Article 23. Financial Year, Resources, and Audit

1. The financial year of the TIFC Bodies shall commence on 1 January and end on 31 December of each year, except for the first financial year which shall commence on the date on which the TIFC is established as determined by the Board (the “Activation Date”) and end on 31 December of that year.

2. Unless otherwise expressly provided by a TIFC Act, the same financial year shall apply to each TIFC Body and each organisation of a TIFC Body.

3. The resources of the TIFC Bodies shall consist of: (a) annual appropriations allocated to them from the Budget of the Republic of Uzbekistan in accordance with the budget legislation of the Republic of Uzbekistan; (b) fees and charges levied by TIFC Bodies for licences, registrations, permits, and services rendered to TIFC Participants and other persons, in accordance with TIFC Acts; and (c) any other resources determined by the TIFC Board in accordance with this Constitutional Law and TIFC Acts and consistent with the objectives of the TIFC.

4. The TIFC Board shall appoint one or more independent auditors who are recognised in the Republic of Uzbekistan and possess internationally recognised professional qualifications to audit the consolidated annual financial statements of the TIFC and TIFC Bodies.

5. The TIFC Board shall review and approve the consolidated annual budget and consolidated closing accounts of the TIFC and the TIFC Bodies, and submit them in accordance with applicable budget legislation.