In recent years, a number of reforms aimed at developing the capital market have been implemented in Uzbekistan. These measures include the digitalization of the stock market, improvement of corporate governance, public listing of state-owned company shares, as well as the introduction of international financial reporting standards and the creation of a favorable investment environment for foreign investors.
Significance of Capital Market Development
Modernization of the capital market infrastructure is considered a critically important element for ensuring stable economic growth. The development of this market contributes to increasing the volume of investments in the economy, expands financing opportunities for enterprises, and enhances the competitiveness of the national economy. Furthermore, it helps generate new jobs, attract foreign investors, and strengthen the stability and efficiency of the financial market.
New Capital Market Bill
The 'Capital Market' bill, which is being reviewed by the Committee on Budgetary and Economic Issues of the Legislative Chamber, aims to bring the national capital market up to international standards, strengthen investor protection, and increase the inflow of investment into the economy.
Content of the Bill
This project provides for the expansion of types of financial instruments in the capital market, strengthening the legal framework for sustainable development bonds, improving the capital market infrastructure, and regulating the activities of rating agencies and other professional participants. Special attention is paid to harmonizing the regulator's powers with the international standards of the International Organization of Securities Commissions (IOSCO), strengthening investor rights protection, and requirements for corporate governance and information disclosure.
Overall, the bill is aimed at further advancing the national capital market, strengthening investor rights, and significantly increasing the volume of investments attracted to the economy.
