicable, in accordance with coordination and policy directions issued by the Board, provided that such directions shall not prejudice the functional independence of the TFSA or TICC.

6. TIFC Bodies, ministries, agencies, regulators, courts, public bodies and other competent authorities of the Republic of Uzbekistan shall cooperate with and assist one another for the purposes of achieving the objectives of the TIFC and enabling the effective exercise and performance of the duties, powers and functions vested in them by this Constitutional Law and TIFC Acts.

7. The Governor or the relevant TIFC Body may enter into memoranda of understanding and cooperation arrangements with competent authorities, regulators, courts, arbitral institutions, financial centres, exchanges, universities, professional bodies and other organisations inside or outside the Republic of Uzbekistan, provided that such arrangements do not conflict with the Constitution or international treaties ratified by the Republic of Uzbekistan.

8. Such cooperation may include coordination, consultation, technical assistance, administrative support, operational assistance, regulatory cooperation, information sharing, judicial cooperation and such other measures as may be necessary or desirable for the effective operation of the TIFC, subject to applicable confidentiality obligations.

9. In particular, the independence of the TICC in the administration of justice and of the TFSA in the exercise of its regulatory and supervisory functions shall be guaranteed.

10. The procedures for exercising control to ensure the targeted and efficient use of the funds of the state budget allocated to the TIFC shall be determined by acts of the TIFC Board adopted in consultation with the Accounts Chamber of the Republic of Uzbekistan.

11. The TIFC Bodies, the heads and members of governance bodies of TIFC Bodies, judges of the TICC, employees appointed by any of them, and their delegates, shall not be liable to third parties for any act or omission committed in the performance of their duties and powers as established by this Constitutional Law and TIFC Acts. This immunity shall not extend to acts or omissions constituting wilful misconduct or gross negligence, as determined by the TIСС in proceedings brought pursuant to TIFC Acts.

12. Each TIFC Body shall keep confidential all information classified as confidential pursuant to this Constitutional Law and TIFC Acts, or which is received by or disclosed to that TIFC Body in the performance of its functions. Such information shall not be disclosed to any third party, including any body of state power or administration of the Republic of Uzbekistan, except:

1) as permitted or required by this Constitutional Law or TIFC Acts;

2) with the written consent of the person to whom the information relates; as required by an order of the TICC;

3) for the purpose of cooperation with foreign regulatory or supervisory authorities pursuant to memoranda of understanding or information-sharing arrangements concluded in accordance with TIFC Acts; or

4) as required for the purposes of AML/CFT, counter-proliferation financing, sanctions compliance, financial stability, tax administration, criminal investigation, or other public law functions, where such disclosure is authorised by this Constitutional Law, TIFC Acts, a memorandum of understanding, or applicable legislation of the Republic of Uzbekistan.

13. Any TIFC Body employee who discloses confidential information in breach of paragraph 12 of this article shall be subject to disciplinary action and civil liability in accordance with TIFC Acts.

1. The financial year of the TIFC Bodies shall commence on 1 January and end on 31 December of each year, except for the first financial year which shall commence on the date on which the TIFC is established as determined by the Board (the “Activation Date”) and end on 31 December of that year.

2. Unless otherwise expressly provided by a TIFC Act, the same financial year shall apply to each TIFC Body and each organisation of a TIFC Body.

3. The resources of the TIFC Bodies shall consist of: (a) annual appropriations allocated to them from the Budget of the Republic of Uzbekistan in accordance with the budget legislation of the Republic of Uzbekistan; (b) fees and charges levied by TIFC Bodies for licences, registrations, permits, and services rendered to TIFC Participants and other persons, in accordance with TIFC Acts; and (c) any other resources determined by the TIFC Board in accordance with this Constitutional Law and TIFC Acts and consistent with the objectives of the TIFC.

4. The TIFC Board shall appoint one or more independent auditors who are recognised in the Republic of Uzbekistan and possess internationally recognised professional qualifications to audit the consolidated annual financial statements of the TIFC and TIFC Bodies.

5. The TIFC Board shall review and approve the consolidated annual budget and consolidated closing accounts of the TIFC and the TIFC Bodies, and submit them in accordance with applicable budget legislation.

1. Each TIFC Body shall publish an annual transparency report within four (4) months of the end of each financial year.

2. The annual transparency report of each TIFC Body shall include at a minimum: (a) a summary of the TIFC Acts adopted during the financial year and the consultation processes conducted; (b) the enforcement actions taken, including the number and nature of administrative penalties imposed, licences suspended or revoked, and proceedings before the TICC; (c) the number of licences, registrations, and permits granted, renewed, suspended, and revoked; (d) financial information including the approved budget and actual expenditure for the financial year; and (e) a forward-looking regulatory and institutional agenda for the coming financial year.

