RegAlert2015-06-03 | ЎРҚ-387Added · Updated
On Amendments and Additions to the Law of the Republic of Uzbekistan 'On the Securities Market'
This law amends and adopts a new edition of the Law 'On the Securities Market' of the Republic of Uzbekistan, regulating relations in the securities market and defining key terms such as shares, bonds, and depositary receipts. It mandates the Cabinet of Ministers to align government resolutions with the law and ensures that international treaty rules prevail over domestic legislation in case of conflict. The law applies to securities including shares, bonds, state treasury bills, deposit certificates, derivatives, and bills, while noting that special legal regimes established by Constitutional Law may dictate different rules in specific territories.
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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Finance / Securities. Securities Market]
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Law of the Republic of Uzbekistan
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On Amendments and Additions to the Law of the Republic of Uzbekistan "On the Securities Market" Send suggestions for the document Listen to audio Get a link from the document element Adopted by the Legislative Chamber on October 24, 2014 Approved by the Senate on May 15, 2015 Send suggestions for the document Listen to audio Get a link from the document element [ OKOZ:
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21.00.00.00 Complex documents on amendments and additions / 21.01.00.00 Laws of the Republic of Uzbekistan]
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Article 1.
Amendments and additions are made to the Law of the Republic of Uzbekistan No. URQ-163 "On the Securities Market" adopted on July 22, 2008 (Information Bulletin of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2008, No. 7, Article 354; 2009, No. 9, Article 337, No. 12, Article 464; 2012, No. 12, Article 336; 2013, No. 4, Article 98, No. 10, Article 263; 2014, No. 1, Article 2, No. 5, Article 130, No. 9, Article 244), and its new edition is approved ( attached ). [ OKOZ:
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02.00.00.00 Fundamentals of State Administration / 02.01.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 01.11.00.00) / 02.01.02.00 Powers of the Cabinet of Ministers]
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Article 2.
The Cabinet of Ministers of the Republic of Uzbekistan:
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Get a link from the document element shall align government resolutions with this Law; Send suggestions for the document Listen to audio Get a link from the document element shall ensure that state administration bodies review and repeal their normative legal documents that contradict this Law. [ OKOZ:
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01.00.00.00 Constitutional Order / 01.14.00.00 Law-making Activity of State Bodies / 01.14.05.00 Publication and Entry into Force of Normative Legal Documents]
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Article 3.
This Law enters into force from the day of its official publication.
LexUZ Commentary
This Law was published in the "Xalq So'zi" newspaper on June 4, 2015, No. 111 (6294) Send suggestions for the document Listen to audio Get a link from the document element President of the Republic of Uzbekistan I. KARIMOV Send suggestions for the document Listen to audio Get a link from the document element Tashkent, Send suggestions for the document Listen to audio Get a link from the document element June 3, 2015, Send suggestions for the document Listen to audio Get a link from the document element No. URQ-387 Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element LAW OF THE REPUBLIC OF UZBEKISTAN Send suggestions for the document Listen to audio Get a link from the document element On the Securities Market Send suggestions for the document Listen to audio Get a link from the document element (new edition) Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element
Chapter 1. General Provisions
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Article 1. Purpose and Scope of Application of this Law
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Rules]
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The purpose of this Law is to regulate relations in the field of the securities market.
See the previous edition.
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds;
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.03 Bill of Exchange;
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.05 Derivatives of Securities]
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This Law applies to the following securities: shares, bonds, state treasury bonds, deposit certificates, derivatives of securities, and bills. (The second part of Article 1 is in the edition of the Law of the Republic of Uzbekistan No. URQ-836 dated April 29, 2023 — National Database of Legislative Information, 01.05.2023, No. 03/23/836/0232 — enters into force on August 2, 2023) See the previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element Relations in the field of the securities market in a territory where a special legal regime is established by the Constitutional Law of the Republic of Uzbekistan are regulated by rules other than those established by this Law. (Article 1 was supplemented with the third part on the basis of the Law of the Republic of Uzbekistan No. URQ-1158 dated July 13, 2026 — National Database of Legislative Information, 14.07.2026, No. 03/26/1158/0727. Entry into force date — July 25, 2026) See the previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element
Article 2. Legislation on the Securities Market
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Rules]
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Legislation on the securities market consists of this Law and other legislative documents.
See the previous edition.
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This Law applies to relations concerning the sanitization and liquidation of banks, unless otherwise provided by special legislation.
(Article 2 was supplemented with the second part on the basis of the Law of the Republic of Uzbekistan No. URQ-1070 dated March 25, 2025 — National Database of Legislative Information, 24.06.2025, No. 03/25/1070/0536. Entry into force date — September 25, 2025) [ OKOZ:
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19.00.00.00 International Relations. International Law / 19.06.00.00 International Treaty Law / 19.06.03.00 Application and Interpretation of Treaties]
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If the international treaty of the Republic of Uzbekistan establishes rules other than those provided for in the legislation of the Republic of Uzbekistan on the securities market, the rules of the international treaty shall apply. (Article 2 is in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
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Article 3. Basic Concepts
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Rules]
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The following basic concepts are used in this Law:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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Securities / Share]
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— an issued security without a specified term of validity, registered to the owner's name, certifying the owner's right to receive a part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company, and to a part of the property remaining after its liquidation; Send suggestions for the document Listen to audio Get a link from the document element information disclosure — ensuring the use of such information in forms that guarantee its availability and accessibility to interested parties in the securities market, regardless of the purpose for which they obtain the information; See the previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element exchange bond — a debt issued security issued by joint-stock companies, the issuance of which is registered by the stock exchange, and which is included in the quotation sheet of the stock exchange; (Article 3 was supplemented with the fourth paragraph on the basis of the Law of the Republic of Uzbekistan No. URQ-726 dated October 29, 2021 — National Database of Legislative Information, 30.10.2021, No. 03/21/726/1001) [ SPiT:
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Securities / Bill of Exchange]
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Get a link from the document element bill of exchange — a non-issued security certifying the strict obligation of the drawer or another payer specified in the bill of exchange to pay a certain sum to the holder of the bill of exchange when the term specified in the bill of exchange arrives; See the previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element government securities — state treasury bonds, international bonds issued in the name of the Republic of Uzbekistan, as well as bonds of the Central Bank of the Republic of Uzbekistan; (The sixth paragraph of Article 3 is in the edition of the Law of the Republic of Uzbekistan No. URQ-836 dated April 29, 2023 — National Database of Legislative Information, 01.05.2023, No. 03/23/836/0232 — enters into force on August 2, 2023) Send suggestions for the document Listen to audio Get a link from the document element deposit account — a collection of entries in the accounting registers of the investment intermediary and the Central Depository of Securities, intended for storing the securities of the depositor and accounting for rights to securities; Send suggestions for the document Listen to audio Get a link from the document element extract from the deposit account — a document issued by the investment intermediary and (or) the Central Depository of Securities, confirming the rights of the depositor to securities; Send suggestions for the document Listen to audio Get a link from the document element depository operations — operations performed in accordance with depository operations standards in accounting registers; Send suggestions for the document Listen to audio Get a link from the document element depository receipts — securities without nominal value that certify the ownership right to a certain number of securities presented, and confirm the right of their owner to receive from the issuer of the presented securities the corresponding number of securities presented in place of the depository receipt, as well as the right to demand services related to the exercise of rights secured by the presented securities by the owner of the depository receipt; Send suggestions for the document Listen to audio Get a link from the document element deposit certificate — a non-issued security certifying the right of the depositor (certificate holder) to receive from the bank that issued the certificate or from any branch of that bank, after the expiration of the specified term, the amount of the deposit placed in the bank and the interest on the deposit amount agreed upon in the certificate; Send suggestions for the document Listen to audio Get a link from the document element depositor — a person who has a deposit account; See the previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to
audio Get a link from the document element investment assets — securities, monetary funds, and other property recognized as investment assets in accordance with legislation; ( The twelfth paragraph of Article 3 is in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
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— a legal or natural person who acquires securities in their own name and at their own expense; See previous version.
