Changes to securities’ emission rule introduced in Uzbekistan

Justice Ministry of Uzbekistan registered the decree of the director-general of the Center for securities market on 27 February 2010. The changes came into force on 9 March. The changes regulate issues of issuing corporate bonds by issuers.

In line with the document, corporate bonds are securities issued by open joint-stock companies and commercial banks, created in other organizational form.

The document said bonds are issued by commercial banks and open joint stock companies, if they meet following criteria:

• within the size of own capital on the date of adopting decision about issue, which is approved by conclusion of audit firm;
• have positive solvency, financial sustainability and liquidity for last three years, approved by audit company and having independent rating agency;
• at participation at commercial bank, which act as payment agency on payment by issuers to investors;
• have formed charter capital at the minimal size, set by the legislation
• working at least for three years.