The procedure for getting permission in the field of activity of microfinance organizations and pawnshops has been adopted in Uzbekistan

The Board of the Central Bank adopted the Resolution dated March 7, 2023, registration number No. 3423 “On approval of the Regulation on the procedure for passing permitting and notification procedures in the field of activities of microfinance organizations and pawnshops” (the “Regulation”).

In accordance with the Regulation, applications for the issuance of permits in the field of activity of microfinance organizations and pawnshops are accepted through the electronic platform of the Central Bank. At the same time, the applications required for passing the licensing and notification procedures must be approved by the electronic digital signature of the applicant or notifier. It should be noted, that there is no fee for processing applications.

The Regulation also specifies:

• The requirements and conditions for the activities of microfinance organizations and pawnshops;
• The procedure for registration and termination of activities of microfinance organizations;
• The procedure for notification of the beginning or termination of the activities of pawnshops;
• The procedure for obtaining prior permission when changing the composition of participants (shareholders) of microfinance organizations and pawnshops;
• The procedure for opening and closing, as well as changing the name and location of branches of microfinance organizations and pawnshops;
• The procedure for withdrawal from the register of microfinance organizations and pawnshops.