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Get a link from the document element infrastructure bonds — bonds issued by business entities for the purpose of attracting funds to finance the construction and (or) reconstruction of production infrastructure and other infrastructure; (The fifteenth paragraph of Article 3 as amended by Law No. ЎРҚ-1025 of the Republic of Uzbekistan dated February 7, 2025 — National Database of Legislation, 07.02.2025, No. 03/25/1025/0116. Effective date — May 8, 2025) Submit a proposal to the document Listen to audio Get a link from the document element clearing — identification, clarification, and accounting of mutual obligations under transactions related to securities registered by organizers of securities trading; See previous version. Submit a proposal to the document Listen to audio Get a link from the document element Submit a proposal to the document Listen to audio Get a link from the document element corporate bonds — bonds issued by joint-stock companies and limited liability companies; (The seventeenth paragraph of Article 3 as amended by Law No. ЎРҚ-1025 of the Republic of Uzbekistan dated February 7, 2025 — National Database of Legislation, 07.02.2025, No. 03/25/1025/0116. Effective date — May 8, 2025) Submit a proposal to the document Listen to audio Get a link from the document element market maker — an investment intermediary who undertakes the obligation to conclude exchange transactions to maintain prices, demand, and supply levels for securities; Submit a proposal to the document Listen to audio Get a link from the document element netting — a clearing method carried out by offsetting all monetary claims of a client against all their monetary obligations; Submit a proposal to the document Listen to audio Get a link from the document element non-emissive securities — securities that do not fall under the concept of emissive securities in accordance with this Law; [SPiT:
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Securities / Bond]
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— an emissive security that confirms the right of the bondholder to receive the nominal value of the bond or other property equivalent from the person who issued the bond within the period specified in the bond, to receive a fixed interest from the nominal value of the bond, or other property rights; LexUZ comment See also: Article 741 of the Civil Code of the Republic of Uzbekistan. See previous version. Submit a proposal to the document Listen to audio Get a link from the document element Submit a proposal to the document Listen to audio Get a link from the document element international bond — a marketable emissive security issued by an issuer and placed by a group of financial organizations, offered in one or more countries outside the issuer's country, and acquired primarily (including by subscription) only through this group; (Article 3 supplemented with the twenty-first paragraph based on Law No. ЎРҚ-533 of the Republic of Uzbekistan dated April 4, 2019 — National Database of Legislation, 05.04.2019, No. 03/19/533/2885) See previous version. Submit a proposal to the document Listen to audio Get a link from the document element Submit a proposal to the document Listen to audio Get a link from the document element foreign nominal holder — a foreign organization that is an international centralized system for accounting for rights to securities and (or) securities settlements, or a central depository that carries out settlements on securities based on the results of trades on foreign exchanges or other regulated markets, and which, at the instruction of the owner of the securities or a person authorized by them, carries out the accounting of securities and confirmation of rights to them without being the owner of the securities; (Article 3 supplemented with the twenty-third paragraph based on Law No. ЎРҚ-726 of the Republic of Uzbekistan dated October 29, 2021 — National Database of Legislation, 30.10.2021, No. 03/21/726/1001) Submit a proposal to the document Listen to audio Get a link from the document element option — an emissive security that confirms the right to purchase a certain number of its issuer's securities at a fixed price within the period specified therein; [OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.24.00.00 Securities. Securities Market / 07.24.07.00 Stock Exchanges. Stock Departments of Commodity and Currency Exchanges]
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Get a link from the document element stock exchange — a legal entity that creates conditions for trading only in securities by organizing and conducting public and open exchange trades at a predetermined place and time based on established rules; Submit a proposal to the document Listen to audio Get a link from the document element registered securities — securities for which the realization of property rights requires the registration of their owner; Submit a proposal to the document Listen to audio Get a link from the document element emissive securities — securities that have identical features and requisites within a single issue, are placed and circulated on the basis of uniform conditions for that issue; Submit a proposal to the document Listen to audio Get a link from the document element Unified State Register of Emissive Securities Issues — a list of registered emissive securities issues; Submit a proposal to the document Listen to audio Get a link from the document element issuer — a legal entity that issues emissive securities and has obligations to the owners of those securities; See previous version. Submit a proposal to the document Listen to audio Get a link from the document element Submit a proposal to the document Listen to audio Get a link from the document element state treasury bonds — emissive securities that, regardless of their maturity, confirm the deposit of funds by the holder into the republican budget of the Republic of Uzbekistan and grant the right to receive a fixed income throughout the entire period of ownership of these emissive securities; (The thirtieth paragraph of Article 3 as amended by Law No. ЎРҚ-836 of the Republic of Uzbekistan dated April 29, 2023 — National Database of Legislation, 01.05.2023, No. 03/23/836/0232 — effective from August 2, 2023) [OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Provisions]
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Get a link from the document element securities — documents that confirm property rights or debt relations between the legal entity that issued these documents and their owner, provide for the payment of income in the form of dividends or interest, and the possibility of transferring the rights arising from these documents to other persons; LexUZ comment See also: Article 96 of the Civil Code of the Republic of Uzbekistan. Submit a proposal to the document Listen to audio Get a link from the document element securities market — a system of relations of legal and natural persons related to the issuance, placement, and circulation of securities; Submit a proposal to the document Listen to audio Get a link from the document element securities market participants — issuers of securities, owners of securities, investors, professional participants of the securities market, as well as exchanges and the Central Depository of Securities; Submit a proposal to the document Listen to audio Get a link from the document element professional participant of the securities market — a legal entity that carries out professional activities in the securities market; Submit a proposal to the document Listen to audio Get a link from the document element client of a professional participant of the securities market (client) — a depositor or another person using the services of a professional participant of the securities market; See previous version. Submit a proposal to the document Listen to audio Get a link from the document element Submit a proposal to the document Listen to audio Get a link from the document element professional activity in the securities market — a type of activity related to the issuance, placement, and circulation of securities, which is licensed or carried out by notifying the authorized body; (The thirty-fourth paragraph of the first part of Article 3 as amended by Law No. ЎРҚ-721 of the Republic of Uzbekistan dated October 12, 2021 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952) Submit a proposal to the document Listen to audio Get a link from the document element securities transactions — purchase and sale, gift, inheritance, contribution to the authorized capital, and other actions leading to a change of the owner of securities, as well as pledging of securities; Submit a proposal to the document Listen to audio Get a link from the document element securities future — a security that confirms the obligation to buy or sell a certain number of securities at a fixed price within the period specified therein; Submit a proposal to the document Listen to audio Get a link from the document element placement of securities — transfer of securities to their initial owners; See previous version. Submit a proposal to the document Listen to audio Get a link from the document element Submit a proposal to the document Listen to audio Get a link from the document element Central Depository of Securities — an organization that provides a
unified system for the storage of securities in depo accounts, accounting for rights to such securities, and the movement of securities; (The fortieth paragraph of Article 3 as amended by Law No. ЎРҚ-1028 of the Republic of Uzbekistan dated February 12, 2025 — National Database of Legislation, 13.02.2025, No. 03/25/1028/0138) See previous version. Submit a proposal to the document Listen to audio Get a link from the document element Submit a proposal to the document Listen to audio Get a link from the document element circulation of securities — purchase and sale of securities, as well as other actions provided for by legislation that lead to a change of the owner of securities; (The thirty-ninth paragraph of Article 3 as amended by Law No. ЎРҚ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
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Get a link from the document element nominal holder of securities — an investment intermediary, the Central Depository of Securities, that, at the instruction of the owner of the securities or a person authorized by them, carries out the accounting of securities and confirmation of rights to them without being the owner of the securities; Submit a proposal to the document Listen to audio Get a link from the document element issuance of securities — actions of a legal entity aimed at the emergence of securities as an object of civil rights; Submit a proposal to the document Listen to audio Get a link from the document element owner of securities — a legal or natural person who owns securities based on the right of ownership or other real right; Submit a proposal to the document Listen to audio Get a link from the document element register of securities owners — a list of registered owners of securities, formed as of a specified date, indicating the name of the issuer of the registered securities belonging to them, the number, nominal value, type, and class of these securities, as well as information that allows sending information to persons registered in the register; Submit a proposal to the document Listen to audio Get a link from the document element securities emission — issuance and placement of emissive securities; Submit a proposal to the document Listen to audio Get a link from the document element securities prospectus — a document reflecting information about the issuer and the securities it issues, as well as other information that may influence an investor's decision to acquire securities; Submit a proposal to the document Listen to audio Get a link from the document element derivatives of securities — securities that confirm the rights or obligations of their owners with respect to other securities and are issued by legal entities in the form of options, securities futures, depositary receipts, and other financial instruments; Submit a proposal to the document Listen to audio Get a link from the document element accounting registers — a system of records established by the standards of depository operations for the storage of securities and accounting for rights to securities at an investment intermediary and the Central Depository of Securities. Submit a proposal to the document Listen to audio Get a link from the document element
Chapter 2. Issuance of Securities
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Article 4. Form of Securities Issue
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07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Provisions]
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Securities, according to their issue form, can be documentary in the form of blanks and non-documentary in the form of entries in electronic accounting registers. See previous version. Submit a proposal to the document Listen to audio Get a link from the document element [OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Provisions]
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The form of securities issue is determined in the decision on the issuance of securities in accordance with legislation.
(The second part of Article 4 as amended by Law No. ЎРҚ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
LexUZ comment
See: Article 5 of this Law.
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07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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Shares, corporate and infrastructure bonds, as well as depositary receipts are issued in non-documentary form.
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Article 5. Decision on the Issuance of Emissive Securities
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07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Provisions]
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The decision on the issuance of emissive securities must specify the following:
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Get a link from the document element full name of the issuer, location (postal address), and email address; Submit a proposal to the document Listen to audio Get a link from the document element date of approval of the decision on the issuance of emissive securities; Submit a proposal to the document Listen to audio Get a link from the document element name of the issuer's management body that approved the decision on the issuance of emissive securities; Submit a proposal to the document Listen to audio Get a link from the document element type and class of emissive securities and their issue form; Submit a proposal to the document Listen to audio Get a link from the document element rights of the owner of emissive securities; Submit a proposal to the document Listen to audio Get a link from the document element
LexUZ commentary
See: Chapter XIV of the "Rules for State Registration of Securities Issuance and Issuance of Issued Securities" (Registration No. 2000, 30.08.2009). ("Amendments and/or Additions to Previously Registered Securities Issuances") Send a proposal for the document Listen to audio Get a reference from the document element
Article 6. Conditions for Issuing Corporate and Infrastructure Bonds
See previous edition.
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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Corporate bonds are issued provided that the following conditions are met:
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within the amount of the issuer's own capital as of the date the issuer adopted a decision on issuing such bonds. If the amount of corporate bonds exceeds the issuer's own capital, the issuer must provide collateral for the excess amount; Send a proposal for the document Listen to audio Get a reference from the document element
by issuers that have positive indicators of profitability, solvency, financial stability, and liquidity over the past year; LexUZ commentary For additional information, see: "Regulations on Requirements for the Activity of Rating Agencies in the Financial Market" (Registration No. 1766, 13.02.2008). Send a proposal for the document Listen to audio Get a reference from the document element
when an audit opinion on the financial report for the year preceding the issuance of bonds is available; Send a proposal for the document Listen to audio Get a reference from the document element
with the participation of commercial banks acting as payment agents for the payment of funds belonging to investors by the issuers.
LexUZ commentary
See: Chapter V of the "Rules for State Registration of Securities Issuance and Issuance of Issued Securities" (Registration No. 2000, 30.08.2009) ("Issuance of Bonds").
See previous edition.
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The conditions specified in the second paragraph of the first part of this Article do not apply to mortgage refinancing organizations.
(Paragraph 2 of Article 6 was added based on Law No. URQ-1028 of the Republic of Uzbekistan dated February 12, 2025 — National Database of Legislative Information, 13.02.2025, No. 03/25/1028/0138)
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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Infrastructure bonds are issued provided that the following conditions are met:
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within the amount of the issuer's own capital as of the date the issuer adopted a decision on issuing such bonds. If the amount of infrastructure bonds exceeds the issuer's own capital, the issuer must provide collateral for the excess amount; Send a proposal for the document Listen to audio Get a reference from the document element
when an audit opinion on the financial report for the year preceding the issuance of bonds is available; Send a proposal for the document Listen to audio Get a reference from the document element
when the funds raised from the placement of infrastructure bonds are used to finance a project provided for in a decision of the President of the Republic of Uzbekistan or the Cabinet of Ministers of the Republic of Uzbekistan.
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Infrastructure bonds issued by economic societies in which the state share is 50 percent or more are issued with the agreement of the Ministry of Finance of the Republic of Uzbekistan. (Part 3 of Article 6 is in the edition of Law No. URQ-1025 of the Republic of Uzbekistan dated February 7, 2025 — National Database of Legislative Information, 07.02.2025, No. 03/25/1025/0116. Entry into force date — May 8, 2025) Send a proposal for the document Listen to audio Get a reference from the document element
Additional conditions for the issuance of corporate and infrastructure bonds are established by the authorized state body for regulating the securities market. (The text of Article 6 is in the edition of Law No. URQ-629 of the Republic of Uzbekistan dated July 21, 2020 — National Database of Legislative Information, 22.07.2020, No. 03/20/629/1087)
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Article 6-1. Issuance, Placement, and Circulation of Exchange Bonds
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The issuance of exchange bonds is carried out by the stock exchange in the manner established by the stock exchange, without state registration and with the agreement of the authorized state body for regulating the securities market. Send a proposal for the document Listen to audio Get a reference from the document element
The placement and circulation of exchange bonds with a payment term of no more than one year are carried out at stock exchanges.
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The placement of exchange bonds is carried out only through the stock exchange that has registered the issuance of such exchange bonds.
(Article 6-1 was added based on Law No. URQ-726 of the Republic of Uzbekistan dated October 29, 2021 — National Database of Legislative Information, 30.10.2021, No. 03/21/726/1001) Send a proposal for the document Listen to audio Get a reference from the document element
Article 7. Conditions for Issuing Options on Shares
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The conditions for issuing options on shares may include restrictions on their circulation.
