PLEDGE REGISTRY OF THE REPUBLIC OF UZBEKISTAN

 In recent years, in order to develop the supply market and increase its transparency in improving the investment climate in our country, extensive changes and reforms have been carried out taking into account Advanced International experience.

In particular, on October 22, 2019, the law of the Republic of Uzbekistan “on the introduction of amendments and additions to certain legislative acts of the Republic of Uzbekistan in connection with the introduction of legal protection of creditors and the improvement of financing activities” was adopted and with it the priority of the creditors' rights to the debtor's property, meeting the requirements from the collateral account and having entered into the bonda pledge register, creditors are determined to have a number of privileges, these norms are coordinated with the requirements of the law “on the Pledge register”.

According to this law and the law of the Republic of Uzbekistan “on the Pledge register”and the decision of the Cabinet of Ministers of the Republic of Uzbekistan “on measures to implement the law of the Republic of Uzbekistan”on the Pledge register”dated June 12, 2014 № 155 by the State Unitary Enterprise “pledge register” under the Central Bank of the Republic of Uzbekistan:

- users were provided with access to the pledge register on the basis of contracts concluded with them, as well as continuous day and night access to it through the Internet Information Network;

- the advantages of using information and other functions of entering records into the pledge register were explained to legal entities and individuals who applied for the use of the pledge register;

- information on the pledge register was provided by the borrower – the Taxpayer Identification Number, the single registration number of the record, as well as the cadastral number of real estate and the body number of the motor vehicle according to the results of the research.

At the same time, seminars were held for employees of commercial banks and their branches, microcredit organizations, pawnshops and other interested organizations on increasing their skills in working with the pledge register and the advantages of using the pledge register.

In order to create ease of use of the services of the pledge register, in 2019, the Latin alphabet version of the pledge register site was created, as well as the English version.

All commercial banks, microcredit organizations and pawnshops, as well as government agencies, a number of other enterprises and organizations, along with individuals are using the services of the pledge register.

The records included in the pledge register on the rights to the pledge property by the users exceeded 577 thousand and more than 5.7 thousand copies of the pledge register were submitted.

In particular, the records included in the pledge register in 2019 amounted to 233,2 thousand, an increase of 21.8 percent compared to 2018. Also, more than 333.7 thousand changes were made to the records, more than 67.6 thousand records were removed from the pledge register and about 1 100 copies were obtained from the register.

93,7 percent of the records in the pledge register were entered by commercial banks, and 6,1 percent by microcredit organizations.

The information base of the state tax office was integrated into the pledge register in order to ensure the online inclusion of the record in the pledge register on the requirements for the payment of existing debts from taxes and other mandatory payments of the debtor.

In accordance with the law of the Republic of Uzbekistan “on the introduction of amendments and additions to certain legislative acts of the Republic of Uzbekistan in connection with the introduction of legal protection of creditors and improvement of business activities, the Ministry of internal affairs, the State Security Service, the state Customs Service, the National Guard and the joint decision of the central bank”, the regulation "on the procedure for inclusion, modification and expulsion of property recorded in preliminary investigation and in court and taken as a precautionary measure in the form of collateral into the pledge register" was approved, and the bodies of inquiry and preliminary investigation were connected to the pledge register through protected communication channels.

In accordance with the resolution of the president of the Republic of Uzbekistan “on measures to increase the popularity of microfinance services” dated July 23, 2019 PP-4400, the integration of the pledge register with the unified automated information system of the notary of the Ministry of Justice, the ban on property and settlement through the pledge register for credit organizations, in order to create opportunities to check whether property is prohibited or not, an agreement has been signed between the Ministry of Justice and the Central bank of the Republic of Uzbekistan on the exchange of information, and in accordance with the agreement a technological document has been developed and approved.

Along with the work carried out, work on further improvement of the pledge register and increasing the convenience of users is being continued by the PJSC “pledge register”.

In order to increase the effectiveness of the pledge register, in 2020, the NCC provides for the following:

- to increase the possibility of imposing a ban on property, settlement, as well as checking whether the property is prohibited or not a mistake in the unified automated information system of the Ministry of Justice Through The Register of collateral for credit organizations;

- integration of the Pledge register into the Register of rights to Real Estate of the land resources, Geodesy, cartography and the state cadastre of the Republic of Uzbekistan in order to ensure the exchange of information;

- Improve the platform of the pledge register, increase the attractiveness of the site as well as the convenience of users.

           Director

SUE “Pledge registry”

       А. Mamatov