President instructs to unify capital market legislation

President Shavkat Mirziyoyev instructed to unify legislation in the field of capital market by the end of 2020. This was announced today by the Deputy Head of the Capital Markets Development Agency Sherzod Egamberdiyev.

“There are a lot of problems and shortcomings in the legislation. The President instructed us, together with the Ministry of Justice, to develop direct laws by the end of 2020,” he said. 

According to Egamberdiyev, the law on the capital market and the law on the capital market regulator will be developed. 

“The first document should provide for the unification of all regulatory acts in the field of regulation of the securities market, the activities of public companies, the definition of rules related to the issue and circulation of all types of securities,” Egamberdiyev said.

In turn, the law on the regulator will clearly determine the statute of the Capital Markets Development Agency and its powers. “The agency will independently enforce legal action. This is imposing fines and sanctions against people, who violate the legislation on the capital market,” the representative of the regulator added.

Egamberdiyev also noted that it is planned to introduce online broadcasts of court hearings related to the capital market. And court decisions will be published on their websites, which will positively affect the transparency of the judicial process.