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If the number of issued shares of a joint-stock company is less than the number of shares giving the right to options, such a company is not entitled to place such options on shares. Send a proposal for the document Listen to audio Get a reference from the document element
A decision to award a bonus or incentive payment to the labor collective and members of the supervisory board of a joint-stock company in the form of options on shares is adopted by the general meeting of shareholders. Send a proposal for the document Listen to audio Get a reference from the document element
The number of shares of a certain type giving the right to options may not exceed 5 percent of the number of such shares placed as of the date of submission of documents for state registration of the issuance of options on shares. Send a proposal for the document Listen to audio Get a reference from the document element
Options on shares may be placed only after the authorized capital of the joint-stock company has been fully paid in at the time of its establishment. Send a proposal for the document Listen to audio Get a reference from the document element
Article 8. State Registration of the Issuance of Issued Securities
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Rules]
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The state registration of the issuance of issued securities is carried out by the authorized state body for regulating the securities market based on the application of the issuer. The following are attached to the issuer's application:
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a decision on the issuance of issued securities; Send a proposal for the document Listen to audio Get a reference from the document element
a securities prospectus (if the securities are placed on a mass basis); Send a proposal for the document Listen to audio Get a reference from the document element
a blank sample (if issued securities are issued in documentary form);
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other documents specified by legislation.
(Paragraph 5 of Part 1 of Article 8 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
LexUZ commentary
See: Paragraphs 43, 44 of the "Rules for State Registration of Securities Issuance and Issuance of Issued Securities" (Registration No. 2000, 30.08.2009). [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Registration of Issuance of Securities Issuance and Prospectus]
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The authorized state body for regulating the securities market must register the issuance of issued securities or make a reasoned decision to refuse state registration of the issuance of issued securities within thirty days from the date of receipt of the documents submitted for state registration of the issuance of issued securities. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Registration of Issuance of Securities Issuance and Prospectus]
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When the issuance of issued securities is being state registered, a mark is placed on each copy of the decision on the issuance of issued securities indicating that the issuance of issued securities has been state registered, and the registration number of the issuance of issued securities is indicated. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Registration of Issuance of Securities Issuance and Prospectus]
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The issuer is responsible for the accuracy of the documents submitted for state registration of the issuance of issued securities.
LexUZ commentary
See: Chapter IX of the "Rules for State Registration of Securities Issuance and Issuance of Issued Securities" (Registration No. 2000, 30.08.2009) ("State Registration of the Issuance of Securities"). Send a proposal for the document Listen to audio Get a reference from the document element
Article 9. Refusal of State Registration of the Issuance of Issued Securities
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Registration of Issuance of Securities Issuance and Prospectus]
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The following serve as grounds for refusing state registration of the issuance of issued securities:
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inconsistency of the documents submitted for state registration of the issuance of issued securities and the information contained therein with the requirements of the legislation on the securities market; (Paragraph 2 of Part 1 of Article 9 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
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failure by the issuer to comply with the procedure for adopting a decision on the issuance of issued securities;
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non-payment of fees provided for by the legislation on the securities market; (Paragraph 4 of Part 1 of Article 9 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
LexUZ commentary
See: Article 16 of this Law.
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lack of the right to issue securities at the legal entity carrying out the issuance of issued securities.
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Registration of Issuance of Securities Issuance and Prospectus]
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If a re-application is submitted within the period specified in the decision of the authorized state body for regulating the securities market, refusal to state register the issuance of issued securities on new grounds, in addition to the inconsistencies identified in the newly submitted documents, is not permitted. Send a proposal for the document Listen to audio Get a reference from the document element
A decision to refuse state registration of the issuance of issued securities may be appealed to the court.
LexUZ commentary
See: Chapter XVI of the "Rules for State Registration of Securities Issuance and Issuance of Issued Securities" (Registration No. 2000, 30.08.2009) ("Refusal of State Registration of Securities Issuance, as well as Amendments and/or Additions to Previously Registered Securities Issuance"). Send a proposal for the document Listen to audio Get a reference from the document element
Article 10. Fee for State Registration of the Issuance of Issued Securities
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When state registering the issuance of issued securities, the issuer pays a fee to the National Agency for Strategic Projects of the Republic of Uzbekistan in the amount of 0.01 percent of the nominal value of the issued securities in this issuance. (Part 1 of Article 10 is in the edition of Law No. URQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislative Information, 17.04.2025, No. 03/25/1057/0351)
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If the nominal value of the issued securities in a previously registered issuance is increased, the issuer pays a fee to the National Agency for Strategic Projects of the Republic of Uzbekistan in the amount of 0.01 percent of the increased amount of the nominal value of the issued securities in this issuance. (Part 2 of Article 10 is in the edition of Law No. URQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislative Information, 17.04.2025, No. 03/25/1057/0351) LexUZ commentary See: Chapter XII of the "Rules for State Registration of Securities Issuance and Issuance of Issued Securities" (Registration No. 2000, 30.08.2009) ("Fee for State Registration of Issuance of Issued Securities and/or Amendments to Previously Registered Issuance of Issued Securities").
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.02.00 Decision on Issuance;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Registration of Issuance of Securities Issuance and Prospectus]
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The fee for state registration of issued securities is not collected in the following cases:
(Paragraph 2 of Part 3 of Article 10 was issued based on Law No. URQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislative Information, 17.04.2025, No. 03/25/1057/0351) Send a proposal for the document Listen to audio Get a reference from the document element
when infrastructure bonds and options are issued; Send a proposal for the document Listen to audio Get a reference from the document element
in cases provided for in decisions of the President of the Republic of Uzbekistan or the Cabinet of Ministers of the Republic of Uzbekistan. Send a proposal for the document Listen to audio Get a reference from the document element
Article 11. Unified State Register of Issuances of Issued Securities
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[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Registration of Issuance of Securities Issuance and Prospectus]
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The Unified State Register of Issuances of Issued Securities shall contain information about the name of the issuer, the number, nominal value, type, and class of securities, as well as other information in accordance with legislation. (Part 1 of Article 11 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
[OKOZ:
1.
02.00.00.00 Fundamentals of State Administration / 02.01.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 01.11.00.00) / 02.01.02.00 Powers of the Cabinet of Ministers]
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The procedure for maintaining the Unified State Register of Issuances of Issued Securities is established by the Cabinet of Ministers of the Republic of Uzbekistan. LexUZ commentary See: "Regulations on the Procedure for Maintaining the Unified State Register of Issuance of Issued Securities" approved by Resolution No. 284 of the Cabinet of Ministers of the Republic of Uzbekistan dated December 29, 2008. Send a proposal for the document Listen to audio Get a reference from the document element
Article 12. Suspension of Issuance of Issued Securities, Finding Issuance of Issued Securities as Unimplemented or Invalid
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Registration of Issuance of Securities Issuance and Prospectus]
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The issuance of issued securities:
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is suspended until the violations are eliminated if it is found that the issuer has violated the requirements of the legislation on the securities market during the issuance process, as well as if incorrect information is found in the information announced about the issuance of issued securities; (Paragraph 2 of Part 1 of Article 12 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
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is suspended until the violations are eliminated if information and reports provided for by the legislation on the securities market have not been disclosed on time two or more times within one year; (Part 1 of Article 12 was supplemented with paragraph 3 based on Law No. URQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislative Information, 17.04.2025, No. 03/25/1057/0351)
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is considered unimplemented if the violations leading to its suspension have not been eliminated by the issuer, as well as if less than 60 percent of the securities in this issuance have been privately placed within the period specified in the decision on issuance; (Paragraph 3 of Part 1 of Article 12 is in the edition of Law No. URQ-726 of the Republic of Uzbekistan dated October 29, 2021 — National Database of Legislative Information, 30.10.2021, No. 03/21/726/1001) Send a proposal for the document Listen to audio Get a reference from the document element
is considered invalid if there is a relevant court decision.
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[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Registration of Issuance of Securities Issuance and Prospectus]
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If the issuance of issued securities is found to be unimplemented or invalid, all securities of this issuance must be withdrawn from circulation, and the funds received by the issuer from the placement of the issuance of issued securities found to be unimplemented or invalid must be returned to the owners in the manner established by legislation. (Part 2 of Article 12 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
Chapter XV
(«Suspension of Securities Issuance, Recognition of Securities Issuance as Invalid or Unimplemented, and Redemption of Bonds»)
Expenses related to recognizing the issuance of emission securities as unimplemented or invalid and returning funds to their owners are borne by the issuer.
LexUZ Comment
See: Rules for State Registration of Securities Issuance and Issuance of Emission Securities (Registration No. 2000, dated 30.08.2009).
Article 13. Issuance of State Securities
See previous edition.
The issuance of state securities is carried out in the manner established by legislation without an emission prospectus and without state registration of the issuance of state securities.
(Part one of Article 13 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
LexUZ Comment
See: Article 156 of the Budget Code of the Republic of Uzbekistan.
State securities may be issued as short-term (up to one year), medium-term (from one year to five years), and long-term (five years and more).
LexUZ Comment
For additional information, see: Article 156 of the Budget Code of the Republic of Uzbekistan, and Decree of the President of the Republic of Uzbekistan No. ПФ-3047 dated March 30, 2002 "On Measures to Limit Money Supply Growth and Increase Responsibility for Financial Discipline."
Article 14. Issuance of Deposit Certificates and Bills
The issuance of deposit certificates is carried out in the manner established by the Central Bank of the Republic of Uzbekistan, with the agreement of the authorized state body for regulating the securities market.
LexUZ Comment
See: Article 770 of the Civil Code of the Republic of Uzbekistan, and the Regulation "On the Procedure for Issuance and Circulation of Bank Deposit (Savings) Certificates" (Registration No. 1859, dated 24.09.2008).
The issuance of bills is carried out in the manner established by the Ministry of Finance of the Republic of Uzbekistan and the Central Bank of the Republic of Uzbekistan, with the agreement of the authorized state body for regulating the securities market.
LexUZ Comment
For additional information, see: Article 740 of the Civil Code of the Republic of Uzbekistan.
Chapter 3. Placement of Securities and Their Circulation
Article 15. Conditions for Placement and Circulation of Securities
See previous edition.
Placement of securities within the territory of the Republic of Uzbekistan and their circulation are permitted after they have been registered, unless otherwise provided by law.
LexUZ Comment
For example, Part One of Article 13 of this Law.
The Cabinet of Ministers of the Republic of Uzbekistan:
Determines quotas and procedures for placement and circulation outside the territory of the Republic of Uzbekistan of securities issued by residents of the Republic of Uzbekistan, except for international bonds.
(Third paragraph of Part Two of Article 15 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-533 dated April 4, 2019 — Legislation Documents Information Base, April 5, 2019, No. 03/19/533/2885)
LexUZ Comment
See: Regulation "On Quotas and Procedures for Placement and Circulation of Securities" approved by Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 239 dated August 20, 2014.
