During a session of the Legislative Chamber of the Oliy Majlis, a draft law aimed at developing factoring services in Uzbekistan was reviewed in its second reading.

The draft law proposes the elimination of liability for violating the prohibition on the transfer of monetary claims to another party, the authorization of factoring operations in foreign currency when the client’s counterparty is a non-resident, and the establishment of registration procedures for notifications of monetary claim transfers in the pledge registry. 

Additionally, the draft law provides for the creation of factoring organizations specializing in delivering factoring services to businesses. These organizations will be registered as non-bank financial institutions and regulated by the Central Bank. 

The law introduces regulations governing the transfer of monetary claims to another party and sets procedures for registering notifications of such transfers in the pledge registry. The proposed amendments will also allow factoring operations in foreign currency with non-resident counterparts and enhance legal protections for financial agents and debtors. 

It was emphasized that adopting this law would create a legislative framework for implementing factoring services in Uzbekistan that align with international practices. This would serve as an effective tool for meeting the financial service needs of entrepreneurs and providing comprehensive support to business development. 

Mukhtarama Komilova, UzA