Article 28. Tashkent Financial Services Authority

1. The TFSA shall be the principal regulatory body of the Tashkent International Financial Centre for Financial Services and shall have responsibility for the licensing, regulation, supervision, and enforcement of Financial Services and designated Ancillary Services conducted within the territory of the TIFC.

2. The TFSA shall be a legal entity and have the financial, administrative, and operational autonomy required to enable it to undertake and exercise its functions.

3. In the exercise of its regulatory, supervisory, and day-to-day operational functions, the TFSA shall act independently and in its own discretion and shall not be subject to direction or interference, except as expressly provided by this Constitutional Law.

4. The responsibilities of the TFSA shall include the development, promulgation, administration, supervision, and enforcement of binding TFSA Acts and regulations in accordance with this Constitutional Law.

5. Without limiting the generality of paragraph 4, the responsibilities and powers of the TFSA shall include the development, administration, supervision and enforcement of TIFC Acts issued by the TFSA relating to:

1) authorisation, licensing, registration and supervision of Financial Services and regulated Ancillary Services;

2) prudential regulation, including capital adequacy, liquidity, leverage, large exposures, recovery and resolution planning, and financial soundness;

3) corporate governance, systems and controls, risk management, internal audit, compliance and fitness and propriety of controllers, directors, senior managers and approved persons;

4) conduct of business, client classification, suitability, disclosure, financial promotions, market conduct and investor protection;

5) custody, safeguarding, segregation, reconciliation and administration of client money and client assets;

6) anti-money laundering, counter-terrorist financing, counter-proliferation financing, sanctions compliance and prevention of financial crime;

7) digital assets, fintech, regtech, insurtech, payment services, electronic commerce and other innovative financial services;

8) market abuse, insider dealing, market manipulation and disclosure obligations;

9) financial market infrastructure, including exchanges, clearing houses, central securities depositories, trading platforms and settlement systems;