Article 3. TIFC, Its Purpose and Objectives

1. TIFC is a territory where the special legal regime established by this Constitutional Law applies, the initial boundaries of which are determined by a decree of the President of the Republic of Uzbekistan adopted in connection with the establishment of the TIFC.

2. Once the initial territorial boundaries of the TIFC have been determined and the TIFC has commenced its activities within that territory, the reduction of the boundaries of such territory shall not be permitted.

3. The President of the Republic of Uzbekistan may, by decree, enlarge the territory of the TIFC or make clarifying amendments to its boundaries.

4. Where the context so requires, a reference to the TIFC shall also include the legal, regulatory and institutional framework, and/or the TIFC Bodies, established under this Constitutional Law.

5. The purpose of the TIFC is to be a leading international financial centre, designed to contribute effectively to the international financial services industry and to support the sustainable development, diversification, and international competitiveness of the economy of the Republic of Uzbekistan.

6. The TIFC Bodies shall exercise such powers and authority as are conferred by this Constitutional Law, by TIFC Acts, and by acts of state bodies of the Republic of Uzbekistan, respectively, as may be applicable.

7. The TIFC shall be developed and administered with the objective of ensuring legal certainty, regulatory predictability, judicial independence, and the attraction and protection of investors, guided by internationally recognised best practices of leading global financial centres.

8. The objectives of the TIFC are as follows:

1) to attract domestic and foreign investment into the economy of the Republic of Uzbekistan including national strategic projects, infrastructure, energy, public-private partnership projects and co-investment opportunities by creating an attractive, competitive and transparent environment for financial services and by facilitating access to those financial services;

2) to develop securities and other capital markets in the Republic of Uzbekistan and to promote their integration with international capital markets;

3) to develop and diversify financial services, including banking services; insurance; Islamic and non-Islamic finance; financial technologies; digital assets and other technology-enabled financial products and services to the extent permitted by TIFC Acts; electronic commerce; and other innovative financial activities;