See previous edition.
The value of securities is expressed in the national currency of the Republic of Uzbekistan, except for cases of placement of international bonds and sale of state share packages to foreign investors through a stock exchange.
(Part Three of Article 15 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-1122 dated March 17, 2026 — National Database of Legislation, March 17, 2026, No. 03/26/1122/0250)
Article 16. Conclusion and Registration of Agreements on Securities
See previous edition.
Conclusion and registration of agreements on securities in organized trading of securities are carried out in electronic form without the need to formalize them in writing (on paper). Other agreements on securities must be concluded in writing and registered in the manner established by legislation.
(Part One of Article 16 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
LexUZ Comment
See: Regulation "On the Procedure for Concluding Transactions with Valuable Securities and Their Registration in the Territory of the Republic of Uzbekistan" approved by Resolution of the Cabinet of Ministers No. 285 dated June 8, 1994; and Regulation "On the Register of Non-Brokerage Transactions with Securities" approved by Order of the Director of the Center for Coordination and Control of the Securities Market Activity under the Committee on State Property No. 2009-18 dated March 4, 2009 (Registration No. 1919, dated 09.03.2009).
Settlement periods for purchase and sale transactions concluded in organized markets are determined by the rules for organizing securities trading; in other cases, they are determined by the purchase and sale contracts. If the specified deadlines are violated, the transaction is considered invalid.
LexUZ Comment
For additional information, see: Part Two of Article 18 of the Law of the Republic of Uzbekistan "On Exchanges and Exchange Activity"; Regulation "On the Procedure for Concluding Transactions with Valuable Securities and Their Registration in the Territory of the Republic of Uzbekistan" approved by Resolution of the Cabinet of Ministers No. 285 dated June 8, 1994; Regulation "On the Register of Non-Brokerage Transactions with Securities" (Registration No. 1919, dated 09.03.2009); and Order of the Director of the National Agency for Strategic Projects No. 12 dated December 2, 2024 "On Approval of the Regulation on the Procedure for Carrying Out Purchase and Sale Transactions in the Non-Brokerage Organized Market of Securities" (Registration No. 3596, dated 27.12.2024).
See previous edition.
When concluding agreements on emission securities at the Stock Exchange, the seller (except for the issuer) pays a fee to the National Agency for Strategic Projects of the Republic of Uzbekistan in the amount of 0.01 percent of the transaction sum. In this case, income taxes levied from legal entities and personal income taxes levied from individuals are not applied to the revenues of the seller, including non-residents of the Republic of Uzbekistan, arising from the concluded transaction.
(Part Three of Article 16 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-1057 dated April 17, 2025 — National Database of Legislation, April 17, 2025, No. 03/25/1057/0351)
See previous edition.
Market makers are exempt from paying fees and other payments to the exchange, the Central Depository for Securities, and the Central Bank of the Republic of Uzbekistan when concluding exchange transactions to maintain price levels and supply and demand levels for securities.
(Part Four of Article 16 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-1057 dated April 17, 2025 — National Database of Legislation, April 17, 2025, No. 03/25/1057/0351)
Article 17. Placement of Securities
Issuers have the right to place securities independently, as well as through banks and investment intermediaries.
LexUZ Comment
See: Rules for State Registration of Securities Issuance and Issuance of Emission Securities approved by Order of the Director of the Center for Coordination and Control of the Securities Market Activity under the Committee on State Property No. 2009-40 dated July 16, 2009 (Registration No. 2000, dated 30.08.2009).
Placement of securities may be carried out in the following types:
- Private placement of securities (closed subscription among a predetermined, limited number of investors without public announcement and advertising campaigns);
- Public placement of securities (open subscription among an unlimited number of investors with the conduct of an advertising campaign).
See previous edition.
For each of the cases listed in Part Two of this Article, the minimum or maximum volume of securities issuance may be established by legislation.
(Part Three of Article 17 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
Open subscription of shares is conducted only in organized trading of securities.
Banks and investment intermediaries may conclude agreements with issuers regarding the sale of emission securities on behalf of the issuers, whether or not they assume the obligation to purchase the unplaced portion of the issuance of emission securities.
The number of securities being placed must not exceed the number of securities indicated in the decision on the issuance of emission securities.
See previous edition.
The issuer indicates the actual number of emission securities placed in the notice regarding the results of the issuance of emission securities. The procedure for submitting the notice regarding the results of the issuance of emission securities is established by legislation.
(Part Seven of Article 17 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
The issuer must complete the placement of emission securities being issued within the timeframe specified in the decision on their issuance; this period must not exceed one year from the date of state registration of the issuance of securities.
Public placement of emission securities is carried out at least two weeks after the information regarding the state registration of the issuance of emission securities has been disclosed in the prescribed manner.
LexUZ Comment
See: Article 43 of this Law.
The issuer, as well as banks and investment intermediaries acting under contract with it, must ensure that investors have the opportunity to review the emission prospectus and terms of placement of emission securities until the securities are acquired.
Emission securities in dematerialized form are considered placed after full payment for them and their transfer to the depository accounts of their recipients within the timeframe for placing these securities.
LexUZ Comment
See: Article 33 of the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Shareholders' Rights," and Chapter XIII "Placement of Securities" of the Rules for State Registration of Securities Issuance and Issuance of Emission Securities (Registration No. 2000, dated 30.08.2009).
Article 18. Circulation of Securities
See previous edition.
Circulation of securities is carried out by legal and physical persons through concluding transactions in the securities market. In this regard, share purchase and sale transactions are carried out in organized trading of securities, except for cases where shares are purchased by shareholders based on preferential rights or repurchased by the joint-stock company upon the request of shareholders, as well as cases established by decrees of the President of the Republic of Uzbekistan.
(Text of Article 18 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-1117 dated February 5, 2026 — National Database of Legislation, February 7, 2026, No. 03/26/1117/0116)
LexUZ Comment
See: Article 40 of the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Shareholders' Rights," and Regulation "On the Procedure for Concluding Transactions with Valuable Securities and Their Registration in the Territory of the Republic of Uzbekistan" approved by Resolution of the Cabinet of Ministers No. 285 dated June 8, 1994.
Article 19. Placement and Circulation of State Securities
See previous edition.
Placement and circulation of state securities are carried out in the manner established by legislation.
(Text of Article 19 in the edition of the Law of the Republic of Uzbekistan No. ЎРҚ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
LexUZ Commentary
See: Regulation on the Procedure for Placement, Circulation and Redemption of Issues of State Securities of the Republic of Uzbekistan, approved by Resolution No. 1016 of the Cabinet of Ministers of the Republic of Uzbekistan dated December 14, 2018. Send suggestions for the document Listen to audio Get a reference from the document element
Article 20. Placement and circulation of deposit certificates and bills of exchange
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The placement of deposit certificates and their circulation is carried out in the manner established by the Central Bank of the Republic of Uzbekistan, in agreement with the authorized state body for regulating the securities market. LexUZ Commentary See: Regulation on the Procedure for Issuance and Circulation of Bank Deposit (Savings) Certificates (registry number 1859, 24.09.2008). [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.03 Bill of Exchange]
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The placement of bills of exchange and their circulation is carried out in the manner established by the Ministry of Finance of the Republic of Uzbekistan and the Central Bank of the Republic of Uzbekistan, in agreement with the authorized state body for regulating the securities market. Send suggestions for the document Listen to audio Get a reference from the document element
Article 21. Organizers of securities trading
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.06 Organizer of Over-the-Counter Securities Trading;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.07.00 Stock Exchanges. Fund Departments of Commodity and Currency Exchanges]
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Organizers of securities trading are:
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stock exchange;
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currency exchange organizing a fund department; Previous version. See.
(The fourth bullet point of the first part of Article 21 was introduced on the basis of Law No. URQ-721 of the Republic of Uzbekistan dated October 12, 2021 — National Database of Legislative Information, 12.10.2021, No. 03/21/721/0952) [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.06 Organizer of Over-the-Counter Securities Trading]
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Organizers of securities trading approve the rules for organizing securities trading that must be observed.
[
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.05.00 Licensing of Professional Activity in the Securities Market]
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Organizers of securities trading carry out their activities on the basis of the relevant license.
LexUZ Commentary
See: Law of the Republic of Uzbekistan "On Exchanges and Exchange Activity", and the "Single Regulation on the Procedure for Licensing Certain Types of Activities through a Special Electronic System", approved by Resolution No. 80 of the Cabinet of Ministers of the Republic of Uzbekistan dated February 21, 2022. Previous version. See. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.06 Organizer of Over-the-Counter Securities Trading]
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Organizers of securities trading are not entitled to require the prior valuation of securities offered for sale by the seller, nor to establish a prohibition on the sale of securities at a price lower than their nominal value, unless such requirements are established by legislation. ( The fourth part of Article 21 was edited by Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
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Article 22. Clearing
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.06 Organizer of Over-the-Counter Securities Trading]
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Clearing is carried out by the organizer of securities trading. In this case, settlements in securities and funds based on the results of transactions are carried out on the basis of the clearing order of the organizer of securities trading. Previous version. See. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.08 Other Types of Activity in the Securities Market]
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The procedure for carrying out clearing is established by legislation and the rules for organizing securities trading.
(
The second part of Article 22 was edited by Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
For additional information, see: Regulation on "Settlement and Clearing Chambers in the Securities Market", approved by Resolution No. 196 of the Cabinet of Ministers of the Republic of Uzbekistan dated April 29, 2003. Send suggestions for the document Listen to audio Get a reference from the document element
Article 23. Guarantee Fund
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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The organizer of securities trading forms a guarantee fund from the withheld part of the brokerage fee attributable to each investment intermediary to compensate for losses caused to the investor by the investment intermediary. The funds of the guarantee fund belong to the investment intermediaries, are formed and accounted for separately for each investment intermediary. [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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The funds of the guarantee fund cannot be used for other purposes, and these funds must be returned to the investment intermediary in the event that it terminates its activity as an investment intermediary. [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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The procedure for forming and using the guarantee fund is established by the authorized state body for regulating the securities market.
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Chapter 4. Professional Activity in the Securities Market
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Article 24. Carrying out Professional Activity in the Securities Market
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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Professional activity in the securities market is carried out on the basis of a license issued by the authorized state body for regulating the securities market, except in cases specified in Articles 28 , 29 and 31 of this Law. (The first part of Article 24 was edited by Law No. URQ-721 of the Republic of Uzbekistan dated October 12, 2021 — National Database of Legislative Information, 12.10.2021, No. 03/21/721/0952) [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.02 Investment Advisor;
3.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund;
4.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.08 Other Types of Activity in the Securities Market]
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Professional activity in the securities market is carried out in the following capacities:
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investment intermediary;
LexUZ Commentary
See: Articles
26 and
27 of this Law.
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investment advisor;
LexUZ Commentary
See: Article
28 of this Law.
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investment fund;
LexUZ Commentary
See: Article
29 of this Law.
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trustee of investment assets;
LexUZ Commentary
See: Article
30 of this Law.