3. Annual transparency reports shall be published in English in the Official Register of TIFC Acts and on the official website of each TIFC Body, and shall be freely accessible to the public.

4. The TIFC Board shall publish a consolidated annual report of the TIFC incorporating the annual transparency reports of all TIFC Bodies, which shall be submitted in accordance with applicable requirements established by the legislation of the Republic of Uzbekistan.

1. The TIFC Board is a permanent collegial body and shall consist of no fewer than five members.

2. Except as otherwise specified in this Constitutional Law or TIFC Acts adopted by the Board, the Board shall act by majority vote. In the event of a tie, the Chairman of the Board shall have the casting vote.

3. The Board shall be responsible for the overall strategy, direction, and governance of the TIFC in accordance with this Constitutional Law as well as the realisation of the TIFCʼs purposes, objectives, and principles as set forth in this Constitutional Law.

4. In particular, the Board shall have the following powers:

1) to determine the overall direction and the development strategy of the TIFC;

2) to approve annual budgets, audits, and reports on the activities of the TIFC;

3) to adopt binding TIFC Acts, in the form of resolutions, directives, orders, and other normative acts, provided responsibility is not explicitly allocated to another TIFC Body by this Constitutional Law;

4) to establish and determine the structure, the forms, competence, functions, and termination of subordinate TIFC Bodies;

5) to represent the interests of the TIFC in any discussions or disputes with bodies of state power and administration of the Republic of Uzbekistan outside the TIFC, and abroad;

6) to issue binding decisions, orders and instructions to other TIFC Bodies on matters of coordination, administration, and implementation of the strategic framework of the TIFC, in accordance with this Constitutional Law provided that such decisions, orders and instructions shall not prejudice the operational independence of the TFSA or the judicial independence of the TICC; and;

7) to prescribe phased implementation schedules for the commencement of specific sectors, activities, services, jurisdictions, institutions or regulatory frameworks within the TIFC.

5. The TIFC Board shall also exercise such other powers as are not inconsistent with this Constitutional Law.

6. The Board shall establish a Participants Advisory Committee composed of representatives of TIFC Participants, independent legal and financial experts, and other persons the Board considers appropriate, which shall provide non-binding advisory input on proposed significant TIFC Acts before their enactment. The Board shall give due consideration to the recommendations of the Participants Advisory Committee and shall publish a statement of its reasons where it departs materially from those recommendations.

7. The Charter of the Board and its composition shall be approved by the President of the Republic of Uzbekistan. In this regard, the Board shall include, ex officio, the President of the Republic of Uzbekistan as Chairman, who shall appoint and remove members of the Board. At least one third of the members of the TIFC Board shall be specialists in international finance and commercial law who have not previously held and do not currently hold any office in the Government system of the Republic of Uzbekistan. Members of the Board other than the Chairman shall be appointed for renewable terms of five years. Members appointed in satisfaction of the requirement set out in the preceding sentence may be removed before the expiry of their term only by written resolution of the majority of the members of the Board for cause, with reasons provided in writing to the President. From among the members of the Board, the Chairman shall appoint a Secretary General, who shall be the Governor of the TIFC (“Governor”).

1. The Governor shall act as a general coordinator of the TIFC Bodies as well as a liaison between and among the Government bodies of the Republic of Uzbekistan and the TIFC Bodies.

2. The Governor shall have such powers and shall use such necessary organisational, consulting and technical assistance as are determined by the TIFC Board.

3. In meetings of the Board, in the absence of the Chairman, the Governor shall serve as acting Chair.

4. The Governor will be appointed and removed pursuant to an edict issued by the President of the Republic of Uzbekistan. Such edict shall specify the terms of service, financial entitlements and employment benefits of the Governor. Notwithstanding paragraph 6 of Article 25, removal of the person serving as Governor pursuant to an edict of the President of the Republic of Uzbekistan shall concurrently remove that person from the Board, unless the edict specifically provides otherwise.

