The Tashkent, Uzbekistan, May 16
By Demir Azizov- Trend:
Senate of the Oliy Majlis of Uzbekistan approved the law "On the Securities Market" (new edition) at a meeting May 15.
The new edition of the law provides for enhancement of the role and importance of the securities market on the financial market and the economy as a whole, as well as ensuring its competitiveness, according to a member of the Senate Committee on the Budget and Economic Reforms, General Director of Navoi Mining and Metallurgical Plant State Enterprise Kuvandyk Sanakulov, who has submitted the bill.
The updated law contains provisions aimed at simplifying procedures related to the issuance of securities, including new financial instruments, the conclusion of securities transactions at the expense of the widespread introduction of modern information and communication technologies, as well as increasing requirements for professional activity at the securities market, including clarification of responsibility for violation of legislation on the securities market.
The total turnover of shares and corporate bonds market at the end of 2014 rose by 35.8 percent in comparison with 2013 - up to 1.3 trillion soums, according to the Central Securities Depository.
As of early January 2015, the total nominal value of the existing stock issues totaled 12.7 trillion soums, which is 23.9 percent more than in early 2014.
