Article 22. TIFC Bodies

1. The TIFC Bodies are:

1) the TIFC Board (“Board”);

2) the TIFC Authority (“Authority”);

3) the Tashkent Financial Services Authority (“TFSA”); and

4) the Tashkent International Commercial Court (“TICC”).

2. This Constitutional Law and the TIFC Acts determine the organisation and procedures of the TIFC Bodies and the supervision of the activities of the TIFC Participants.

3. In the exercise of the powers and functions expressly conferred upon them by this Constitutional Law and by TIFC Acts, TIFC Bodies shall operate independently and shall not be subject to direction or interference, except as expressly provided by this Constitutional Law.

4. The Republic of Uzbekistan shall not be liable for the debts, obligations, acts or omissions of TIFC Bodies, and TIFC Bodies shall not be liable for the debts, obligations, acts or omissions of TIFC Participants or any other person, except as expressly provided by this Constitutional Law or other applicable law.

5. TIFC Bodies shall collaborate with one another in accordance with this Constitutional Law and TIFC Acts and, where applicable, in accordance with coordination and policy directions issued by the Board, provided that such directions shall not prejudice the functional independence of the TFSA or TICC.

6. TIFC Bodies, ministries, agencies, regulators, courts, public bodies and other competent authorities of the Republic of Uzbekistan shall cooperate with and assist one another for the purposes of achieving the objectives of the TIFC and enabling the effective exercise and performance of the duties, powers and functions vested in them by this Constitutional Law and TIFC Acts.

7. The Governor or the relevant TIFC Body may enter into memoranda of understanding and cooperation arrangements with competent authorities, regulators, courts, arbitral institutions, financial centres, exchanges, universities, professional bodies and other organisations inside or outside the Republic of Uzbekistan, provided that such arrangements do not conflict with the Constitution or international treaties ratified by the Republic of Uzbekistan.

8. Such cooperation may include coordination, consultation, technical assistance, administrative support, operational assistance, regulatory cooperation, information sharing, judicial cooperation and such other measures as may be necessary or desirable for the effective operation of the TIFC, subject to applicable confidentiality obligations.