The Tashkent International Financial Center plans to apply English law.
The Tashkent International Financial Center (TIFC) plans to apply English common law and create an independent regulator. This was announced by Nodirjon Juraev, Project Coordinator for the Administration of the President of Uzbekistan, at the Silk Road Finance & Technology Forum. According to him, the Central Bank and the National Agency for Prospective Projects (NAPP) will not regulate TIFC participants and institutions. A separate […]
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The Tashkent International Financial Center (TIFC) plans to implement English common law and establish an independent regulatory body.
This information was announced by Nodirjon Juraev, Project Coordinator for the Administration of the President of Uzbekistan, during the Silk Road Finance & Technology Forum.
As Juraev noted, regulation of the activities of TIFC participants and institutions will not fall within the purview of the Central Bank or the National Agency for Prospective Projects (NAPP). A separate regulatory system is planned to be developed and implemented for the center.
At the same time, TIFC participants will be able to provide financial and other services in the domestic market of Uzbekistan. To achieve this, a corresponding regulatory framework will be developed jointly with the Central Bank.
When operating in the domestic market, companies will be required to comply with national legislation, including tax regulations.