Approved by Board of the Central bank of the Republic of Uzbekistan of May 22, 1999 No. 227

Regulations on procedure for conducting inspection (check) for commercial banks and their branches by inspection divisions of the Central bank of the Republic of Uzbekistan

This Provision is developed according to the Laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity", other legal acts of the Republic of Uzbekistan.

It establishes the basic rules of the organization and conducting inspection (check) of activities of banks, their branches and the legal entities, affiliated with banks, who are carried out by Department of inspection of commercial banks of the Central bank of the Republic of Uzbekistan and managements (departments) of inspection of commercial banks of the Head territorial administrations of the Central bank (further inspection divisions).

1. General rules

1.1. In this Provision the following basic concepts are used:

Inspection of banks is type (method) of banking supervision providing check of activities of banks and their branches according to the procedure of supervision directly on places for the purpose of determination of real financial condition of banks and the risks assessment inherent in banking activity.

Remote supervision is type (method) of banking supervision based on daily monitoring of financial condition of commercial banks, the analysis of the otchetnost provided by them in the Central bank for the purpose of identification of their problems at early stage.

Affiliated (connected) legal entities of bank are any legal entity:

- 10% which are the large shareholder of bank, i.e. owning or more authorized capital of bank;

- in which the bank is large shareholder.

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