April 2026 – Kinstellar has advised Raiffeisen Bank International (RBI), one of Austria's leading corporate and investment banks, on a significant Uzbekistan capital markets and regulatory infrastructure mandate.
The matter involved advising RBI on Uzbekistan’s securities-market framework, the legal regime applicable to foreign custodians and intermediaries, the country’s Regulatory Sandbox regime, and the broader legal, political, and economic considerations relevant to RBI’s assessment of Uzbekistan as a market for expanded institutional activity.
Kinstellar then assisted RBI with its registration as a participant in Uzbekistan’s Regulatory Sandbox regime and advised on the legal and regulatory framework enabling foreign custodians and intermediaries to provide services to international clients in the local securities market.
Kinstellar also assisted RBI with establishing its direct access to Uzbekistan’s financial-market infrastructure, including through the opening of accounts with the Central Bank of Uzbekistan and the Central Securities Depository of Uzbekistan.
Following completion of these processes, RBI has successfully integrated operationally with Central Bank of Uzbekistan and the Central Securities Depository of Uzbekistan, marking an important milestone for cross-border participation in Uzbekistan’s developing capital markets infrastructure.
RBI’s successful integration with Uzbekistan’s financial-market infrastructure represents an important milestone in the continued internationalisation of Uzbekistan’s capital markets and the country’s broader integration into the global financial system.
The Kinstellar team was led by Dilshad Khabibullayev (Partner), with support from Miraziz Khidoyatov (Senior Associate), Yuliya Kim (Junior Associate) and Rustamjon Salomov (Junior Associate).