The Central Bank posted the Amendments and additions to the Regulation on procedure and conditions of issuing permits for banking activities Resolution.
The draft provides for the following changes:
- abolition of demanding certain documents and information from individuals and business entities;
- shifting to notification system of the procedure of opening and closing of bank branches and offices;
- simplification of requirements for foreign banks in terms of establishment of a bank or holding shares in a bank;
- improving criteria for evaluating bank executives.
The draft provides for the elimination of red tape in licensing and permitting procedures, easing the requirements on capital for foreign banks when opening a bank in Uzbekistan or participating in the bank's charter capital, improving the requirements for certain senior positions of banks to ensure financial stability.
Meanwhile, the draft resolution is being amended in order to eliminate inaccuracies in some regulations.
