PLEDGE REGISTRY OF THE REPUBLIC OF UZBEKISTAN

Report on the activities of the State Unitary Enterprise “Pledge registry” under the Central Bank of the Republic of Uzbekistan for 2018

In accordance with the Law of the Republic of Uzbekistan "On Pledge registry", as well as with the Resolution of the President of the Republic of Uzbekistan No. 4026 dated November 23, 2018  "On measures to strengthen the legal protection of creditors and improve the mechanisms of financing business activities", the Resolutions of the Cabinet of Ministers of the Republic of Uzbekistan No. 155 dated June 12, 2014 "On measures to implement the Law of the Republic of Uzbekistan "On Pledge registry" and No. 1058 dated December 29, 2018 on amendments to this Resolution, the 24-hour continuous operation of the Pledge registry on the Internet is provided.

In 2018:

- users were granted access to the Pledge registry on the basis of contracts concluded with them, as well as uninterrupted access to the Pledge registry on the Internet;

- legal entities and individuals were explained the advantages of making entries in the Pledge registry, obtaining an extract and using other functions of the registry;

- it is possible to search for information in the Pledge registry by the identification number of the taxpayer - debtor or the unique registration number of the record and obtain an extract (information) in electronic form, and, if necessary, in hard copy of the entry.

In addition, practical seminars for employees of commercial banks, microcredit organizations, pawnshops and other interested organizations on the use of the Pledge registry and its advantages were held.

To create convenience for using the services of the Pledge registry in 2018, a billing system was introduced for individuals and a mobile version was created.

In order to improve the conditions for the development of the investment market, as well as attract foreign investment, strengthen investor confidence in the creation and conduct of business in the country, the Resolution ofthe President of the Republic of Uzbekistan No.PP-4026 datedNovember 23, 2018"On measures to strengthen the legal protection of creditors and improve the mechanisms of financing business activities" was adopted.

The Resolution takes into account the best international practices, improvement of existing mechanisms of collateral, leasing and other types of security, strengthening the protection of creditors' rights by unifying the requirements for foreclosure on the mortgaged property.

To implement this Resolution, the Cabinet of Ministers of the Republic of Uzbekistanadopted Resolution No. 1058 dated December 29, 2018 “On halving the fees charged to legal entities and individuals for making an entry in the Pledge registry, as well as for issuing an extract from the Pledge registry”.

Currently, all commercial banks, micro-credit organizations and pawnshops, as well as other organizations, enterprises and individuals use the services of the Pledge registry.

The adopted reforms in the Republic and the work done by SUE "Pledge registry" in the field of maintaining the Pledge registry, in 2018 the number of users increased by 46 persons and reached 215 persons.

More than 410 thousand entries were made by the users of the Pledge registry, 421 thousand entries were changed, in connection with the performance of collateral obligations, more than 254 thousand entries were excluded from the Pledge registry. In addition, users were provided with more than 4.7 thousand extracts from the Pledge registry.

In 2018, users made more than 191.5 thousand records on property security rights to the database, which is 85 percent more than in 2017. As well as more than 298 thousand changes were made to the records and in connection with the execution of collateral obligations, more than 173 thousand records were excluded, as well as more than 1.7 thousand extracts from the Pledge registry were provided to users.

94.5 per cent of the entries in the Pledge registry were made by commercial banks and 5.4 per cent by microcredit organizations.

However, SUE "Pledge registry" continues to work to further improve the Pledge registry and increase in convenience for users.

In order to improve the efficiency of the Pledge registry, in 2019 SUE “Pledge registry” plans to implement the following:

 - to improve the efficiency of the use of the Pledge registry, to ensure the ability to connect to the Pledge registry of the Unified integrated information resource of the State Tax Committee in order to ensure timely and complete (automated) entry of records of taxpayers' debts in the registry; 

- to ensure the identification of real estate when making an entry in the Pledge registry for security transactions, connect the Pledge registry to the Unified information database of the State Committee of the Republic of Uzbekistan on land resources, geodesy, cartography and state cadastre. 

Director
SUE “Pledge registry”

А. Mamatov