5. Without prejudice to the independence and powers of the TIFC Bodies established by this Constitutional Law and TIFC Acts, the Governor shall perform the following duties and exercise the following powers:

1) develop the strategy, general policies, and plans of the TIFC with a view to achieving the objectives of the TIFC, submit them to the TIFC Board for approval, supervise their implementation, and submit reports thereon to the TIFC Board;

2) develop the draft organisational structure of the TIFC and submit it to the TIFC Board for approval;

3) establish committees and working groups providing advice and assistance necessary for the performance of the Governorʼs functions in accordance with this Constitutional Law and TIFC Acts;

4) appoint, where necessary, experts and specialists providing advice and assistance for the performance of the Governorʼs functions;

5) where necessary, in consultation with TIFC Bodies, conclude contracts, agreements and memoranda of understanding with third parties inside and outside the Republic of Uzbekistan for the purpose of achieving the objectives of the TIFC;

6) represent the TIFC in relations with state bodies of the Republic of Uzbekistan and other organisations inside and outside the Republic of Uzbekistan, involving TIFC Bodies in such relations in accordance with their duties and powers; and

7) perform other duties and exercise other powers assigned to the Governor by the President of the Republic of Uzbekistan or by this Constitutional Law.

6. State bodies and organisations of the Republic of Uzbekistan shall cooperate with the Governor in matters relating to the establishment, activation, development and operation of the TIFC, in accordance with this Constitutional Law and acts of the President of the Republic of Uzbekistan.

7. The Governor may request information, coordination, and administrative support from relevant state bodies where reasonably necessary to achieve the objectives of the TIFC.

1. The TIFC Authority shall be the principal executive and administrative body of the TIFC and shall have primary responsibility for the promotion, development, operation, and ongoing maintenance of the TIFC.

2. The TIFC Authority shall be a legal entity established by this Constitutional Law with the capacity, rights, powers and obligations necessary to perform its functions and shall have the financial, administrative and operational autonomy required to perform its duties and functions.

3. Except for responsibilities expressly reserved by this Constitutional Law to the TFSA, the TICC, or other TIFC Bodies established by the Board, the TIFC Authority shall be responsible for all matters relating to the administration, management, and implementation of the TIFC.

4. The TIFC Authority shall exercise the powers and perform the duties conferred upon it by this Constitutional Law, by TIFC Acts of the Board, and by its Charter and Bylaws, which shall be subject to approval by the Board.

5. The TIFC Authority shall have an Executive Director who shall act in accordance with the Charter and Bylaws of the TIFC Authority.

6. The TIFC Authority shall have, among other duties prescribed by this Constitutional Law and TIFC Acts, the duties and powers to:

1) participate in preparing and implementing the strategy, general policies, and plans of the TIFC with a view to achieving the objectives of the TIFC;

2) follow up compliance by TIFC Bodies and TIFC Participants, as the case may be, with all international treaties and conventions to which Uzbekistan is a party;

3) liaise with Government agencies of the Republic of Uzbekistan in the matters affecting the TIFC, in coordination with the Governor and other TIFC Bodies, where necessary;

4) build and supervise the operation, management, and maintenance of the infrastructure in the TIFC; provide administrative and technical services in the TIFC; and provide any other services and meet any other requirements as necessary for achievement of the objectives of the TIFC in an efficient and effective manner; and

5) establish, promote, or support an academy or similar institution, including in collaboration with international educational institutions and universities, for the development of talent.

7. In the exercise of its functions, the TIFC Authority shall act in accordance with this Constitutional Law and with strategic, policy, and coordination directions issued by the Governor and Board.

8. In carrying out its functions, the TIFC Authority shall direct its activities towards the sustainable growth of the TIFC, the effective servicing of TIFC Participants, TIFC Employees, TIFC Investment Tax Residents, and Family Members, and the strengthening of the TIFCʼs reputation as a world-class, investor-friendly financial centre.

9. The TIFC Authority shall have a budget formed from allocations of the state budget in accordance with the budget legislation of the Republic of Uzbekistan, from fees and payments contributed by TIFC Participants, and from other sources not prohibited by this Constitutional Law or by TIFC Acts.

10. The TIFC Authority may create funds from resources available to it under paragraph 9 of this Article. The procedures and conditions for the creation and use of such funds shall be determined by TIFC Acts.

11. Resources received by the TIFC Authority from the state budget pursuant to paragraph 9 of this Article, including any savings of such funds, may be used for the acquisition of long-term assets and for the financing and support of the activities of TIFC Bodies and their organisations.

1. The TFSA shall be the principal regulatory body of the Tashkent International Financial Centre for Financial Services and shall have responsibility for the licensing, regulation, supervision, and enforcement of Financial Services and designated Ancillary Services conducted within the territory of the TIFC.

2. The TFSA shall be a legal entity and have the financial, administrative, and operational autonomy required to enable it to undertake and exercise its functions.

3. In the exercise of its regulatory, supervisory, and day-to-day operational functions, the TFSA shall act independently and in its own discretion and shall not be subject to direction or interference, except as expressly provided by this Constitutional Law.

