TASHKENT, July 6. /Dunyo IA/. Deputies of the Legislative Chamber of the Oliy Majlis have reviewed the revised draft Constitutional Law “On the Establishment of the Tashkent International Financial Centre,” which was amended by a conciliation commission, reports Dunyo IA correspondent.

According to the report, the draft law defines the legal status of the Tashkent International Financial Centre (TIFC), the principles governing its operation, its management structure, the powers of its governing bodies, and the special legal regime that will apply within its territory.

The document stipulates that the principles, legislation, and judicial precedents of England and Wales will apply within the Centre, provided they do not contradict the Constitution of Uzbekistan, this Constitutional Law, or the decisions of the Financial Centre.

The draft law also establishes the legal status of the Centre’s Administration, the Tashkent Financial Services Authority, and the Tashkent International Commercial Court. In addition, it provides for tax and customs incentives.

Reaching agreement within the conciliation commission does not mark the final stage of the legislative process. Under the Constitutional Law on the Legislative Chamber, the revised draft must be reconsidered by the lower house through the standard legislative procedure. If approved, it will be submitted to the Senate for consideration and, following Senate approval, sent to the President for signature.

Work on the legislation has been underway since late March, when the President issued a decree establishing the Tashkent International Financial Centre, which will be located within the Tashkent City development.

On June 2, the Legislative Chamber adopted, at the second and third readings, two draft constitutional laws: on the Tashkent International Financial Centre and on the International Digital Technology Centre, to operate under the “Enterprise Uzbekistan” brand.

On June 13, during its 16th plenary session, the Senate adopted a resolution on improving the Constitutional Law “On the Establishment of the Tashkent International Financial Centre.”