Approved by Board of the Central bank of the Republic of Uzbekistan of November 9, 1998 No. 302 (protocol 19/7)

Regulations on guardianship over banks

This Provision according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" and "About banks and banking activity" determines procedure for establishment of guardianship over banks.

I. General provisions

1. Guardianship - complex of the actions entered by the Central bank of the Republic of Uzbekistan and including administrative, legal, financial, organizational and other measures for the purpose of reduction of bank in adequate financial condition, ensuring compliance of its activities to the legislation or if it is not possible, preparation of bank for reorganization or liquidation.

2. The guardian - the official heading temporary administration of bank during guardianship.

3. The regime of guardianship is introduced for initial term up to 12 months.

4. All expenses connected with guardianship over bank are performed at the expense of means of the bank.

II. The bases and conditions of establishment, guardianship over bank

5. The guardianship regime over bank can be introduced according to the decision of the Central bank in case of the violations allowed by bank and creating real threat to interests of investors and creditors. Treat such violations leading to substantial damages:

violation of the law and regulating documents of the Central bank;

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