Previous version. See.
(The sixth bullet point of the second part of Article 24 was introduced on the basis of Law No. URQ-726 of the Republic of Uzbekistan dated October 29, 2021 — National Database of Legislative Information, 30.10.2021, No. 03/21/726/1001) Send suggestions for the document Listen to audio Get a reference from the document element
organizer of over-the-counter trading of securities.
LexUZ Commentary
See: Article
32 of this Law.
[
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.05.00 Licensing of Professional Activity in the Securities Market]
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A license may be issued to a license applicant for carrying out professional activity in the securities market or a part of this type of activity based on its application. A company with foreign investment participation that is a license applicant is exempt from paying a state fee and a fee for consideration of the license applicant's application for a license for the issuance of a license for carrying out professional activity in the securities market. A license for carrying out professional activity in the securities market is issued taking into account the restrictions established for carrying out professional activity in the securities market jointly. Previous version. See. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element
Only legal entities (with the exception of investment funds) having at least two employees with a qualification certificate of a securities market specialist may be professional participants of the securities market. A qualification certificate of a securities market specialist is issued for a period of five years. (The fourth part of Article 24 was edited by Law No. URQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislative Information, 17.04.2025, No. 03/25/1057/0351) LexUZ Commentary For additional information, see: Resolution No. 635 of the Cabinet of Ministers of the Republic of Uzbekistan dated November 30, 2023 "On Systematization of Normative Legal Documents Regulating the Provision of State Services for Issuing Qualification Certificates". Previous version. See. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Provisions]
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The procedure for the establishment, activity, reorganization and liquidation of legal entities carrying out professional activity in the securities market is established by legislation. ( The fifth part of Article 24 was edited by Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
See: Articles
26 — 32 of this Law and Articles
42
,
49
,
53 of the Civil Code of the Republic of Uzbekistan.
[
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Provisions]
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Professional activity in the securities market by a foreign organization is carried out by establishing a new legal entity — a professional participant of the securities market, or by participating in the authorized capital of a legal entity — a professional participant of the securities market — carrying out activity. Send suggestions for the document Listen to audio Get a reference from the document element
Article 25. Restrictions on Joint Carrying Out of Professional Activity in the Securities Market
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]
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The activity of an investment fund cannot be carried out jointly with other types of activity.
Previous version. See.
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.02 Investment Advisor]
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An investment advisor is not entitled to carry out the professional activity of an investment intermediary if it provides services to issuers related to the acceptance, processing and submission of documents pertaining to the system for accounting for rights to securities (transfer-agent services). (The second part of Article 25 was edited by Law No. URQ-726 of the Republic of Uzbekistan dated October 29, 2021 — National Database of Legislative Information, 30.10.2021, No. 03/21/726/1001) [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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Additional restrictions on joint carrying out of professional activity and carrying out transactions with securities are established by the authorized state body for regulating the securities market. LexUZ Commentary See: Chapters III ("Procedure for Joint Carrying Out of Professional Activity") and IV ("Restrictions on Joint Carrying Out of Professional Activity") of the Regulation on "Restrictions on Joint Carrying Out of Professional Activity in the Securities Market and the Procedure for Joint Carrying Out, and the System of Mandatory Normatives for Professional Participants of the Securities Market" (registry number 1895, 05.02.2009). Send suggestions for the document Listen to audio Get a reference from the document element
Article 26. Activity of an Investment Intermediary
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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A professional participant of the securities market carrying out transactions and operations related to securities on the instruction of the client, in the name of and at the expense of the client is an investment intermediary. [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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Securities and funds of the clients of the investment intermediary must be kept in separate accounts from the investment intermediary's own accounts, unless otherwise established by the authorized state body for regulating the securities market. [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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The investment intermediary must maintain accounts for the securities and funds of each client, carry out transactions and operations related to securities in accordance with the contract concluded with the client, and report to the client on concluded transactions and carried out operations. [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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The investment intermediary must conscientiously execute the client's instructions regarding placing orders to buy and sell securities and transfers in the order of their receipt. Transactions carried out on the instruction of clients must be executed in priority over the investment intermediary's own dealer operations. Previous version. See. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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If a conflict of interest between the investment intermediary and its client, which has not been disclosed to the client, leads to damage to the client before the relevant instruction is received by the investment intermediary, the investment intermediary must compensate for the damage in the manner established by legislation. ( The fifth part of Article 26 was edited by Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
See: Article 14 of the Civil Code of the Republic of Uzbekistan and the Economic Procedural Code of the Republic of Uzbekistan.
[
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Broker]
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If a decision is made to suspend or terminate the activity of an investment broker in the capacity of an investment broker, or if it is terminated, relevant information shall be published in mass media and on the official website of the stock exchange within two working days from the moment the decision is made. An investment broker that is suspending, terminating, or has terminated its activity as an investment broker shall transfer the securities being accounted for to another investment broker within a week at the decision of the client; in the absence of such a decision, the securities shall be transferred to the Central Securities Depository of Securities (except in cases of suspension of activity) for subsequent transfer to an investment broker chosen by the owner of the securities within the timeframes established by the authorized state body for regulating the securities market. [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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The liquidation of a legal entity — an investment broker — may be carried out only after the authorized state body for regulating the securities market has confirmed in writing that the actions specified in the sixth part of this article have been completed. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element
Article 27. Activity of an Investment Broker in Carrying Out Depository Operations
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Broker;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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When carrying out depository operations, an investment broker:
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Get a reference from the document element ensures the opportunity for interested persons to familiarize themselves with the rules for accounting for securities and funds; Send suggestions for the document Listen to audio Get a reference from the document element maintains accounting of the number and nominal value of securities belonging to each deponent; Send suggestions for the document Listen to audio Get a reference from the document element maintains accounting of the facts of the encumbrance of securities, as well as the termination of such encumbrances; Send suggestions for the document Listen to audio Get a reference from the document element stores primary documents in the departmental archive, which serve as the basis for concluding transactions regarding securities and performing operations on clients' accounts; LexUZ Commentary See: Article 19 of the Law of the Republic of Uzbekistan "On Archival Affairs", the "Model Regulation on Departmental Archives in State Authority and Management Bodies, Enterprises, Institutions, and Organizations of the Republic of Uzbekistan" approved by Resolution No. 482 of the Cabinet of Ministers of the Republic of Uzbekistan dated October 30, 1999, and the "Regulation on Accounting for Operations and Transactions of a Professional Participant of the Securities Market in the Securities Market and Storage of Documents for Such Accounting" (registration number 1915, 07.03.2009). Previous revision. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element carries out operations on depository accounts based on written instructions of deponents or persons authorized by them, except in cases provided for by legislation; ( Sixth paragraph of Part One of Article 27 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
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Get a reference from the document element confirms the property rights and other proprietary rights of the deponent to securities by issuing the appropriate extract from their depository account; Previous revision. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element ensures the confidentiality of information regarding the availability and movement of securities and funds in clients' accounts and their status, except in cases provided for by legislation; LexUZ Commentary See: Articles 49 and 50 of this Law. Send suggestions for the document Listen to audio Get a reference from the document element suspends operations on depository accounts in the manner established by legislation based on decisions of the authorized state body for regulating the securities market, the state antimonopoly body, as well as the court, investigative, and investigative bodies; Send suggestions for the document Listen to audio Get a reference from the document element provides information related to its activity in writing upon the written requests of the authorized state body for regulating the securities market, the state tax service body, the state antimonopoly body, as well as the court, investigative, and investigative bodies, within the framework and in the manner established by legislation; LexUZ Commentary See: Article 50 of this Law. Send suggestions for the document Listen to audio Get a reference from the document element provides for the possibility of compensating for the damage caused by participating in the formation of the guarantee fund in accordance with Article 23 of this Law, as well as by insuring liability in accordance with legislation; ( Eighth to Eleventh paragraphs of Article 27 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
For additional information, see: Chapter 52 of the Civil Code of the Republic of Uzbekistan ("Insurance").
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Get a reference from the document element provides information about the owners of securities necessary for forming the register of owners of securities at the request of the Central Securities Depository of Securities; LexUZ Commentary For additional information, see: Chapter IV ("Procedure for Forming the Register") of the "Regulation on the Register of Shareholders and the Register of Owners of Corporate Bonds" (registration number 1911, 25.02.2009). Send suggestions for the document Listen to audio Get a reference from the document element must make changes to the information about the securities accounted for by it and the requisites of their issuers based on information received from the Central Securities Depository of Securities. Previous revision. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Broker]
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An investment broker may also have other obligations in accordance with legislation.
(
Part Two of Article 27
in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Broker]
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The procedure for accounting for clients' funds and ensuring their full preservation by an investment broker is established by the authorized state body for regulating the securities market. Send suggestions for the document Listen to audio Get a reference from the document element
Article 28. Activity of an Investment Advisor
Previous revision.
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.02 Investment Advisor]
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A legal entity providing advisory services related to the issuance, placement, and circulation of securities, analysis and forecasting of the state of the securities market and its participants, as well as transfer-agent services, and also carrying out retraining and improving the qualifications of securities market specialists is an investment advisor. (The text of Article 28 in the edition of Law No. URQ-726 of the Republic of Uzbekistan dated October 29, 2021 — National Database of Legislation, 30.10.2021, No. 03/21/726/1001) Send suggestions for the document Listen to audio Get a reference from the document element
Article 29. Activity of an Investment Fund
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]
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An investment fund is a legal entity — a joint-stock company — that issues shares to attract funds and investments of investors into investment assets. Previous revision. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]
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An investment fund is not entitled to be reorganized into other organizational-legal forms of a legal entity. The merger, accession, division, and separation of an investment fund are carried out in the manner established by legislation. (
Part Two of Article 29
in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
See: Article 49 of the Civil Code of the Republic of Uzbekistan,
Article 14 of the Law of the Republic of Uzbekistan "On Investment and Unit Funds".
Previous revision.
