Representatives of the Central Bank of Azerbaijan visited the National Agency for Prospective Projects (NAPP) in Tashkent, Uzbekistan, on October 22–23, 2026, to exchange experiences in capital market regulation.
According to NAPP, the visit was organized at the request of the Azerbaijani regulator. The delegation studied the capital market of Uzbekistan, as well as regulatory and supervisory practices, exchanging professional knowledge and approaches with the agency's specialists.
Experience exchange and focus on reforms
The Azerbaijani side showed particular interest in the reforms aimed at developing the capital market of Uzbekistan. These reforms include improving the legal framework in accordance with international standards, such as those established by the International Organization of Securities Commissions (IOSCO) and the Principles for Financial Market Infrastructure (PFMI).
During discussions, issues regarding the introduction of new financial instruments, the development of market infrastructure, and its integration with global markets were considered. Both sides paid close attention to mechanisms for controlling the stock market, as well as preventing and detecting market manipulation.
Furthermore, requirements for information disclosure by issuers and the application of a risk-based approach to supervision were discussed. NAPP representatives shared information about efforts to develop international cooperation in the field of regulatory supervision.
The experience of legal regulation of the placement of global depositary receipts issued by the National Investment Fund of Uzbekistan (UzNIF) was also presented. The agency informed the delegation about plans to sign a multilateral memorandum of understanding with IOSCO.
At the end of the visit, participants discussed prospects for further interaction and exchange of practical experience, as well as ways to improve regulatory approaches through the use of digital and analytical solutions.