Microsoft Word Microfinance development in Uzbekistan Eng doc

Article 27. Records and Reporting of Micro-credit Organizations Entitled to 
Accept Individual Deposits
Accounting procedures and guidelines, lists, forms, and deadlines of financial 
reporting as well as liability for violation shall be set forth by the Central Bank. 

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Accounting principles and plans of accounts shall be established by the Central Bank 
in conformity with international accounting standards. 
SECTION 4. REGULATION AND OVERSIGHT OF OPERATIONS OF 
MICRO-CREDIT ORGANIZATIONS ENTITLED TO 
ACCEPT INDIVIDUAL DEPOSITS
 
Article 28. Authority of the Central Bank as a Regulatory and Oversight Body
 
In order to ensure the financial sustainability of micro-credit organizations entitled to 
accept individual deposits and in order to protect the interests of depositors, within its 
competence the Central Bank shall regulate and oversee the operations of micro-credit 
organizations entitled to accept individual deposits by establishing regulatory and other 
requirements introduced in compliance with this Law. 
The Central Bank shall establish mandatory guidelines for financial transactions, 
accounting, and reporting for micro-credit organizations entitled to accept individual 
deposits. 
In the procedure established by legislation, the Central Bank shall: 
• verify reporting and other records of micro-credit organizations entitled to accept 
individual deposits; 
• audit the activities of micro-credit organizations entitled to accept individual 
deposits; 
• issue mandatory instructions to micro-credit organizations entitled to accept 
individual deposits in order to remedy violations identified in their activities; 
• establish qualification requirements for managers of micro-credit organizations 
entitled to accept individual deposits; 
• Oversee the activities of micro-credit organizations entitled to accept individual 
deposits in order to ensure their compliance with economic regulations; 
• Suspend, terminate, and annul the licenses of micro-credit organizations entitled to 
accept individual deposits.