4. The responsibilities of the TFSA shall include the development, promulgation, administration, supervision, and enforcement of binding TFSA Acts and regulations in accordance with this Constitutional Law.

5. Without limiting the generality of paragraph 4, the responsibilities and powers of the TFSA shall include the development, administration, supervision and enforcement of TIFC Acts issued by the TFSA relating to:

1) authorisation, licensing, registration and supervision of Financial Services and regulated Ancillary Services;

2) prudential regulation, including capital adequacy, liquidity, leverage, large exposures, recovery and resolution planning, and financial soundness;

3) corporate governance, systems and controls, risk management, internal audit, compliance and fitness and propriety of controllers, directors, senior managers and approved persons;

4) conduct of business, client classification, suitability, disclosure, financial promotions, market conduct and investor protection;

5) custody, safeguarding, segregation, reconciliation and administration of client money and client assets;

6) anti-money laundering, counter-terrorist financing, counter-proliferation financing, sanctions compliance and prevention of financial crime;

7) digital assets, fintech, regtech, insurtech, payment services, electronic commerce and other innovative financial services;

8) market abuse, insider dealing, market manipulation and disclosure obligations;

9) financial market infrastructure, including exchanges, clearing houses, central securities depositories, trading platforms and settlement systems;

10) regulatory reporting, accounting, auditing, record keeping and information submission;

11) inspections, investigations, compulsory information gathering, skilled person reviews and supervisory visits;

12) administrative enforcement, including directions, restrictions, penalties, public censure, restitution, disgorgement, licence suspension and revocation, and prohibition of individuals from performing regulated functions; and

13) cooperation, information sharing and supervisory coordination with the Central Bank, other state bodies of the Republic of Uzbekistan, and foreign financial services regulators.

6. The TFSA shall have operational independence in relation to individual licensing, supervisory, enforcement, investigatory and rule-making decisions, subject only to this Constitutional Law and TIFC Acts.

7. The TFSA may establish, administer, and supervise a regulatory sandbox or other controlled testing environment for fintech, digital asset, regtech, insurtech, and other innovative financial services and activities, on such terms as may be prescribed by TFSA Acts.

8. In carrying out its functions, the TFSA shall act to safeguard and enhance the reputation of the TIFC as a world-class, highly trustworthy financial centre by fostering investor confidence through the efficient, transparent, consistent, predictable and impartial application of the rule of law.

9. The effectiveness of the TFSA shall be assessed by reference to the integrity, predictability and fairness of its regulatory processes.

10. The internal governance of the TFSA shall be exercised in accordance with this Constitutional Law and the TFSAʼs Charter and Bylaws. The TFSA shall have an Executive Director who, in accordance with the Charter and Bylaws, shall act either as a sole executive body or as the chairperson of a collegial executive body of the TFSA.

11. The Executive Director of the TFSA and the members of its collegial executive body shall be appointed for a term of five years on the basis of professional merit and suitability, with the right of reappointment, and may be removed only for cause. The reasons for such removal shall be published in accordance with TFSA Acts, subject to any applicable confidentiality requirements.

12. The TFSA shall have a budget formed from allocations of the state budget channelled through the TIFC Authority in accordance with the budget legislation of the Republic of Uzbekistan, as well as from fees and payments contributed by TIFC Participants.

13. Resources received for the purposes of financing the activities of the TFSA pursuant to paragraph 12 of this Article shall be used exclusively for providing and financing the activities of the TFSA.

14. Where a TIFC Participant has regulated entities or branches both within the TIFC and elsewhere in the Republic of Uzbekistan, the TFSA and the Central Bank of the Republic of Uzbekistan shall cooperate on consolidated supervision, information sharing and such other prudential matters as may be prescribed by TIFC Acts issued pursuant to Article 17(5).

1. The TICC shall be the judicial body of the TIFC and shall exercise exclusive judicial power independently in accordance with this Constitutional Law.

2. The TICC shall have the financial, administrative, and operational autonomy required to enable it to undertake and exercise its functions. Each of the TICC judges shall exercise judicial functions independently.

3. The TICC shall have exclusive responsibility for the judicial resolution and administration of disputes falling within its jurisdiction.

4. The TICC shall act independently and impartially in the exercise of its powers, and no instructions may be given to it or any interference made in its activities in any form.

5. In carrying out its functions, the TICC shall protect the rights, freedoms, and legitimate interests of all persons before it and shall ensure that the applicable law of the TIFC and the International Digital Technologies Centre (the “IDTC”) is properly interpreted, construed, and applied.

