March 24, 2023
Permission and notification procedures for microfinance organizations and pawnshops
Resolution No. 3423 of the Central Bank Board of 7 March 2023 “On Approval of the Regulation on the Procedure of Authorisation and Notification Procedures in the Field of Microfinance Organizations and Pawnshops” (hereinafter “the Regulation”) was adopted.
According to the Regulation, the application and notification to undergo the permitting and notification procedures must be signed by EDS (of the applicant or notifier) and submitted to the Central Bank through the Central Bank’s electronic platform. Examination of applications and sending notifications is free of charge.
The Regulation provides for the following procedures in the field of microfinance organizations and pawnshops’ activities:
- the procedure for registration and termination of a microfinance organization;
- the procedure for giving notice of the commencement and termination of pawnshop activities;
- the procedure for changing the composition of participants (shareholders) of microfinance organizations and pawnshops;
- the procedure for opening and closing branches of microfinance institutions and pawnshops, name changes and locations;
- the procedure for deregistering microfinance institutions and pawnshops.
The Regulation provides for the following requirements for the statutory fund of microfinance organizations and pawnshops:
- minimum authorized capital for microfinance organizations should be 2 billion UZS and for pawnshops – 500 million UZS.
- it is forbidden to form the statutory fund from funds pledged as collateral and other funds which are subject to obligations, as well as funds obtained by criminal means.
Upon registration, a microfinance organization shall, within 3 months of state registration, submit the following documents to the Central Bank:
- information on the participants (shareholders) of the microfinance organization.
The Regulation also approves the forms required to be submitted to the Central Bank.