Regulatory developments

The law established the Centre’s special legal regime, independent bodies and court, and a framework for securities and financial services.

NAPP authorised 14 international financial institutions, including the World Bank, IFC, ADB and EBRD, to issue bonds in Uzbek soum.

The decree established a financial centre and international commercial court with a special regime for securities, banking, insurance, digital assets and green finance.

NAPP approved sandbox rules covering equity, partnership, venture and project financing for startups and SMEs, including escrow and nominee-account arrangements.

From 1 January, residents may use their own foreign-currency funds held in Uzbek banks to invest in US companies and finance US branches.

The proposed measures target at least US$1 billion of local-market investment through dual listings, foreign-currency bonds, GDRs, ETFs and an expanded sandbox.

Presidential Resolution PP-255 established a one-year sandbox for technology-enabled investment activity, including securities and venture-fund financing.

Regulation No. 3660 created a simplified mechanism for international financial institutions to issue soum-denominated bonds on the local exchange.

The resolution set out public auction sales of stakes in 29 large state-owned enterprises and IPO or SPO placements for 12 enterprises on domestic and international stock markets.

Registered amendments allow an issuer to make several bond issues under one programme, including series with different maturities and interest rates.

A practical guide to the capital-market sandbox application and review process.