Uzbekistan's Tashkent Finance Center Law Sent Back for Revision

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan's Senate has declined to pass the Constitutional Law on the Tashkent International Financial Center in its current form, sending it back to the Legislative Chamber for reworking after senators identified substantive gaps in judicial standards and the scope of the proposed commercial court's authority.

The law, examined at a plenary session of the Oliy Majlis upper chamber, is designed to establish the legal foundation for a modern financial institution intended to attract international capital, develop financial infrastructure, and strengthen Uzbekistan's position on global markets. Its constitutional status — rather than ordinary legislation — signals the weight Tashkent attaches to the project.

The draft defines the financial center's legal status, governing principles, management structure, institutional architecture, and the powers of its regulatory bodies. Particular emphasis is placed on provisions guaranteeing legal stability and judicial protection for investors operating within the center's jurisdiction.

The law also envisages a simplified regulatory environment for center participants and their personnel, covering foreign currency settlements, the recruitment of international specialists, and streamlined visa procedures — concessions typical of special economic zone frameworks designed to compete with established financial hubs.

However, senators raised pointed concerns during deliberation. Chief among them was the need to revisit qualification requirements for judges of the proposed Tashkent International Commercial Court, as well as to clarify the court's precise mandate in handling international arbitration disputes and administrative legal cases — areas where ambiguity could expose the center to jurisdictional uncertainty and deter sophisticated foreign investors.

The Senate resolved to return the law to the Legislative Chamber alongside formal revision proposals, and to establish a joint reconciliation commission comprising both senators and deputies to refine the document.

Lawmakers stressed that incorporating the proposed amendments would materially strengthen investor legal protections and sharpen the competitive positioning of the Tashkent International Financial Center against rival regional hubs.