Tashkent International Financial Centre Law Reconciled by Parliament

Tashkent, Uzbekistan (UzDaily.uz) — The Legislative Chamber of the Oliy Majlis has approved the revised version of the draft Constitutional Law "On the Tashkent International Financial Centre" (TIFC). The updated text was prepared by a joint Conciliation Commission formed to address previous amendments proposed by the Senate.

During the session, deputies reviewed the conclusions of the Conciliation Commission regarding the bill, which establishes the official legal status of the financial hub, its operating principles, governance model, institutional powers, and the special legal regime applicable within its designated territory.

The document stipulates that alongside the Constitution and legislation of Uzbekistan, the principles, statutory law, and judicial precedents of England and Wales will be directly applied within the territory of the center, provided they do not conflict with the country's Constitution, this Constitutional Law, and the regulations enacted by the financial hub itself.

The draft law formally anchors the legal status of the center's administration, the Tashkent Financial Services Authority, and the Tashkent International Commercial Court. Furthermore, it outlines the implementation of comprehensive tax and customs exemptions within the financial zone.

As noted during the parliamentary session, the strategic document had previously been rejected by the Senate during its plenary session on 13 June 2026 to undergo further refinements.

At that time, senators requested a thorough revision of the selection criteria for judges of the Tashkent International Commercial Court, a clearer definition of its judicial boundaries—specifically regarding its authority to review international arbitration and administrative-legal disputes—and the optimization of several other statutory provisions.

The Conciliation Commission reviewed all recommendations put forward by the upper house and integrated the necessary modifications. The revised version clarifies the jurisdiction of the Tashkent International Commercial Court, the professional requirements for its judges, the procedural rules for handling international arbitration cases, and the overarching framework governing the center's special legal regime.

According to the deputies, the updated Constitutional Law will establish a predictable and robust legal foundation to attract foreign direct investment, deepen strategic integration with international financial institutions, and foster a modern ecosystem of competitive financial services in Uzbekistan.

Following the floor debates, the deputies voted to approve the revised draft law as finalized by the Conciliation Commission.