Article 8. Prevailing Law of the TIFC

1. The prevailing law of the TIFC shall consist of the following, in the order of precedence set out in this Article:

1) the Constitution of the Republic of Uzbekistan;

2) this Constitutional Law;

3) edicts and resolutions of the President of the Republic of Uzbekistan expressly issued pursuant to this Constitutional Law in relation to the establishment, activation, determination of boundaries, strategic governance, appointment of key officials, and other matters expressly reserved to the President by this Constitutional Law;

4) TIFC Acts, adopted pursuant to this Constitutional Law and consistent with it, which shall regulate matters falling within the jurisdiction of the TIFC; and

5) the principles and rules of the common law and equity of England and Wales, from time to time, to the extent that they are not inconsistent with the Constitution of the Republic of Uzbekistan, this Constitutional Law, and TIFC Acts.

2. The TIFC Board shall adopt, as a TIFC Act, an Act on the application of the law of England and Wales, which shall specify any legislation of England and Wales that is to apply in the TIFC, the dates as at which it applies, and the modifications subject to which it applies. Such Act, with changes and additions from time to time, shall rank as a TIFC Act for the purposes of paragraph 1 of this Article.

3. Internationally recognised standards of leading global financial centres may be applied by TIFC Bodies and the TICC as an aid to the interpretation, construction, and gap-filling of TIFC Acts.

4. The laws of the Republic of Uzbekistan shall apply:

1) to matters falling outside the jurisdiction of the TIFC; and

2) within the territory of the TIFC where this Constitutional Law or TIFC Acts expressly provide for their application.

5. Procedures for the development, obtaining the approval of competent authorities, registration, commencement, publication, amendment, and termination of TIFC Acts are to be determined by special TIFC Acts, which shall be proposed by the TIFC Authority and require approval of the TIFC Board, except for:

1) regulatory rules and guidance adopted by the TFSA within the categories of relationships assigned to the TFSA by this Article; and

2) rules, directions, and guidelines issued by the Chief Justice of the TICC pursuant to Article 29 of this Constitutional Law, which shall take effect without the approval of the Board.