Draft law “On exchanges and exchange activities” discussed in Tashkent

The event was organized by the Committee of Legislative Chamber of Oliy Majlis of Uzbekistan on budget and economic reforms in cooperation with the State Committee on privatization, demonopolization and development of competition.

It was attended by MPs of Legislative Chamber, specialists and experts of ministries and departments, exchanges and banks, scientists, as well as mass media.

It was underlined that the draft law “On exchanges and exchange activities” was developed to execute order of the President of Uzbekistan from 14 January 2011 “On measures on implementation of priority directions of the concept on further deepening democratic reforms and forming civil society in the country in deepening democratic reforms and liberalization of economy”.

The participants considered international practice in exchange activities, regulation of the exchange activities, etc.

The concept of the draft law is to determine mechanisms of the prices, openness, trends of price changes, determine demand and proposal, insurance of price changes, investment attractiveness of realized assets.

The document is directed at developing local exchanges, using modern exchange technologies, form market prices via exchange quoting and risk insurances from price changes. It will create single legal framework for operations of exchanges and balance of interests of the market participants, including shareholders, investors and the government.

The participants considered peculiarities of the new draft law and expectations from it. It was underlined that the draft law was improved during its preparation to the second reading at the Legislative Chamber.

The seminar participants discussed all proposals and recommendations and at further improving norms of the draft law.