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A license is not required for an investment fund to carry out its activity, and the activity of an investment fund is regulated by the authorized state body for regulating the securities market within its competence. (Part Three of Article 29 in the edition of Law No. URQ-721 of the Republic of Uzbekistan dated October 12, 2021 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952) LexUZ Commentary See: Article 53 of the Civil Code of the Republic of Uzbekistan. [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]
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An investment fund does not have the following rights:
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Get a reference from the document element issuing corporate and infrastructure bonds, as well as preferred shares; Send suggestions for the document Listen to audio Get a reference from the document element investing more than 10 percent of the fund's net asset value in the securities of one issuer or the share of a limited liability company; Send suggestions for the document Listen to audio Get a reference from the document element attracting credit and (or) loan funds if the total amount of debt to be paid exceeds 15 percent of the value of the net assets of the investment fund as of the date of signing the credit and (or) loan agreement. The term of the credit and (or) loan must not exceed three months; Send suggestions for the document Listen to audio Get a reference from the document element acting as a guarantor, pledging property or proprietary rights; Send suggestions for the document Listen to audio Get a reference from the document element making investments in securities of legal entities whose organizational-legal form implies additional liability of their participants; Send suggestions for the document Listen to audio Get a reference from the document element making investments in securities issued by trustees of investment assets, audit organizations; Send suggestions for the document Listen to audio Get a reference from the document element acquiring and owning shares of other investment funds; Send suggestions for the document Listen to audio Get a reference from the document element making investments with a total amount exceeding 10 percent of the fund's net asset value, except for investments in securities. LexUZ Commentary See: Article 13 of the Law of the Republic of Uzbekistan "On Investment and Unit Funds". Send suggestions for the document Listen to audio Get a reference from the document element
Article 30. Activity of a Trustee of Investment Assets
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.04 Trustee of Investment Assets]
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The activity of a legal entity — a trustee — in carrying out trust management in its own name for a specified period for the benefit of itself or a person indicated by it regarding:
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Get a reference from the document element securities entrusted to it for ownership and belonging to another person, including securities obtained during the management of investment assets; Send suggestions for the document Listen to audio Get a reference from the document element funds intended for investment in securities and obtained during the management of investment assets is the activity of managing investment assets. LexUZ Commentary For additional information, see: Chapter 49 of the Civil Code of the Republic of Uzbekistan ("Trust Management of Property"), Article 8 of the Law of the Republic of Uzbekistan "On Investment and Unit Funds", the "Regulation on Trustees of Investment Assets" approved by Resolution No. 189 of the Cabinet of Ministers of the Republic of Uzbekistan dated April 19, 2003. Send suggestions for the document Listen to audio Get a reference from the document element
Article 31. Transfer-Agent Activity
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.05 Transfer-Agent]
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A legal entity providing services for the acceptance, processing, and transfer of documents related to the accounting system of rights to securities is a transfer agent. [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.05 Transfer-Agent]
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The issuer, as well as persons concluding transactions regarding securities, are clients of the transfer agent.
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.05 Transfer-Agent]
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The transfer agent is entitled to provide services to the issuer regarding the organization and holding of a general meeting of shareholders. LexUZ Commentary For additional information, see: the "Regulation on Transfer-Agent Activity" (registration number 1872, 21.11.2008). Send suggestions for the document Listen to audio Get a reference from the document element
Article 32. Activity of an Organizer of Over-the-Counter Trading of Securities
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.06 Organizer of Over-the-Counter Trading of Securities]
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An organizer of over-the-counter trading of securities is a legal entity that carries out activity in organizing the trading of securities using order acceptance points and special computer trading systems, providing investors with the opportunity to participate in trading without involving intermediaries. Previous revision. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.06 Organizer of Over-the-Counter Trading of Securities]
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The procedure for carrying out the activity of an organizer of over-the-counter trading of securities is established by legislation.
(
Part Two of Article 32
in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
For additional information, see: Order No. 12 of the Director of the National Agency for Development of Priority Projects of the Republic of Uzbekistan dated December 2, 2024 "On Approval of the Regulation on the Procedure for Carrying Out Purchase and Sale Transactions in the Organized Over-the-Counter Market of Securities" (registration number 3596, 27.12.2024). Send suggestions for the document Listen to audio Get a reference from the document element
Article 33. Settlements on Transactions with Securities
Previous revision.
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Settlements of funds resulting from transactions with securities in organized trading of securities are carried out by the Central Bank of the Republic of Uzbekistan, commercial banks, and (or) the Central Securities Depository of Securities. (Part One of Article 33 in the edition of Law No. URQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislation, 17.04.2025, No. 03/25/1057/0351) [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Broker;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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Settlements on securities resulting from transactions with securities in organized trading of securities are carried out by the Central Securities Depository of Securities and (or) an investment broker. Send suggestions for the document Listen to audio Get a reference from the document element
Article 34. Accounting for Operations and Transactions in the Securities Market
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[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.06 Organizer of Over-the-Counter Trading of Securities;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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Organizers of securities trading, the Central Securities Depository of Securities, and professional participants of the securities market maintain accounting of all operations and transactions they carry out in the securities market and ensure the storage of documents related to such accounting in the manner established by legislation. ( The text of Article 34 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
See: the "Regulation on Accounting for Operations and Transactions of a Professional Participant of the Securities Market in the Securities Market and Storage of Documents for Such Accounting" (registration number 1915, 07.03.2009). Send suggestions for the document Listen to audio Get a reference from the document element
Article 35. Relations between a Professional Participant of the Securities Market and its Client
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[
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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Relations between a professional participant of the securities market and its client are regulated by legislation and contract.
(
Part One of Article 35
in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
LexUZ commentary
See: Articles 24-32 of this Law.
[
OKOZ:
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03.00.00.00 Civil Legislation / 03.10.00.00 Obligation Law / 03.10.05.00 Contract. Conclusion, amendment and termination of contracts;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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Transactions on behalf of clients may be carried out by an investment intermediary and an investment asset trustee only on the basis of contracts concluded with clients. LexUZ commentary See: Clause 10 of the "Regulation on the Procedure for Concluding Transactions with Securities and Registering Them in the Territory of the Republic of Uzbekistan" approved by Resolution No. 285 of the Cabinet of Ministers of the Republic of Uzbekistan dated June 8, 1994. [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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An investment intermediary provides clients with:
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Get a reference from the document element brokerage services in the name of and on behalf of the client; Send suggestions for the document Listen to audio Get a reference from the document element brokerage services in its own name, but on behalf of the client; Send suggestions for the document Listen to audio Get a reference from the document element depository services. [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary]
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An investment intermediary has the right to open depository accounts for clients, accept their orders for the purchase and sale of securities, as well as provide other services to clients in electronic form and through other communication means in the manner established by the authorized state body for securities market regulation and the specialized authorized body in the field of information technology and communications. Send suggestions for the document Listen to audio Get a reference from the document element
Chapter 5. Accounting for Rights to Securities
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Article 36. Organization of Accounting for Rights to Securities
See previous edition.
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[
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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Accounting for rights to securities is carried out in depository accounts opened by owners of securities in the Central Securities Depository, an investment intermediary, and (or) a foreign nominal custodian, except for cases provided for by legislation. [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.01 Investment Intermediary;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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An investment intermediary and a foreign nominal custodian maintain accounting for rights to unregistered securities of their clients, which are aggregated in their accounts in the Central Securities Depository. (The text of Article 36 is in the edition of Law No. URQ-726 of the Republic of Uzbekistan dated October 29, 2021 — National Database of Legislative Information, 30.10.2021, No. 03/21/726/1001) Send suggestions for the document Listen to audio Get a reference from the document element
Article 37. Transfer of Rights to Securities
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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Rights to unregistered securities pass to the recipient from the moment a corresponding credit entry is made in their depository account and is confirmed by an extract from the depository account. [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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Specific features of the transfer of rights to securities when using netting are established by the authorized state body for securities market regulation. [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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Ownership rights to registered securities with the owner's name specified pass to the recipient from the moment a corresponding entry is made in the securities certificate in the prescribed manner. [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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Rights confirmed by a security pass to the recipient from the moment rights to such security are transferred.
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Article 38. Central Securities Depository
See previous edition.
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The Central Securities Depository is organized in the form of a joint-stock company and carries out its activities from income received from providing services and other revenues. (The first part of Article 38 is in the edition of Law No. URQ-980 of the Republic of Uzbekistan dated October 22, 2024 — National Database of Legislative Information, 23.10.2024, No. 03/24/980/0840) LexUZ commentary See: Resolution No. 247 of the Cabinet of Ministers dated April 21, 2025 "On Measures for the Inventory of Vacant State Real Estate Objects and Organizing Their Effective Use." See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element The amounts of tariffs for services of the Central Securities Depository are approved by its authorized management body specified in the charter of the company, in agreement with the authorized state body for securities market regulation. (The second part of Article 38 is in the edition of Law No. URQ-980 of the Republic of Uzbekistan dated October 22, 2024 — National Database of Legislative Information, 23.10.2024, No. 03/24/980/0840) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element The activity of the Central Securities Depository regarding the registration, accounting, and storage of securities, as well as the settlement of transactions involving securities, is regulated by the authorized state body for securities market regulation, and its activity regarding the settlement of funds resulting from transactions involving securities is regulated by the Central Bank of the Republic of Uzbekistan. (Article 38 was supplemented with a third part based on Law No. URQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislative Information, 17.04.2025, No. 03/25/1057/0351) Send suggestions for the document Listen to audio Get a reference from the document element
Article 39. Exclusive Duties of the Central Securities Depository
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The exclusive duties of the Central Securities Depository include:
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Get a reference from the document element registration of securities; Send suggestions for the document Listen to audio Get a reference from the document element storage of registered securities; Send suggestions for the document Listen to audio Get a reference from the document element storage of documents confirming the issuance of securities; Send suggestions for the document Listen to audio Get a reference from the document element maintenance of registries of owners of securities; Send suggestions for the document Listen to audio Get a reference from the document element accounting for the state's rights to securities, as well as the rights of persons authorized by the state to manage securities; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element maintenance of depository accounts of investment intermediaries and foreign nominal custodians; (The seventh bullet point of the first part of Article 39 is in the edition of Law No. URQ-726 of the Republic of Uzbekistan dated October 29, 2021 — National Database of Legislative Information, 30.10.2021, No. 03/21/726/1001) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element carrying out settlements in securities and settlements of funds resulting from transactions involving securities in organized trading of securities in the prescribed manner; (The eighth bullet point of the first part of Article 39 is in the edition of Law No. URQ-760 of the Republic of Uzbekistan dated March 29, 2022 — National Database of Legislative Information, 30.03.2022, No. 03/22/760/0249) Send suggestions for the document Listen to audio Get a reference from the document element Accounting for securities issued by non-residents of the Republic of Uzbekistan and put into circulation in the territory of the Republic of Uzbekistan; Send suggestions for the document Listen to audio Get a reference from the document element Accounting for securities issued by residents of the Republic of Uzbekistan and put into circulation outside the territory of the Republic of Uzbekistan; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element accounting for rights to securities issued by and belonging to investment funds, unless otherwise provided by legislation; ( The eleventh bullet point of the first part of Article 39 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
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Maintenance of a single database of depositors; Send suggestions for the document Listen to audio Get a reference from the document element Issuance of international codes for emission securities issued by residents of the Republic of Uzbekistan; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element collection and systematization of information on the movement of securities according to depository accounts. (The fourteenth bullet point of the first part of Article 39 is in the edition of Law No. URQ-1028 of the Republic of Uzbekistan dated February 12, 2025 — National Database of Legislative Information, 13.02.2025, No. 03/25/1028/0138) LexUZ commentary See: Resolution No. 247 of the Cabinet of Ministers dated April 21, 2025 "On Measures for the Inventory of Vacant State Real Estate Objects and Organizing Their Effective Use." See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The exclusive duties of the Central Securities Depository, including the duty to account for securities issued by residents of the Republic of Uzbekistan and put into circulation outside the territory of the Republic of Uzbekistan, do not apply to international bonds. (Article 39 was supplemented with a second part based on Law No. URQ-533 of the Republic of Uzbekistan dated April 4, 2019 — National Database of Legislative Information, 05.04.2019, No. 03/19/533/2885) Send suggestions for the document Listen to audio Get a reference from the document element
Article 40. Rights and Obligations of the Central Securities Depository
See previous edition.
