The purpose
of this Constitutional Law is:
determination
of the status of the Tashkent International Financial Center as a separate
territory and a special legal regime operating on its territory;
regulation
of relations in the sphere of functioning of the Financial Center.
According
to the Law, the Financial Center is a territory with a special legal regime,
the initial boundaries of which are determined by a presidential decree adopted
in connection with the creation of the Financial Center.
Each
decision of the Financial Center must be published in the official register of
decisions of the Financial Center before it comes into force.
Any
participant of the Financial Center who carries out commercial or financial
activities in violation of the provisions of this Law or the decisions of the
Financial Center, shall be punished with a fine in the amount not exceeding:
10 million
US dollars;
10 percent
of the value of the relevant transaction, a set of interrelated transactions,
or the activity that caused the offense.
The bodies of
the Financial Center are:
The Council
of the Financial Center;
Administration
of the Financial Center;
Financial
Services Department;
Tashkent
International Commercial Court.
Each body
of the Financial Center is required to publish an annual transparency report
within 4 months after the end of the financial year.
English is
the official language of the Financial Center.
The
Constitutional Law comes into force after 10 days from the date of its official
publication.
