BAKU, Azerbaijan, June 18
By Klavdiya Romakayeva - Trend:
The introduction of the concept of a foreign nominee holder will give foreign investors additional guarantees for the safety of their assets in Uzbekistan, the press service of Legislative Chamber Oliy Majlis (parliament) of Uzbekistan.
At a regular meeting of the Legislative Chamber of the Oliy Majlis, held on June 15, 2021, the deputies discussed in detail in the second reading the law project on amendments and additions to certain legislative acts of Uzbekistan.
It is reported that the project is aimed at increasing the efficiency of reforms to create the most favorable business environment in the securities market and joint-stock companies, eliminating norms that do not meet current development conditions, liberalizing the activities of commercial organizations and a positive image of the country in the international arena.
The draft law introduces the concept of a foreign nominee holder. A foreign nominee holder is a foreign organization that, on behalf of the owner of the securities or a person authorized by him, keeps records of securities and confirms the rights to them in the absence of the owner of the securities. It was noted that the introduction of this concept will give foreign investors additional guarantees for the safety of their assets.
Also, through its settlement organization, which has opened an account with the Central Securities Depository of the issuing country, it provides conditions for doing business as usual on all issues with issuers, including obtaining income from securities and corporate information.
The deputies noted that the adoption of the bill will contribute to the integration of the capital market with the international accounting and settlement system for transactions with financial instruments, increase confidence in the market on the part of local and foreign investors, as well as further improve the country's position in the annual report of the World Bank and ‘Doing Business’ International Finance Corporation.
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