The event, organized by the Capital Market Development Agency of the Republic of Uzbekistan, was attended by representatives of ministries and agencies, international financial institutions, professional participants of the capital market, members of joint-stock companies.

 

The Capital Market Strategy was prepared with the support of the EBRD and ADB, using recommendations of consultants BTA (Brian Taylor) and ISC (International Securities Consultancy). It includes 5 directions. During the presentations, the Agency's managers and relevant experts provided detailed information about these important areas.

 

It is also planned to intensify joint investment activities of the Pension Fund and insurance companies.

 

The draft strategy focuses on improvement of legislation, legal regulation and supervision. In this regard, it is proposed to develop projects of common Law “On capital market”, providing for unification of all legal acts in regulation of securities market, the Law “On capital market” for clear regulation of activity of the Agency on the basis of international standards and principles of the IOSCO.

 

The strategy also considers ways to strengthen the institutional capacity of capital market regulator. In particular, it is proposed to clearly distinguish functions between the structural divisions of the Central Bank and the Ministry of Finance related to securities market. At the same time, a specific definition of the goals of the Agency for Development of Capital Market of the Republic of Uzbekistan will contribute to effective and timely implementation of tasks envisaged in the strategy.

Gayrat Khonnazarov, UzA