6. The TICC shall contribute to maintaining and enhancing the reputation of each of the TIFC and the IDTC as world-class, highly trustworthy specialized centre through the efficient, transparent, consistent, and impartial administration of justice. The effectiveness of the TICC shall be assessed by reference to the integrity, predictability, efficiency and fairness of its judicial processes and decisions.

7. The organisation, internal administration and non-judicial governance of the TICC shall be carried out in accordance with this Constitutional Law and TIFC Acts. Such governance arrangements shall not prejudice the independence of judges in the administration of justice. No governance arrangement shall direct, or establish any accountability in respect of, the judicial decisions of any judge of the TICC.

8. The TICC shall not hear criminal cases or cases concerning administrative offences. This rule shall not apply to the application of measures within the jurisdiction of the TIFC in respect of matters that, in substance, constitute a commercial dispute, an economic or civil-law dispute, a breach of requirements of a TIFC Body, or market misconduct, and that may be addressed under this Constitutional Law or TIFC Acts.

9. The TICC shall consist of two instances:

1) a Court of First Instance; and

2) a Court of Appeal.

10. The TICC shall be headed by a Chief Justice. The Chief Justice shall be appointed by the President of the Republic of Uzbekistan upon proposal by the TIFC Board.

11. Other Justices of the TICC shall be appointed by the President of the Republic of Uzbekistan upon proposal by the Chief Justice, who shall also propose the number of judges required. Judges of the TICC may be of any nationality. They shall enjoy judicial independence and the guarantees, immunities, privileges, and conditions of service afforded to judges under the legislation of the Republic of Uzbekistan, to the extent applicable and consistent with this Constitutional Law.

12. The remuneration and other terms of service of judges of the TICC shall be determined by a decision of the Board, based on a proposal submitted by the Chief Justice.

13. The Chief Justice shall appoint a registrar of the TICC (the “Registrar”). The Registrar shall be responsible for the administrative and operational management of the TICC and shall perform such functions under the direction of, and subject to the oversight of, the Chief Justice, in accordance with this Constitutional Law and TIFC Acts.

14. The composition of the TICC, including the establishment of specialised divisions, the procedure for the appointment, tenure and removal of judges and court officials, qualification requirements, and the general framework for the organisation of the TICC shall be determined by TIFC Acts.

15. The Chief Justice shall have full authority, without further approval of the TIFC Board or any other TIFC Body, to introduce, issue, amend, replace, supplement and revoke rules of court, procedural rules, practice directions, registry directions, forms, protocols, guidance and other instruments relating to the practice, procedure, administration, case management and conduct of proceedings before the TICC.

16. The TICC shall have authority to issue execution orders, attachment orders, freezing orders, charging orders, interim preservation measures, interim injunctions, search orders, disclosure orders and such other interim, protective or enforcement measures as may be prescribed by TIFC Acts or the laws, regulations or governing instruments of IDTC (“IDTC Acts”).

17. The TICC may cooperate with courts of the Republic of Uzbekistan and foreign courts in matters relating to enforcement, judicial assistance, evidence-taking, interim measures, insolvency proceedings and cross-border dispute resolution, in accordance with TIFC Acts, applicable legislation and international treaties of the Republic of Uzbekistan.

18. Judges of the TICC may include permanent judges, ad hoc judges, specialist judges, foreign retired judges, international commercial judges, judicial registrars and legal experts known for their competence and expertise in international commercial law, finance, banking, capital markets, arbitration, insolvency, restructuring, technology, digital assets, artificial intelligence, international dispute resolution or other matters relevant to the TIFC and IDTC. Ad hoc judges and specialist judges may be appointed or assigned for specified matters, classes of disputes or proceedings requiring specialised expertise.

19. The qualifications, appointment procedures, tenure, ethics, discipline and remuneration of judges, ad hoc judges, specialist judges and judicial registrars shall be prescribed by TIFC Acts.

20. The TICC shall have exclusive jurisdiction over the following:

1) civil and labour disputes between and/or among TIFC Persons;

2) disputes relating to activities conducted, torts or other wrongs committed, or property located in the territory of the TIFC or governed by TIFC Acts;

3) insolvency and bankruptcy proceedings concerning TIFC Participants and natural persons residing in the territory of the TIFC;

4) disputes submitted to the jurisdiction of the TICC by agreement of the parties;

5) matters arising out of or connected with any international arbitration, including applications for interim or conservatory measures, appointment of arbitrators, challenges to arbitrators, jurisdictional determinations, procedural support, setting aside, recognition and enforcement of arbitral awards, where:

i. the seat of arbitration is the TIFC;

ii. the arbitration is administered by the Tashkent International Arbitration Centre and the parties have agreed that the TICC shall act as the curial court;

iii. the parties have otherwise agreed that the TICC shall have jurisdiction in respect of the arbitration; or

iv. jurisdiction is conferred on the TICC by this Constitutional Law, TIFC Acts, or other legislation of the Republic of Uzbekistan.

