Article 31. Transitional Provision and Activation of the TIFC

1. Upon the entry into force of this Constitutional Law, the competent TIFC Bodies shall, without delay and no later than twelve (12) months after the date of commencement of this Constitutional Law, prepare and adopt those TIFC Acts that are expressly referred to in this Constitutional Law and that are necessary for the effective establishment and operation of the TIFC. The TIFC Board may, by reasoned decision, extend this period by up to six (6) months.

2. For the purposes of paragraph 1 of this Article, the TIFC Board shall determine, by decision, the list of TIFC Acts deemed necessary for the activation of the TIFC, being TIFC Acts that regulate matters essential for the governance, regulation, judicial functioning, or day-to-day operation of the TIFC.

3. Upon the adoption of the TIFC Acts referred to in paragraph 1 of this Article, the Board shall assess the regulatory and operational readiness of the TIFC and, if satisfied that the legal, institutional, and organisational framework required for its operation is in place, shall adopt a decision declaring the TIFC ready to commence operations.

4. The decision of the Board declaring the TIFC ready to commence operations shall be submitted to the President of the Republic of Uzbekistan for confirmation.

5. Upon confirmation by the President of the Republic of Uzbekistan, the TIFC shall be deemed activated as from a date specified in such confirmation, which date shall be no later than one (1) month from the date of confirmation.

6. As from the Activation Date, the legal regime, powers, responsibilities and functions of the TIFC shall apply in accordance with this Constitutional Law and TIFC Acts and shall commence operations.