21 April 2019

00:00:00 (GMT+5)

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9 Apr  2019 118

Uzbekistan will update the Civil Code

President Shavkat Mirziyoyev has commissioned to develop the new version of the Civil Code.

According to the Decree of the President “On measures to improve the civil legislation of the Republic of Uzbekistan” adopted on April 5, the preparation of a new version of the Civil Code has begun.

The task is to optimize the organizational and legal forms of legal entities, to increase the efficiency of corporate governance and supplement the Code with new types of contracts, etc.

The Civil Code is a key regulatory act for economic relations. The current edition was adopted in 1995-1996. “The analysis of economic reforms implementation revealed significant shortcomings and gaps that negatively affect further market reforms, harm favorable investment climate and business environment, hinder improvement the country's position in international ratings,” the document says.

The main directions of the upcoming changes are indicated in the Concept of Improving Civil Legislation.

These are improvement of existing and introduction of new principles of civil legal relations, revision of the old and introduction of new concepts (terms), improvement of measures and means aimed at ensuring fair and proper implementation of civil rights and discharge of duties, optimization of organizational and legal forms and much more.

The new edition of the Civil Code should be developed before April 1, 2020.

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