Uzbekistan adopts law “On exchanges and exchange activities” in new edition

Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 24 July and Senate approved it on 28 August. The document was published on 13 September and it will come into force six months later from the day of official publication.

According to the law, the exchange is a legal entity, which is organizer of exchange trades based on set rules in determined place and time.

The exchange can be created only in form of joint stock company. The exchange can carry out their activities in commodity, stock and currency exchange. The firm name should include word “exchange”.

Legal entities, which do not comply with this law, cannot use word “exchange” in their names.

The law set requirements to charter capital of the exchanges, rights and liabilities of the exchange, types of exchange deals, as well as other activities.

The members of the exchange are legal entities, which received right to participate in exchange deals and sign deals as dealers, market-makers and brokers, the law said.

The law regulates issues on holding exchange trades, registration of the deals, their execution and other issues.