All financial assets must now be accounted for
President Vladimir Putin signed law No. 291-FZ of 31.07.2020, which establishes the obligation of residents to report on the movement of not only cash, but also other financial assets on accounts in foreign banks and other financial market organizations.
Overview of the legislation of the Republic of Belarus
In accordance with this act, the BelCCI is granted the right to register, change data, and revoke registration in the REX system. As a result of its implementation, the exporter will receive a unique registration number by which it will be possible to check the validity of the registration, the date of its receipt and other information subject to the exporter's permission.
The Head of the Financial Monitoring Service adopted the Order #2 on Approval of the Procedure of Identification and Verification of a Customer by the Accountable Enterprise
The Head of the Financial Monitoring Service adopted the Order #2 on Approval of the Procedure of Identification and Verification of a Customer by the Accountable Enterprise and the Order #1 on Approval of the Rule on Record-keeping, Storage and Reporting of the Information on the Transaction by the Accountable Enterprise to the Financial Monitoring Service of Georgia
Parliament of Georgia adopted the law on changes to the Law on Securities Market
On 29 June 2020, Changes to the Law on Securities Market was published on the website of the Legislative Herald of Georgia.
Asian Development Bank projects slowdown in economic growth of Uzbekistan in 2020
Asian Development Bank (the “ADB”) has reconsidered its economic growth projections for Uzbekistan in 2020 by decreasing the projection from 4,7% to 1,5%. ADB has adjusted and updated the economic growth forecasts due to the pandemic, which has decreased the volume of foreign trade and money transfers. Forecasts of the World Bank and European Bank for Reconstruction and Development regarding Uzbekistan's economic growth for 2020 coincide, amounting to a GDP growth of 1,5%.
Uzbekistan plans to issue Eurobonds worth USD 500 million
Uzbekistan plans to issue Eurobonds in national currency equivalent to USD 500 million in the domestic market. Based on the budget requirements, Eurobonds denominated in UZ equivalent to USD 500 million, can be placed this year and the same amount next year.
Measures to tighten control over microcredit companies are coming into force
Micro-credit organizations that are not NPOs are required to disclose information on the structure and composition of their shareholders (participants), including persons under whose control or significant influence they are, on the Internet starting from July 1, 2020. Previously, this obligation was not fixed by the legislator. These measures are aimed at increasing the transparency of the activities of such companies, as well as strengthening control over their activities.
Boundaries of the Free Economic Zone “Chiroqchi” are determined
Cabinet of Ministers of the Republic of Uzbekistan has adopted Resolution “On measures of organizing activities of the Free Economic Zone “Chiroqchi”” No.267 dated May 6, 2020 (“Resolution No.267”), which establishes the boundaries of the territory of the “Chiroqchi” FEZ, approved the structure of its management, its charter and sources of financing its activities.
Improving the electronic public procurement system in Uzbekistan
In order to increase the efficiency of the public procurement system through the use of modern information technologies in the public procurement process and to ensure the openness and transparency of the system, at the initiative of the Ministry of Finance, amendments and additions were made to some regulatory legal acts regulating the public procurement system.
Decision of the Central Bank of the Republic of Azerbaijan on additional measures to support individuals and entrepreneurs amid coronavirus pandemic
On April 23, 2020, the Management Board of the Central Bank of Azerbaijan adopted a decision “on additional measures to support individuals and entrepreneurs amid coronavirus pandemic”.
16.04.2020
The firm rises in the rankings released by Legal 500 and takes positions in eight jurisdictions – Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.
The Government of the Kyrgyz Republic has approved anti-crisis
financial and fiscal measures to support entrepreneurial activity
As part of the work on the economic consequences of the virus, on 31 March 2020 the Government of the Kyrgyz Republic has adopted a series of measures aimed at supporting entrepreneurial activity.