Uzbekistan IP bill sent to Senate for consideration

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan's Legislative Chamber of the Oliy Majlis has passed in its third reading a bill aimed at expanding the use of intellectual property assets in civil transactions and broadening the powers of patent attorneys. The bill, which proposes amendments and additions to seven laws and four codes, has been sent to the Senate.

The bill was initially considered by lawmakers in its second reading. It provides for improvements to legal mechanisms governing the use of intellectual property assets and related property rights, including the possibility of pledging such rights as collateral.

The document establishes clearer rules for pledging property rights to intellectual property assets and provides for strengthening the legal framework for state registration of such rights.

The bill also expands the powers of patent attorneys when preparing agreements involving intellectual property assets and when providing representation. According to the document, the changes are intended to simplify and speed up the registration of intellectual property assets and reduce excessive administrative procedures.

The planned expansion of opportunities to use intellectual property property rights as collateral will allow owners of inventions, trademarks and other intellectual assets to use their economic value to attract financial resources and develop their activities.

According to lawmakers, adoption of the bill will contribute not only to the legal protection of intellectual property assets but also to their wider use in civil transactions as economic assets. It is also expected to support the development of mechanisms for establishing market value and commercializing intellectual property.

Following its adoption in the third reading, the Legislative Chamber sent the bill to the Senate of the Oliy Majlis for consideration.