At a press conference at the National Agency for Advanced Projects of the Republic of Uzbekistan, a new draft legislation 'On the Capital Market' was presented. This bill aims to expand the range of available financial instruments, develop market infrastructure, and improve state regulation.
The event was attended by department heads: Saibjan Khudayberdiyev, head of the Capital Market Development Department; Saulat Toreshov, head of the Capital Market Regulation Department; and Valery Li, head of the Capital Market Ecosystem Development and Regulatory Innovations department.
Khudayberdiyev emphasized that the development of the bill aligns with the tasks set by the Decree of the President of Uzbekistan No. UP-22 dated February 16, 2026, and Presidential Decree No. PP-109 dated March 4, 2024. In his address to the Oliy Majlis and the people of Uzbekistan, the capital market was defined as an important institutional element of economic growth.
Among the goals of the new law are attracting global depositaries to the national stock market and adopting legislation in cooperation with international financial organizations.
Toreshov presented the key provisions of the draft, which are designed to increase opportunities for investors and enhance the market's compliance with international standards. According to the data presented, the volume of share issuance in Uzbekistan increased from 189.7 trillion soms in 2023 to 265.1 trillion soms in 2025, and is expected to reach 269.4 trillion soms by July 1, 2026. Over the same period, the volume of corporate bond issuance grew from 1.06 trillion to 3.93 trillion soms, exceeding 7 trillion soms by July 1, 2026.
The total trading volume on the stock exchange almost sixfold increased from 2023 to 2025, rising from 2.9 trillion to 17.6 trillion soms.
The new law consists of 16 chapters and 123 articles. During the preparation of the document, an analysis of current legislation was conducted, taking into account modern market requirements and global practices. Structures such as EBRD, IFC, ADB, Islamic Development Bank, UNDP, IOSCO, the US Ministry of Trade, and the SEC participated in the development, alongside state bodies, professional market participants, and representatives of market infrastructure.
One of the main innovations will be the expansion of the list of financial instruments. The draft provides for the introduction of options, swaps, futures, forwards, and difference contracts. It also proposes regulating secured bonds, securitized bonds, sustainable development bonds, and sukuk securities.
Special attention is paid to sukuk—a financial instrument compliant with the principles of Islamic finance. The law establishes legal regulation for the issuance and circulation of sukuk, including partnership types, Ijarah, trade, and agency. To protect investor rights, it proposes introducing the institution of a sukuk holder representative and a special mechanism for verifying transaction compliance with Islamic finance standards.
Furthermore, the law provides for the development of the capital market infrastructure. Specifically, it proposes licensing the activities of custodial institutions and the central counterparty, expanding the powers of the Central Securities Depository, and introducing self-regulatory organization institutions and a bondholder representative.
According to Toreshov, increasing the number and types of professional participants and bringing their activities into line with international standards will create conditions for attracting large foreign institutional investors.
A separate section of the draft law is dedicated to state regulation and supervision of the capital market in accordance with IOSCO principles. It provides for expanding the supervisory powers of the authorized body, as well as the possibility of applying financial sanctions and other measures upon identifying violations.
It is also proposed at the legislative level to establish the possibility of international financial institutions issuing bonds in Uzbekistan and to create conditions for domestic companies to access foreign capital markets. After the press conference, it was noted that the adoption of the new law will help attract additional investment into the economy of Uzbekistan and expand financial opportunities for the population and businesses.
The Senate of the Oliy Majlis of Uzbekistan approved the 'Law on General Product Safety' during its eighteenth plenary session. According to the Senate of the Oliy Majlis of the Republic of Uzbekistan, the goal of this law is to reform the technical regulation system, increase the safety level of goods, and strengthen consumer rights protection.
During the meeting, senators noted that the growth of e-commerce, the expansion of cross-border trade, and the increase in product assortment necessitate the introduction of new methods for ensuring product safety.
The development of the law took into account the requirements of the World Trade Organization Agreement on Technical Barriers to Trade, as well as international practices.
Under the new legislation, all products entering the domestic market must comply with established safety requirements. Manufacturers, importers, and other economic operators bear direct responsibility for adhering to these standards.
Furthermore, economic operators will be required to conduct product risk assessments, maintain technical documentation, identify goods, record consumer complaints, and withdraw dangerous products from the market.
The law also provides for a market supervision mechanism based on risk assessment and establishes a national information exchange system for the accelerated detection and withdrawal of dangerous goods from circulation.
In the opinion of the senators, the adoption of this law will help protect the lives and health of citizens, increase the competitiveness and export potential of domestic products, bring the technical regulation system in line with global standards, and strengthen consumer trust in the market.