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[
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1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The Central Securities Depository:
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Get a reference from the document element has the right to open accounts with a foreign nominal custodian for accounting for rights to securities issued by residents of the Republic of Uzbekistan and put into circulation outside the territory of the Republic of Uzbekistan; Send suggestions for the document Listen to audio Get a reference from the document element receive funds intended for payment of income (dividends) and values of securities according to a contract concluded with the issuer, as well as make corresponding payments; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element open and maintain bank accounts in national and foreign currencies, including representative accounts, for physical and legal persons; Send suggestions for the document Listen to audio Get a reference from the document element open representative accounts in foreign banks and central depositories; (The fourth and fifth bullet points of the first part of Article 40 were added based on Law No. URQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — National Database of Legislative Information, 17.04.2025, No. 03/25/1057/0351) Send suggestions for the document Listen to audio Get a reference from the document element has the right to receive from investment intermediaries and foreign nominal custodians the information necessary for forming such registries in performing duties related to maintaining registries of owners of securities. (The first part of Article 40 is in the edition of Law No. URQ-726 of the Republic of Uzbekistan dated October 29, 2021 — National Database of Legislative Information, 30.10.2021, No. 03/21/726/1001) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The Central Securities Depository may also have other rights in accordance with legislation.
(
The second part of Article 40 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
LexUZ commentary
See: Resolution No. 247 of the Cabinet of Ministers dated April 21, 2025 "On Measures for the Inventory of Vacant State Real Estate Objects and Organizing Their Effective Use." [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The Central Securities Depository:
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Get a reference from the document element ensures interested parties the opportunity to familiarize themselves with the rules for storage and accounting of securities at the Central Securities Depository; Send suggestions for the document Listen to audio Get a reference from the document element ensures the intact storage of registered securities accepted for storage; Send suggestions for the document Listen to audio Get a reference from the document element maintains accounting of the number and nominal value of securities belonging to each of its depositors; Send suggestions for the document Listen to audio Get a reference from the document element maintains accounting of the fact of encumbrance of securities with obligations, as well as the fact of their termination; Send suggestions for the document Listen to audio Get a reference from the document element stores primary documents in the departmental archive, which serve as the basis for carrying out operations on depository accounts of its depositors; LexUZ commentary See: Article 19 of the Law of the Republic of Uzbekistan "On Archival Affairs," the "Model Regulation on Departmental Archives in State Authorities and Management Bodies, Enterprises, Institutions and Organizations of the Republic of Uzbekistan" approved by Resolution No. 482 of the Cabinet of Ministers of the Republic of Uzbekistan dated October 30, 1999, and the "Regulation on Accounting for Operations and Transactions Carried Out by a Professional Participant of the Securities Market in the Securities Market and Storage of Documents for Such Accounting" (registry number 1915, 07.03.2009). See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element carries out operations on depository accounts of its depositors based on written orders of depositors or persons authorized by them, except for cases provided for by legislation; ( The seventh bullet point of the third part of Article 40 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
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Get a reference from the document element confirms the ownership rights and other property rights of its depositor to securities by issuing a corresponding extract from their depository account; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element ensures the confidentiality of information on the existence and movement of securities, and their status according to depository accounts, except for cases provided for by legislation; LexUZ commentary See: Articles 49 and 50 of this Law. Send suggestions for the document Listen to audio Get a reference from the document element suspends operations on the depository account of its depositor in the manner established by legislation and based on decisions of the authorized state body for securities market regulation, the state antimonopoly body, as well as the court, investigative and investigative bodies; Send suggestions for the document Listen to audio Get a reference from the document element is obliged to provide information related to its activities within the framework and in the manner established by legislation, upon written requests of the authorized state body for securities market regulation, the state tax service body, the state antimonopoly body, as well as the court, investigative and investigative bodies. ( The ninth, tenth and eleventh bullet points of the third part of Article 40 are in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
LexUZ commentary
See: Article 50 of this Law.
See previous edition.
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[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The Central Securities Depository may also have other obligations in accordance with legislation.
(
The fourth part of Article 40 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions]
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When performing the duty of maintaining registries of owners of securities, the Central Securities Depository:
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Get a reference from the document element stores registries of owners of securities formed as of a specified date; Send suggestions for the document Listen to audio Get a reference from the document element provides existing information in the registries of owners of securities in accordance with this Law; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element ensures the confidentiality of existing information in the registries of owners of securities; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element is obliged to provide existing information in the formed registry of owners of securities issued by commercial banks to the written request of the Central Bank of the Republic of Uzbekistan in case of consideration of facts of violation of legislation on banking activity; ( The fifth bullet point of the fifth part of Article 40 is in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislative Information, 21.04.2021, No. 03/21/683/0375)
LexUZ commentary
See: Articles 49 and 50 of this Law.
See previous edition.
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[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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When performing the function of maintaining the registers of securities owners, the Central Securities Depository of Securities may have other obligations in accordance with the legislation. (In the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information of Uzbekistan, April 21, 2021, No. 03/21/683/0375)
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The Central Securities Depository of Securities:
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Get reference from document element is not entitled to use the securities entrusted to it for storage; Send suggestions for the document Listen to audio Get reference from document element provide financial assistance to other legal and natural persons; Send suggestions for the document Listen to audio Get reference from document element participate in the charter capital of other legal entities. Send suggestions for the document Listen to audio Get reference from document element
Article 41. Rights and obligations of the Depositor
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Rules]
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The Depositor has the following rights:
See previous edition.
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Get reference from document element to dispose of securities in its depot account within the framework and in the manner established by legislation; (In the second paragraph of Part One of Article 41 of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information of Uzbekistan, April 21, 2021, No. 03/21/683/0375)
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Get reference from document element to give instructions to the investment intermediary and (or) the Central Securities Depository of Securities regarding the execution of operations on its depot account (with the exception of orders regarding the transfer of securities encumbered with obligations to third parties without submitting documents confirming the completion of the encumbrance of securities with obligations), to submit inquiries, to request reports on the execution of instructions; Send suggestions for the document Listen to audio Get reference from document element to entrust the investment intermediary and (or) the Central Securities Depository of Securities with the accounting of the right of ownership to documentary and non-documentary securities, as well as other property rights; Send suggestions for the document Listen to audio Get reference from document element to receive copies of the status of its depot account and reports on operations carried out on its depot account in accordance with the terms of the contract. See previous edition. Send suggestions for the document Listen to audio Get reference from document element [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Rules]
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The Depositor may also have other rights in accordance with the legislation.
(In Part Two of Article 41 of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information of Uzbekistan, April 21, 2021, No. 03/21/683/0375)
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The Depositor:
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Get reference from document element must notify the investment intermediary and (or) the Central Securities Depository of Securities about the termination or modification of the powers of its authorized person; Send suggestions for the document Listen to audio Get reference from document element must notify the investment intermediary and (or) the Central Securities Depository of Securities about all changes in its details; Send suggestions for the document Listen to audio Get reference from document element must check the correctness and completeness of written notifications of the investment intermediary and (or) the Central Securities Depository of Securities and timely inform them about any identified ambiguities. See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element The Depositor may also have other obligations in accordance with the legislation. (In Part Four of Article 41 of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information of Uzbekistan, April 21, 2021, No. 03/21/683/0375)
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Article 42. Guarantees of the integrity of securities and entries in registration registers
See previous edition.
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[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The integrity of documentary securities is ensured by their owners, and if they are entrusted to the Central Securities Depository of Securities, by this Depository in accordance with the standards of depository operations at the places of storage of securities. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.07 Depository]
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The integrity of securities and electronic entries in the registration registers of the Central Securities Depository of Securities and investment intermediaries, including their rapid restoration in case of failures and emergencies in the technical system, is ensured in the manner established by the specially authorized body in the field of information technology and communications in conjunction with the authorized state body for regulating the securities market. (The text of Article 42 in the edition of the Law of the Republic of Uzbekistan No. URQ-726 dated October 29, 2021 — National Database of Legislative Information of Uzbekistan, October 30, 2021, No. 03/21/726/1001) LexUZ commentary See: "Regulation on the Procedure for Ensuring the Integrity of Electronic Entries in Registration Registers" (Registry No. 2739, December 11, 2015). Send suggestions for the document Listen to audio Get reference from document element
Chapter 6. Disclosure of Information in the Securities Market
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Article 43. General Rules on Disclosure of Information in the Securities Market
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Issuance of Securities / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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Information in the securities market is open and disclosed, except for confidential information whose disclosure is established by law.
LexUZ commentary
See: Articles 49 and 50 of this Law.
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See previous edition.
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[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Issuance of Securities / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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In cases provided for by legislation, the authorized state body for regulating the securities market, participants of the securities market, including micro-enterprises and small enterprises, disclose information:
(In Part Two of Article 43 of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Information of Uzbekistan, April 21, 2021, No. 03/21/683/0375)
Publication of information;
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Get a link to the document element through the submission of reports, data and other information.
