Shavkat Mirziyoyev signed a decree establishing the Tashkent International Financial Center (TIFC). It will be located on the grounds of Tashkent City.
An independent judicial body, the Tashkent International Commercial Court (TICC), will be established within the center, comprising a trial court and an appellate court. Its mandate will be to review matters related to the activities of the TIFC and the Enterprise Uzbekistan International Center for Digital Technologies.
The jurisdiction of the TMCS covers administrative disputes in which one of the parties is a foreign enterprise, an enterprise with the participation of a foreign investor, or a foreign investor who is an individual.
The court also considers:
- disputes arising from contracts in which the parties have chosen the jurisdiction of the TMCS;
- disputes arising from any administrative-legal relations, including the application of economic sanctions — subject to full payment of the state duty at the discretion of the entrepreneur and without its collection from the government agency;
- arbitration cases considered by international arbitration institutions, the place of arbitration of which is the territory of Uzbekistan.
All decisions of the TMCC are binding on the parties. They will be enforced in accordance with the procedures established for judicial decisions in the judicial system of Uzbekistan.
The details of the TMCS’s operation are specified in the draft constitutional law on the TMFC, published by the Ministry of Investment, Industry, and Trade. According to it, the TMCS is the center’s judicial body and exercises exclusive judicial authority independently.
The Chief Judge of the TIFC will be appointed by the President upon the recommendation of the TIFC Coordinating Council, while other judges will be appointed upon the recommendation of the Chief Judge. Judges may be citizens of any country.
TMKS will have exclusive jurisdiction over disputes within its jurisdiction. This includes the following categories of disputes:
- civil and labor disputes between persons of the TMFC and (or) with their participation;
- disputes related to activities on the territory of the center or regulated by its law;
- cases of insolvency and bankruptcy of legal entities registered in the TMFC and individuals residing on its territory;
- disputes referred to the jurisdiction of TMCS by agreement of the parties;
- disputes arising out of interim or final decisions made under the rules or procedures of the Tashkent International Arbitration Centre;
- administrative and legal disputes related to the activities of foreign investors and companies, as well as enterprises with foreign investments — at the choice of one of the parties;
- Disputes arising from any administrative-legal relations, including the application of economic sanctions-subject to full payment of the state fee, at the entrepreneur’s discretion, without subsequent collection from the government agency’s account.
The decisions rendered by the TMKS Court of Appeal on matters of jurisdiction and on the merits of the case will be considered final, binding and will not be subject to appeal.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