6) applications, appeals or disputes arising from decisions, acts or omissions of TIFC Bodies, including regulatory, licensing, supervisory, disciplinary, enforcement or administrative decisions made under this Constitutional Law or TIFC Acts;

7) disputes arising under IDTC Acts or the laws, regulations or governing instruments of any other specialised centre of the Republic of Uzbekistan, to the extent that jurisdiction over such disputes is expressly conferred on the TICC by the law or other legal instrument establishing or regulating that centre; and

8) such other categories of civil or commercial disputes as may be expressly assigned to the TICC by this Constitutional Law, TIFC Acts, IDTC Acts, other legislation of the Republic of Uzbekistan, or an act of the President of the Republic of Uzbekistan provided that such assignment is consistent with the nature and functions of the TICC as an international commercial court and does not confer general jurisdiction over ordinary administrative-law disputes under the laws of the Republic of Uzbekistan.

21. The TICC shall have personal jurisdiction over all persons who:

1) enter into transactions governed by TIFC Acts or IDTC Acts; or

2) have otherwise consented to the jurisdiction of the TICC in respect of a particular transaction or dispute.

22. The TICC shall have jurisdiction to issue orders for the recognition and enforcement of any arbitral award rendered in any international arbitration, irrespective of the State or jurisdiction in which it was rendered. Where the Republic of Uzbekistan has entered into an applicable treaty for the mutual enforcement of judgments, orders or awards, the TICC shall comply with the terms of such treaty.

23. Decisions of the Court of Appeal of the TICC on matters of jurisdiction and on the merits shall be final, binding and not subject to further appeal.

24. Judgments, orders and decisions of the TICC shall be issued in the name of the Republic of Uzbekistan. Final judgments, orders and decisions of the TICC shall be recognised throughout the Republic of Uzbekistan and, (i) where execution is required inside the territory of the TIFC or the IDTC, shall be enforced by the TICC; and (ii) where execution is required outside the territory of the TIFC and the IDTC, shall be enforced by the competent enforcement authorities of the Republic of Uzbekistan in the same manner and on the same terms as final and enforceable judicial acts of other courts of the Republic of Uzbekistan.

25. Final and enforceable judicial acts of courts of the Republic of Uzbekistan shall be recognised and, where applicable, enforced within the territory of the TIFC in accordance with the legislation of the Republic of Uzbekistan, except to the extent that recognition or enforcement would be inconsistent with this Constitutional Law or TIFC Acts.

26. The TICC shall have exclusive jurisdiction to interpret and construe TIFC Acts and IDTC Acts, including for the purposes of determining its application, scope and effect. This paragraph shall not limit the jurisdiction of the Constitutional Court of the Republic of Uzbekistan in respect of matters falling within its constitutional competence.

27. The TICC shall have a budget formed from allocations of the State budget directed to the TIСС in such amount as reasonably required by the Chief Justice and approved by the President of the Republic of Uzbekistan in accordance with the budget legislation of the Republic of Uzbekistan, as well as from other sources not prohibited by this Constitutional Law or by TIFC Acts.

28. State budget funds allocated for the purposes of financing the activities of the TICC pursuant to paragraph 27 of this Article shall be used exclusively for supporting the activities of the TICC.

29. The TICC shall publish all of its judgments on its official website for free public access. Judgments shall be published within thirty (30) days of their delivery. Information constituting commercial secrets may be redacted only upon the application of a party and with the approval of the TICC, to the minimum extent necessary to protect genuinely confidential commercial information. Such redaction shall not apply to the legal reasoning, grounds for application of the law or operative part of the judgment. The procedure and criteria for considering such applications shall be determined by TIFC Acts issued by the TICC (“TICC Acts”) and directions of the Chief Justice.

30. The TICC shall maintain a wills and succession register for certifying the wills of TIFC Participants, TIFC Employees, TIFC Investment Tax Residents and their Family Members, and of such natural persons connected with the IDTC as may be specified by IDTC Acts or by the law establishing or regulating the IDTC. Such wills shall be administered in accordance with TIFC Acts and, where applicable, IDTC Acts, and given effect by the TICC. The procedure for registration, amendment and administration of wills under this paragraph, their formal requirements and the relationship between such wills and the succession law of the Republic of Uzbekistan shall be determined by TICC Acts.

