Uzbekistan Passes Capital Market Law in First Reading

Tashkent, Uzbekistan (UzDaily.uz) — The Legislative Chamber of the Oliy Majlis of Uzbekistan passed in its first reading the draft law "On the Capital Market," aimed at developing the national capital market in line with international standards and expanding opportunities to use modern financial instruments.

During the meeting, participants noted that the document provides for the introduction of new financial instruments for the public and investors, including sukuk—Islamic bonds, sustainability bonds, as well as covered and securitized bonds.

The bill also aims to strengthen the protection of the rights of investors and citizens, improve market infrastructure operations, and increase the investment attractiveness of the capital market.

During discussions, deputies focused on measures to attract investors, improve corporate governance quality, and tighten information disclosure requirements for companies.

In addition, lawmakers emphasized the need to align the powers of the capital market supervisory authority with the principles of the International Organization of Securities Commissions (IOSCO), as well as to improve the operations of the Central Depository and credit rating agencies.

Deputies noted that adoption of the law will expand opportunities to utilize financial resources, create modern investment tools, provide more reliable protection for the rights and legitimate interests of investors, and build a more open and transparent environment for attracting domestic and foreign investment.

Following the review, the draft law was passed by deputies in its first reading.