June 24, 2025

“Rules for maintaining records of depository operations” of the Ministry of Justice, reg. No. 3628 dated 16.06.2025

In order to bring legislative acts into line with the current legislation, as well as to ensure their adoption in the state language, the National Agency for Perspective Projects of the Republic of Uzbekistan (NAPP) has approved a new departmental regulatory legal act.

In particular, the relevant order of the director of NAPP approved the “Rules for maintaining records of depository operations” MJ reg. No. 3628 dated June 16, 2025. This document will enter into force on July 1, 2025.

The order was adopted instead of the “Uniform Rules (Standards) of Depository Accounting and Reporting” (reg. No. 844 of December 1, 1999), which defines:

  • uniform principles for organizing and maintaining records of securities;
  • the procedure for performing depository operations;
  • organization of document flow and internal control;
  • the procedure for preparing reports.

Thus, the following entities were introduced into the new “Rules for maintaining records of depository operations”:

  • foreign nominal holders;
  • foreign central depositories;
  • custodian banks that are participants in the capital market.

At the same time, a new procedure for conducting transactions with these entities through correspondent depository accounts was defined and rules for maintaining depository records of new instruments were established.

Also, the following were established:

  • rules for the storage and accounting of securities of the settlement system (in accordance with the principles of the International Organization of Securities Commissions (IOSCO));
  • rules for the transfer of securities by means of counter orders and their reconciliation (matching).

The concepts of new types of depository accounts were introduced:

  • foreign nominal account;
  • omnibus account;
  • direct individual account;
  • segregated omnibus account.

Below is a comparative table of the old and new act on the regulation of accounting of depository operations:

Criterion

 Uniform Rules (Standards) of Depository Accounting and Reporting (MJ reg. No. 844 of December 1, 1999) Rules for maintaining records of depository operations (MJ reg. No. 3628 dated June 16, 2025)

Rules for the storage and accounting of securities of the settlement system (IOSCO):

Storage of securities

Securities were stored both in the depository and in external storage facilities (banks, etc.).

In accordance with the new rules, securities are now stored only in the Central Depository.

[p.16-17].

Accounting of securities

Accounting of securities was carried out according to internal rules, with synthetic and analytical accounting.

In accordance with the new rules, accounting has been simplified. Direct accounting is now conducted using double entry, with a ban on negative balances. [p. 34-35].

Also, the following have been added to the accounting:

  • Omnibus accounts;
  •  Foreign securities;
  • Nominee holders.

[p. 1; p. 44-45].

Rules for the transfer of securities by means of counter orders and their verification (matching):

Reason for transfer

Transfers are carried out on the basis of interdepository orders.

Transfers are made on the basis of instructions from depositors, issued in written or electronic form. [p.28–29].

Counter assignments (matching)

The parameters of two orders are verified: for write-off and credit.

The matching procedure is not described verbatim, but is built into the procedure for processing assignments and resolving discrepancies. [p.32].

Terms of execution

Execution is possible only if the parameters of two orders coincide (matching); reconciliation is mandatory.

Reconciliation is confirmed through acts of elimination of discrepancies if the data do not match. [p.32].

Exceptions (one-way transactions)

Not directly allocated – all operations are carried out through orders.

Unilateral transactions are possible: by decision of a court, government agency, or corporate actions. [p. 28].

Execution and recording

Accounting is reflected in registers and balance sheets.

Accounting is reflected in the transaction journal and registers, observing the principle of double entry. [p.13–14; p.34].

Resolving discrepancies

Not regulated.

 

The procedure for notification and the act of eliminating discrepancies, on the basis of which corrections are made, is prescribed. [p. 32].
 

Not regulated.

 Foreign nominal account – a type of depository account opened by a foreign nominal holder in the Central Depository directly in the name of one foreign beneficial owner (individual account) or in the form of omnibus accounts;
 

Not regulated.

 Omnibus account – a nominal account opened by a nominal holder in the Central Depository, which records the total number and value of securities owned by all foreign beneficial owners and/or nominal holders, including foreign ones;
 

Not regulated.

 Direct individual account – a depository account opened by a foreign nominal holder in the Central Depository directly on behalf of and in the name of a foreign beneficial owner;
 

Not regulated.

 Segregated omnibus account – individual deposit account of the client of the nominal holder.