The document was developed in line with the programme of measures on implementing the Concept of further deepening democratic reforms and forming civil society in the country. The draft law consists of 30 articles.

The law is aimed at regulating relations, connected with the activity of private banks and financial institutions and providing guarantees to their activity.

According to the document, private banks and financial institutions are credit and other financial organizations, over 50% of shareholders of which are individuals and non-state legal entities, which carry out their activities based on right of private property in line with the legislation.

Private banks and financial institutions carry out their activity on their own risk and under their property liabilities through rendering banking and financial services in line with the legislation and directed at receiving income.

Subjects of private banks and financial institutions are banks, microcredit organizations, pawnshops, leasing companies, insurance companies, and other legal entities, rendering financial services in line with the legislation of Uzbekistan.

The document said that the private banks and financial institutions should obtain licenses in line with the legislation if they require to take one.

It added that subjects of private banks and financial institutions have right to distribute their income on their will after payment of taxes and other mandatory payments.

The document said that all necessary measures to protect information, which are bank, commercial or other secret of private banks and financial institutions.

The draft law said that activities of private banks and financial institutions can be inspected in planned order at least once in five years in line with the decision of the authorized body in line with the legislation.

Central Bank of Uzbekistan carries out inspection of credit organizations to regulate and supervise each year in line with the legislation.

The inspections of the activities of private banks and financial institutions, carried out by controlling bodies, cannot exceed 30 days and should not interrupt activities of the private banks and financial institutions.

The draft law also regulates other issues, such as guarantee and protection of rights of private banks and financial institutions, as well as their liabilities.