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Limited liability companies were allowed to issue corporate bonds
Uzbek Parliament has passed a law granting limited liability companies (the “LLCs”) the right to issue corporate bonds (the “Draft Law”). The draft is now due for parliamentary approval by the Senate and by the president.
The Ministry of Justice published a draft of Presidential Decree "On measures to improve licensing and authorization procedures"
The Ministry of Justice has developed a draft of Presidential Decree "On measures to improve licensing and authorization procedures" (the “Draft Decree”) that aims to simplify about 1000 established bureaucratic processes. The Draft Decree plans to implement comprehensive measures to improve licensing and authorization procedures in two stages.
Anticorruption Agency of the Republic of Uzbekistan
In accordance with the Decree of the President of the Republic of Uzbekistan “On additional measures to improve the system of combating corruption in the Republic of Uzbekistan” No.УП-6013 dated 29 June 2020 (the “Decree No.УП -6013”) there was established an Anticorruption Agency of the Republic of Uzbekistan (the “Agency”) in order to improve the effectiveness of public policies aimed at preventing and combating corruption in all spheres of society and the State.
From 10th of July to 1st of August the quarantine measures in the Republic of Uzbekistan will be strengthened
Due to the worsening situation of the coronavirus pandemic and the increase in the number of coronavirus cases, the Special Republican Commission on Combating Coronavirus (the "Commission") has decided to strengthen the approved quarantine measures from 10th of July to 1st of August.
Special Commission has been created for the accession of Uzbekistan to the WTO
For the purposes of acceleration and improvement of the preparation of Uzbekistan in the process of accession to the World Trade Organization (the “WTO”), a special inter-ministerial commission (the “Commission”) has been created. Its main tasks and functions are determined by the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan “On approval of regulation on Inter-ministerial commission to work with the World Trade Organization" № 339 dated 28 May 2020 (the “Resolution № 339”).
Strengthening the responsibility for illegal seizure of land
Following the results of the fourth plenary session of the Senate of the Oliy Majlis of the Republic of Uzbekistan, the Law “On amendments and additions to some legislative acts of the Republic of Uzbekistan in connection with the increased liability for illegal seizure of land” (the “Law”) was approved. This Law introduces amendments and additions to the Criminal Code, the Code of Criminal Procedure and the Code on Administrative Responsibility.
16.06.2020
Uzbekistan establishes a Council on International Rankings
The President of the Republic of Uzbekistan signed a Decree “On improving the position of Uzbekistan in international ratings and indices” No.УП-6003 dated 2 June 2020 (the “Decree No.УП-6003”). A Republican Council, which will function in this direction, is being established.
16.06.2020
Fitch Ratings affirms Tashkent City at “BB-” level and “stable” forecast
Affirmation of ratings by Fitch Ratings (the “Agency”) reflects a combination of a “weaker level” assessment of the city’s risk profile and an “AA” debt resistance rating according to the rating scenario. The Agency also notes that the city’s issuer default ratings are one step lower than the independent “BB” credit rating due to poor reporting practices and transparency that lags behind international standards.
Strategy of reforming the banking sector of Uzbekistan is adopted
On 12 May 2020 President of the Republic signed the Decree “On Strategy of reforming the banking sector of the Republic of Uzbekistan for 2020-2025 years” No.УП-5992 (the “Decree No.УП-5992”). The Decree No.УП-5992 established Strategy and the “Roadmap” of reforming the banking sector, as well as the main principles and directions of transformation of this sphere.
16.06.2020
S&P Global Ratings maintained Uzbekistan's credit rating at “BB-” level with a negative forecast
International rating Agency "S&P Global Ratings" (the “Agency”) has published a regular report on the sovereign credit rating of the Republic of Uzbekistan. According to the report, the rating of Uzbekistan is "BB-".