State Competition Committee hosts meeting with South Korean delegation

Officials of the State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition, Center for securities market, organizations of securities market, ministries and departments attended the event.

The visit of the Korean delegation was aimed at agreeing business requirements to determining scale and concrete content of the single software and technical complex, which is developed in line with the general agreement on modernization of securities market of Uzbekistan from 23 August 2011.

The sides also discussed issues of further modernizing exchange market of Uzbekistan in line with the above mentioned general agreement and presidential resolution from 19 March 2012 and resolution of the Cabinet of Ministers from 22 May 2012.

The sides underlined that it is necessary to adopt a complex measures to modernize securities market of Uzbekistan, improve trade rules, entry of large companies to exchange market, provide guarantees to investors.

The Korean side highly rated newly adopted laws “On joint stock companies and protection of shareholders’ rights” and “On securities market”, which envisage that securities can be placed only at organized security market, recognition of exchange prices of shares as market price and organization of securities trades at electronic form.

State Property Committee of Uzbekistan and Korean Stock Exchange (KRX) signed an agreement on developing securities market in December 2010 and general agreement on modernization of securities market of Uzbekistan in August 2011.

Within the general agreement, Korea Stock Exchange will supply and introduce single software and technical complex for securities market, as well as help to improve legislation framework.