1. English shall be the official language of the Tashkent International Financial Centre. It shall be used in all matters regulated by this Constitutional Law and TIFC Acts and in all official activities carried out within the territory of the TIFC, unless otherwise provided by this Article.

2. TIFC Acts shall be drafted, adopted, and promulgated in the English language. Official translations of TIFC Acts into the Uzbek or other languages may be produced by the TIFC.

3. In the event of any discrepancy, ambiguity, or inconsistency between the English version of a TIFC Act and any official translation thereof, the English version shall prevail.

4. Statistical, financial, technical, and other documentation filed with TIFC Bodies or otherwise submitted within the territory of the TIFC shall be in the English language, unless otherwise expressly permitted by the applicable law or TIFC Acts.

5. Responses of TIFC Bodies to requests submitted by natural or legal persons, including any documents attached thereto, shall be provided in the English language. Where a request is submitted in the Uzbek language or another language, the response may be provided in the same language.

6. Judicial proceedings before the TICC shall be conducted in the English language. Upon request of a party, translations into Uzbek or other languages shall be provided in accordance with applicable procedural rules.

7. Transactions carried out within the TIFC and committed to writing shall be concluded in the English language, unless otherwise agreed by the parties. In the event of multiple language versions, the English version shall prevail unless the parties expressly agree otherwise and such agreement is permitted under TIFC Acts.

8. For the purposes of recognition and enforcement in the Republic of Uzbekistan, a translation into Uzbek or another language of a judicial decision or arbitral award rendered within the TIFC shall be provided in accordance with the procedure established by TIFC Acts.

1. Upon the entry into force of this Constitutional Law, the competent TIFC Bodies shall, without delay and no later than twelve (12) months after the date of commencement of this Constitutional Law, prepare and adopt those TIFC Acts that are expressly referred to in this Constitutional Law and that are necessary for the effective establishment and operation of the TIFC. The TIFC Board may, by reasoned decision, extend this period by up to six (6) months.

2. For the purposes of paragraph 1 of this Article, the TIFC Board shall determine, by decision, the list of TIFC Acts deemed necessary for the activation of the TIFC, being TIFC Acts that regulate matters essential for the governance, regulation, judicial functioning, or day-to-day operation of the TIFC.

3. Upon the adoption of the TIFC Acts referred to in paragraph 1 of this Article, the Board shall assess the regulatory and operational readiness of the TIFC and, if satisfied that the legal, institutional, and organisational framework required for its operation is in place, shall adopt a decision declaring the TIFC ready to commence operations.

4. The decision of the Board declaring the TIFC ready to commence operations shall be submitted to the President of the Republic of Uzbekistan for confirmation.

5. Upon confirmation by the President of the Republic of Uzbekistan, the TIFC shall be deemed activated as from a date specified in such confirmation, which date shall be no later than one (1) month from the date of confirmation.

6. As from the Activation Date, the legal regime, powers, responsibilities and functions of the TIFC shall apply in accordance with this Constitutional Law and TIFC Acts and shall commence operations.

1. This Article applies during the period commencing on the Activation Date and ending on the date on which the relevant TIFC Acts governing the licensing and regulation of the applicable Financial Services have been adopted and entered into force (the “Transitional Period”).

2. A legal entity that, on the Activation Date, holds a valid licence issued by a competent authority of the Republic of Uzbekistan authorising the provision of one or more Financial Services (a “National Licence”) shall, without further application or approval, be entitled to provide within the territory of the TIFC those Financial Services expressly covered by its National Licence, subject to the following conditions:

1) the entity registers its separate subsidiary company or branch office with the TIFC Authority as a transitionally permitted participant within sixty (60) days of the Activation Date;

2) the entity provides those Financial Services in accordance with the terms and conditions of its National Licence and the laws and regulations of the Republic of Uzbekistan applicable to it under that licence, to the extent such laws and regulations are not incompatible with this Constitutional Law or TIFC Acts;

3) where any provision of the laws or regulations of the Republic of Uzbekistan applicable to the entity under its National Licence is incompatible with this Constitutional Law and/or a TIFC Act, this Constitutional Law and/or the TIFC Act shall prevail to the extent of the incompatibility, and the entity shall comply with this Constitutional Law and the TIFC Act in respect of that matter; and

4) the entity remains in compliance with its National Licence and the conditions imposed by the competent authority of the Republic of Uzbekistan that issued it.

3. The TFSA may, within such period as may be prescribed by TFSA Acts, object to, restrict, suspend or condition the transitional permission of a National Licence holder where it considers that such permission would pose a risk to the integrity, reputation, financial stability, proper functioning or regulatory objectives of the TIFC.

