Diana Gardanova
20
Oct 2021
490 times

In connection with the adoption of the Licensing, Permitting and Notification Procedures Act and the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan

Concrete

Law of the Republic of Uzbekistan dated October 12, 2021 No. UP-721 "on amendments and additions to certain legislative acts of the Republic of Uzbekistan in connection with the adoption of the Law of the Republic of Uzbekistan "On Licensing, Licensing and Notification Procedures" (hereinafter- the Law)

Under Article 5 of the Criminal Code, there are a number of penalties for engaging in activities without a licence or document of a permissive nature or without notification.

Also under Article 6 of the Law, Article 165 of the Administrative Liability Code establishes fines for violations of legislation on licensing, permitting and notification procedures.

In doing so, it has been supplemented by Article 2459, which gives the right to draw up protocols by authorised bodies in case of violations of licensing, permitting and notification procedures.

In addition, according to article 20 of the Law, the following amendments have been made to the Law of the Republic of Uzbekistan “On the Securities Market”:

- Add the thirty-fourth paragraph of the first part of Article 3 after the word "licensed” with the words "or carried out by notification of the authorized body".;

- In the first part of article 21, the words "organizer of over-the-counter securities trading" are excluded;

There is also a procedure for sending a notification to the authorized state body for securities market regulation on the beginning or termination of the activity of an investment consultant without obtaining a license.

At the same time, it is established that a license is not required to carry out the activities of the Investment Fund and the activities of the investment fund are regulated by the authorized state body for regulating the securities market within its competence.

Information service of the

Ministry of Finance

 

Last modified on Wednesday, 20 October 2021 17:03

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