Uzbekistan Approves Regulations for Investment Intermediaries in the Securities Market

Tashkent, Uzbekistan (UzDaily.com) — The Ministry of Justice of Uzbekistan has registered the Regulations on the Activities of Investment Intermediaries in the Securities Market (registration number 3728, on 18 December 2025).

The document defines an investment intermediary as a professional market participant conducting transactions and operations with securities on behalf of and at the expense of a client, based on the client’s instructions.

According to the regulations, an intermediary may provide brokerage services either on behalf of and at the expense of the client or in its own name at the client’s expense, perform depository operations, offer underwriting services, and act as a market maker.

The regulations also provide the right to conclude agreements for the sale of issued securities on behalf of the issuer, with or without the possibility of acquiring the unplaced portion of the issuance.

The document strictly prohibits conducting transactions without a license, entering into agreements that restrict client rights, participating in prohibited transactions, or providing knowingly false information about securities and their prices to induce buying or selling.

The new regulations aim to enhance transparency and protect the interests of participants in Uzbekistan’s securities market.