1. The TIFC Board may approve the categories of foreign jurisdictions, regulators or licences eligible for transitional recognition. The TFSA shall determine individual applications for transitional licences in accordance with this Article and TFSA Acts.

2. A transitional licence under this article may only be granted in respect of a legal entity holding a valid licence issued by the competent regulatory authority of a foreign jurisdiction (a “Foreign Licence”), where that jurisdictionʼs competent regulatory authority has concluded with the TIFC Authority a memorandum of understanding or other formal supervisory cooperation agreement (hereafter referred to as the “MOU”) that is in force at the time of the grant of permission.

3. Where the TIFC Authority is in active negotiations with a competent authority with a view to concluding an MOU, the TIFC Board may, at its discretion, grant a time-limited interim transitional licence to an entity licensed by that authority for a period not exceeding six (6) months, subject to:

1) the TIFC Board being satisfied that the prospective MOU counterpart authority applies regulatory standards comparable to those required under this Constitutional Law and complies with the standards of the Financial Action Task Force (FATF);

2) the entity submitting a written undertaking to comply with such supervisory requirements as the TFSA may impose in lieu of the protections that would otherwise be provided by the MOU; and

3) the interim licence lapsing automatically if the MOU has not been concluded and entered into force before the expiry of the six-month period, unless the TIFC Board expressly renews it once for a further period not exceeding five months.

4. An entity granted a transitional licence under this Article on the basis of a concluded MOU or an interim permission under this article, shall be entitled to provide within the territory of the TIFC those Financial Services expressly covered by its Foreign Licence, subject to the following conditions:

1) the entity registers with the TIFC Authority as a transitionally licensed participant within the period specified in the Board's grant of licence, and in any event no later than sixty (60) days of the grant;

2) the entity provides those Financial Services in accordance with the laws and regulations of the jurisdiction in which its Foreign Licence was issued, to the extent such laws and regulations are not incompatible with this Constitutional Law or TIFC Act;

3) where any provision of the laws or regulations of the foreign jurisdiction is incompatible with this Constitutional Law or TIFC Act, this Constitutional Law or TIFC Act shall prevail to the extent of the incompatibility, and the entity shall comply with this Constitutional Law or the relevant TIFC Act in respect of that matter;

4) the entity remains in good standing under its Foreign Licence and notifies the TIFC Authority immediately of any suspension, variation, restriction, or revocation of that licence; and

5) the entity submits to the supervisory oversight of the TFSA in respect of its activities within the TIFC, including in relation to AML/CFT, counter-proliferation financing compliance, consumer protection, and market conduct, to the extent that such matters are not adequately addressed by the supervisory authority of the foreign jurisdiction under the terms of the applicable MOU.

5. The TIFC Board may at any time vary, suspend, or revoke a transitional licence granted under this article where:

1) the entity's Foreign Licence is suspended, varied, restricted, or revoked;

2) the entity has failed to comply with a condition of its transitional licence or with a requirement imposed by the TFSA;

3) the Board determines that continuation of the licence would pose a risk to the integrity, reputation, or proper functioning of the TIFC; or

4) the relevant TIFC Acts governing the licensing of the applicable Financial Service have entered into force and the transition period under this Article has elapsed.

6. Where a question arises as to whether a provision of the laws or regulations of the Republic of Uzbekistan or of a foreign jurisdiction is compatible or incompatible with this Constitutional Law for the purposes of Article 32 and this Article:

1) the TFSA shall have the power to make a binding determination of compatibility or incompatibility in respect of any provision relating to Financial Services regulation, market conduct, AML/CFT, counter-proliferation financing, consumer protection, or prudential matters; and

2) the TIFC Authority shall have the power to make a binding determination of compatibility or incompatibility in respect of any other provision, and such determination shall be made in writing, with reasons, and may be reviewed exclusively by the TICC upon the application of the interested legal entity.

7. The TIFC Board shall determine the procedure for applying supervisory and regulatory measures during the Transitional Period and for terminating the Transitional Period.

The Administration of the President of the Republic of Uzbekistan shall organise the implementation of this Constitutional Law and ensure, in accordance with the procedure established by law, effective cooperation between the TIFC and state authorities.

The Cabinet of Ministers of the Republic of Uzbekistan shall:

1) bring government decisions into compliance with this Constitutional Law; and

2) ensure that Republican executive authorities review and repeal their normative legal acts that contradict this Constitutional Law.

This Constitutional Law shall enter into force 10 calendar days after the date of its official publication.