BAKU, Azerbaijan, Nov. 6
By Fakhri Vakilov-Trend:
Uzbekistan’s President Shavkat Mirziyoyev signed a new edition of the national law on banks and banking activities, Trend reports referring to Uzbekistan’s legal information portal "Norma".
In accordance with the law, the list of operations carried out by banks has been supplemented by a number of new banking operations including buying and selling coins from precious metals, using and redeeming electronic money, factoring, operations with derivatives, etc.
The law also establishes rules regarding activities prohibited or restricted for banks in order to protect the rights of creditors and depositors.
Under the law, the minimum authorized capital of a bank should be $10.5 million.
The opening and maintenance of bank accounts are among the constituent elements defined as banking activities.
There are more restrictions on the activities of banks - they cannot buy shares or shares of legal entities (in some cases, no more than 15 percent of first-tier bank’s regulatory capital). Securities transactions and acquired shares should not exceed 50 percent of first-tier bank’s regulatory capital in the aggregate. Moreover, a bank cannot participate in the authorized capital of a legal entity that owns 1 percent or more of the authorized capital of this bank.
The requirements for obtaining a preliminary permission from the Central Bank to acquire shares of a bank are set out in new way. If before it was not required for acquiring up to 20 percent of the share in the bank’s charter capital by residents, now all individuals and legal entities or persons acting jointly should receive it, if the share acquired as a result of one or several transactions is from 5 to 20 percent; from 20 to 50 percent; 50 percent or more.
Other procedural details have also changed: an assessment of a potential purchaser is carried out within two months, during which additional documents and information may be required from him.
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