Article 32. Transitional Recognition of Licences and Temporary Permission to Provide Financial Services

1. This Article applies during the period commencing on the Activation Date and ending on the date on which the relevant TIFC Acts governing the licensing and regulation of the applicable Financial Services have been adopted and entered into force (the “Transitional Period”).

2. A legal entity that, on the Activation Date, holds a valid licence issued by a competent authority of the Republic of Uzbekistan authorising the provision of one or more Financial Services (a “National Licence”) shall, without further application or approval, be entitled to provide within the territory of the TIFC those Financial Services expressly covered by its National Licence, subject to the following conditions:

1) the entity registers its separate subsidiary company or branch office with the TIFC Authority as a transitionally permitted participant within sixty (60) days of the Activation Date;

2) the entity provides those Financial Services in accordance with the terms and conditions of its National Licence and the laws and regulations of the Republic of Uzbekistan applicable to it under that licence, to the extent such laws and regulations are not incompatible with this Constitutional Law or TIFC Acts;

3) where any provision of the laws or regulations of the Republic of Uzbekistan applicable to the entity under its National Licence is incompatible with this Constitutional Law and/or a TIFC Act, this Constitutional Law and/or the TIFC Act shall prevail to the extent of the incompatibility, and the entity shall comply with this Constitutional Law and the TIFC Act in respect of that matter; and

4) the entity remains in compliance with its National Licence and the conditions imposed by the competent authority of the Republic of Uzbekistan that issued it.

3. The TFSA may, within such period as may be prescribed by TFSA Acts, object to, restrict, suspend or condition the transitional permission of a National Licence holder where it considers that such permission would pose a risk to the integrity, reputation, financial stability, proper functioning or regulatory objectives of the TIFC.