Local consents, approvals, licenses or registrations which parties should obtain in connection with entering into Commodity Derivative Transactions
Let us first consider whether or not any local consents, approvals or registration should be obtained in connection with the proposed Commodity Swap (CS) and Commodity Option (CO). It is our understanding that CS and CO shall only involve cash settlement and would not require the sale and delivery of commodities. Since the commodities would not be crossing the customs border of Uzbekistan, the CS and the CO would not constitute an export or import of commodities, which might require a license, a registration, or other related consents.