BAKU, Azerbaijan, Nov. 19
By Fakhri Vakilov-Trend:
KPMG audit company has received the license of an investment adviser in Uzbekistan and will now be able to work with enterprises as a licensed participant in Uzbekistan’s securities, Trend reports citing Uzbekistan’s Agency for Development of the Capital Market.
At the International Conference "The Role of the Capital Market in the Development of the Economy", Director of the agency Atabek Nazirov solemnly awarded the license to the managing partner of the KPMG representative office in Uzbekistan Nodir Vakhidov.
A license from an investment advisor will allow KPMG to advise joint-stock companies preparing for privatization or an initial public offering (IPO). When a company decides to enter the stock exchange, it turns to investment intermediaries - the so-called IPO underwriters, who in turn sell its shares to investors.
To date, 44 licensed investment advisors operate in Uzbekistan. The capital market development agency invites international investment intermediaries to open offices in Uzbekistan and reminds them about the opportunity to provide consulting services only after obtaining the appropriate license.
“International firms, investment banks and consulting companies need to have an internal license to provide such financial advisory services. In cases of illegal provision of services without obtaining an investment advisor license, the regulator will take tough measures,” said Nazirov.
KPMG is one of the largest professional services networks in the world and one of the Big Four audit firms along with Deloitte, Ernst & Young and PwC. The international headquarters is located in Amstelveen (Netherlands).
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