Article 5. TIFC Participants and Activities Conducted in the TIFC

1. The requirements and procedures for the recognition of persons as TIFC Participants, as well as the procedures and requirements for the establishment, registration, and organisational forms of legal entities in the territory of the TIFC, shall be determined by TIFC Acts issued by the TIFC Board. The licensing of Financial Services, Ancillary Services, and other permitted activities shall be governed by Article 7 of this Constitutional Law and by TIFC Acts adopted in accordance with it. For the conduct of (i) Financial Services and (ii) Ancillary Services regulated by the TFSA pursuant to TIFC Acts, additional TIFC Acts issued by the TFSA shall apply.

2. Legal entities may qualify, register and be recognised as TIFC Participants, irrespective of whether they are established under foreign law, the law of the Republic of Uzbekistan, or TIFC Acts, provided that the applicable requirements for recognition and registration as TIFC Participants are satisfied.

3. Identification Numbers allocated to TIFC Participants, TIFC Employees, TIFC Investment Tax Residents, and Family Members shall be recognised and applied throughout the territory of the Republic of Uzbekistan in the same manner as Identification Numbers allocated under other legislation of the Republic of Uzbekistan.

4. The procedures for the allocation, maintenance and use of Identification Numbers, including the establishment and operation of the relevant register, shall be determined by the TIFC Authority.

5. The issuance, offering, listing, trading, purchase, redemption, and other circulation of securities and other financial instruments in the territory of the TIFC shall be regulated by TIFC Acts issued by the TFSA.

6. Where securities or other financial instruments are listed or traded on a Stock Exchange, the listing and trading rules of that Stock Exchange shall additionally apply subject to the exclusive oversight and regulatory authority of the TFSA.

7. TIFC Participants, TIFC Employees, TIFC Investment Tax Residents and Family Members engaging in commercial business activities within the Republic of Uzbekistan but outside the territory of the TIFC shall be subject to the general laws and regulatory requirements of the Republic of Uzbekistan applicable to such activities. The TIFC Authority shall, in agreement with the Ministry of Economy and Finance of the Republic of Uzbekistan, adopt normative acts determining the criteria and procedures for attributing activities to the territory of the TIFC or to other territories of the Republic of Uzbekistan.