Publication of information;
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A professional participant of the securities market, an issuer, and a stock exchange may charge a fee not exceeding the cost of copying the information provided to investors and holders of securities in paper form. LexUZ commentary See: "Rules for submitting and publishing information in the securities market" (registry number 2383, July 31, 2012). Publication of information; Listen to audio Get a link to the document element
Article 44. Disclosure of information by the issuer
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of information related to the securities market and information provision]
Publication of information;
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The issuer (except for the issuer of state securities) discloses information:
Publication of information;
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Get a link to the document element in the securities offering prospectus; Publication of information; Listen to audio Get a link to the document element in the issuer's quarterly and annual reports; Publication of information; Listen to audio Get a link to the document element in news about significant facts in the issuer's activities. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Issuance and Registration of Securities Prospectus]
Publication of information;
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The following must be indicated in the securities offering prospectus:
Publication of information;
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Get a link to the document element the full and abbreviated name of the issuer, its location (postal address), bank details, bodies carrying out state registration of legal entities (hereinafter referred to as the registration authority), registration and identification numbers issued by the state statistics and tax service bodies; Publication of information; Listen to audio Get a link to the document element reports on accounting balances and financial results for the last three years or, if the issuer has been operating for less than three years, for each completed year; Publication of information; Listen to audio Get a link to the document element main directions of activity and types of products (services) produced; Publication of information; Listen to audio Get a link to the document element independent rating assessment, if such an assessment exists, with relevant comments; Publication of information; Listen to audio Get a link to the document element information on the list of persons included in the composition of the issuer's supervisory board and executive body, and the amount of the issuer's shares belonging to them (amount of their shares in the charter capital); Publication of information; Listen to audio Get a link to the document element a list indicating the location (postal address) of the issuer's branches and representative offices, subsidiaries and affiliated companies; Publication of information; Listen to audio Get a link to the document element a list of the issuer's affiliated persons indicating the amount and types of shares belonging to them; Publication of information; Listen to audio Get a link to the document element the average annual number of employees for the last three years; Publication of information; Listen to audio Get a link to the document element information on securities issued in the last three years, their issuance volume and purpose, and dividends (interest) calculated and paid by the issuer; Publication of information; Listen to audio Get a link to the document element information on sanctions applied to the issuer in the last three years and cases in which the issuer is a defendant or plaintiff in court; Publication of information; Listen to audio Get a link to the document element conditions for the issuance and placement of securities in accordance with the decision on the issuance of securities. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Issuance and Registration of Securities Prospectus]
Publication of information;
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The following must be indicated in the issuer's quarterly report:
Publication of information;
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Get a link to the document element the full and abbreviated name of the issuer, its location (postal address), bank details, registration authority, registration and identification numbers issued by the state statistics and tax service bodies; Publication of information; Listen to audio Get a link to the document element a report on the accounting balance and financial results for the relevant quarter. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Issuance and Registration of Securities Prospectus]
Publication of information;
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The following must be indicated in the issuer's annual report:
Publication of information;
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Get a link to the document element the full and abbreviated name of the issuer, its location (postal address), bank details, registration authority, registration and identification numbers issued by the state statistics and tax service bodies; Publication of information; Listen to audio Get a link to the document element information on the results of economic activity for the past year; Publication of information; Listen to audio Get a link to the document element the basics of changes in the composition of the supervisory board, audit commission, or executive body; Publication of information; Listen to audio Get a link to the document element a report on the accounting balance and financial results for the relevant year; Publication of information; Listen to audio Get a link to the document element a copy of the audit organization's opinion; Publication of information; Listen to audio Get a link to the document element basic information on additional issued securities; Publication of information; Listen to audio Get a link to the document element significant facts in the issuer's activities during the reporting year. See previous edition. Publication of information; Listen to audio Get a link to the document element Publication of information; Listen to audio Get a link to the document element information about ownership of 5 percent or more of the shares (shares, shares) of other legal entities, if the issuer's shares are included in the exchange quotation sheet of the stock exchange. (The fourth part of Article 44 was supplemented by the ninth paragraph in accordance with the Law of the Republic of Uzbekistan No. URQ-531 dated March 20, 2019 — National Database of Legislative Acts, March 21, 2019, No. 03/19/531/2799) [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Issuance and Registration of Securities Prospectus]
Publication of information;
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Significant facts in the issuer's activities include:
Publication of information;
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Get a link to the document element change in the issuer's name or location (postal address), e-mail address or website; Publication of information; Listen to audio Get a link to the document element reorganization, suspension of activities, or termination of the issuer; Publication of information; Listen to audio Get a link to the document element decisions adopted by the issuer's highest management body; Publication of information; Listen to audio Get a link to the document element change in rights to securities; Publication of information; Listen to audio Get a link to the document element changes in the composition of the supervisory board, audit commission, or executive body; Publication of information; Listen to audio Get a link to the document element changes in the list of the issuer's branches and representative offices, subsidiaries and affiliated companies; Publication of information; Listen to audio Get a link to the document element seizure of the issuer's property, bank accounts, or filing of claims against the issuer in an amount exceeding 10 percent of the value of its assets; Publication of information; Listen to audio Get a link to the document element borrowing in an amount exceeding 50 percent of the issuer's charter capital or assets; Publication of information; Listen to audio Get a link to the document element one-time increase or decrease in the value of assets by more than 10 percent; Publication of information; Listen to audio Get a link to the document element one-time transactions of the issuer, the amount or value of which constitutes more than 10 percent of the issuer's assets as of the date of the transaction; See previous edition. Publication of information; Listen to audio Get a link to the document element Publication of information; Listen to audio Get a link to the document element conclusion of major transactions by the issuer and transactions with interested persons and (or) affiliated persons; (The twelfth paragraph of the fifth part of Article 44 was amended in the edition of the Law of the Republic of Uzbekistan No. URQ-640 dated October 5, 2020 — National Database of Legislative Acts, October 5, 2020, No. 03/20/640/1348) Publication of information; Listen to audio Get a link to the document element issuance of a license by the issuer for certain types of activities or cancellation, suspension, or termination of the license; Publication of information; Listen to audio Get a link to the document element issuance, suspension, and restoration of issuance of securities, or recognition of the issuance of securities as non-existent or invalid; Publication of information; Listen to audio Get a link to the document element changes in the list of each legal entity whose shares (shares, shares) the issuer owns 10 percent or more; Publication of information; Listen to audio Get a link to the document element the arrival of deadlines for the issuer to fulfill its obligations to repurchase (delist) securities from
holders of its securities; Publication of information; Listen to audio Get a link to the document element commencement and completion of calculation of income on securities and payment of income on the issuer's securities; See previous edition. Publication of information; Listen to audio Get a link to the document element Publication of information; Listen to audio Get a link to the document element introduction of insolvency proceedings against the issuer; (The eighteenth paragraph of the fifth part of Article 44 was amended in the edition of the Law of the Republic of Uzbekistan No. URQ-911 dated February 21, 2024 — National Database of Legislative Acts, February 22, 2024, No. 03/24/911/0142) Publication of information; Listen to audio Get a link to the document element changes in the ownership of the issuer's shares (shares, shares) by members of the supervisory board and executive body during the reporting year; Publication of information; Listen to audio Get a link to the document element changes in the list of affiliated persons of the company, indicating the number, type, and class of securities belonging to these persons; See previous edition. Publication of information; Listen to audio Get a link to the document element Publication of information; Listen to audio Get a link to the document element Decisions of the Supervisory Board on the issuance of shares, corporate bonds, and other securities; (The fifth part of Article 44 was supplemented by the twenty-first paragraph in accordance with the Law of the Republic of Uzbekistan No. URQ-1025 dated February 7, 2025 — National Database of Legislative Acts, February 7, 2025, No. 03/25/1025/0116. Entry into force date — May 8, 2025) Publication of information; Listen to audio Get a link to the document element the emergence of the right of security holders to demand the repurchase of securities belonging to them by the issuer. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Issuance and Registration of Securities Prospectus;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of information related to the securities market and information provision]
Publication of information;
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The issuer:
Publication of information;
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Get a link to the document element a) submits the securities offering prospectus and the issuer's annual report for all interested persons to review; See previous edition. Publication of information; Listen to audio Get a link to the document element Publication of information; Listen to audio Get a link to the document element b) on the Unified Portal of Corporate Information:
(The first paragraph of sub-paragraph "b" of the sixth part of Article 44 was amended in the edition of the Law of the Republic of Uzbekistan No. URQ-1057 dated April 17, 2025 — National Database of Legislative Acts, April 17, 2025, No. 03/25/1057/0351) Publication of information; Listen to audio Get a link to the document element information on the place and procedure for reviewing the text of the securities offering prospectus, as well as the information specified in the second, fourth, fifth, and twelfth paragraphs of the second part of this article, at least two weeks before the start of the placement of securities, except for private placement of securities; Publication of information; Listen to audio Get a link to the document element the issuer's annual report within two weeks after the holding of the annual general meeting of shareholders or other highest management body of the issuer; Publication of information; Listen to audio Get a link to the document element the issuer's reports on the results of the first quarter, first half, and nine months within one month after the reporting month; See previous edition. Publication of information; Listen to audio Get a link to the document element Publication of information; Listen to audio Get a link to the document element information on transactions concluded between the issuer and an affiliated person by placing it within 72 hours from the date of the transaction; (The fifth paragraph of sub-paragraph "b" of the sixth part of Article 44 was supplemented in accordance with the Law of the Republic of Uzbekistan No. URQ-640 dated October 5, 2020 — National Database of Legislative Acts, October 5, 2020, No. 03/20/640/1348) See previous edition. Publication of information; Listen to audio Get a link to the document element Publication of information; Listen to audio Get a link to the document element it is obliged to disclose news about a significant fact in the issuer's activities by placing it within two working days from the date it occurred, except for news about concluding transactions with affiliated persons. (The sixth paragraph of sub-paragraph "b" of the sixth part of Article 44 was amended in the edition of the Law of the Republic of Uzbekistan No. URQ-640 dated October 5, 2020 — National Database of Legislative Acts, October 5, 2020, No. 03/20/640/1348) See previous edition. Publication of information; Listen to audio Get a link to the document element Publication of information; Listen to audio Get a link to the document element The issuer may also disclose other information in accordance with legislation. In this case, the issuer has the right to voluntarily disclose mandatory information and (or) other information on its official website. Publication of information; Listen to audio Get a link to the document element The requirement for the existence of an official website does not apply to joint-stock companies whose shares are not listed on the stock exchange, except for joint-stock
companies with a state share of 50 percent or more. Publication of information; Listen to audio Get a link to the document element If the issuer's securities are listed on the stock exchange, the mandatory disclosure of information provided for in this article is carried out on the official website of the stock exchange based on information obtained from the Unified Portal of Corporate Information information system. Publication of information; Listen to audio Get a link to the document element The stock exchange and the authorized state body for regulating the securities market are not entitled to charge a fee for the publication of information provided for in this article. (The seventh, eighth, and ninth parts of Article 44 were replaced by the seventh — tenth parts in accordance with the Law of the Republic of Uzbekistan No. URQ-1057 dated April 17, 2025 — National Database of Legislative Acts, April 17, 2025, No. 03/25/1057/0351) LexUZ commentary See: "Rules for submitting and publishing information in the securities market" (registry number 2383, July 31, 2012)
Chapter II
("Disclosure of Information by the Issuer").
Publication of information;
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Article 45. Disclosure of information by a professional participant of the securities market
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.01.00 General Matters]
Publication of information;
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A professional participant of the securities market, at the request of an investor:
Publication of information;
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Get a link to the document element provides a copy of the document confirming state registration; See previous edition.
Publication of information;
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Publication of information;
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Get a link to the document element a copy of the license for professional activity in the securities market or information about notifying the authorized state body; (The third paragraph of the first part of Article 45 was amended in the edition of the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 — National Database of Legislative Acts, October 12, 2021, No. 03/21/721/0952) Publication of information; Listen to audio Get a link to the document element information on the charter capital, amount of own funds, and reserve fund of the professional participant of the securities market; Publication of information; Listen to audio Get a link to the document element information on the state registration of the issuance of securities received by the investor; Publication of information; Listen to audio Get a link to the document element information from the prospectus of the securities received by the investor, as well as information on the prices of these securities for the six weeks preceding the date specified by the investor in the request for information; Publication of information; Listen to audio Get a link to the document element provides a report on the results of transactions involving securities in the timeframes agreed in the contract. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of information related to the securities market and information provision]
Publication of information;
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A professional participant of the securities market is obliged to inform investors about their right to receive the information provided for in this article. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.01.00 General Matters]
Publication of information;
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A professional participant of the securities market:
Publication of information;
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Get a link to the document element in the event of operations with securities of only one issuer during one quarter of the year; Publication of information; Listen to audio Get a link to the document element in the event of a one-time operation with securities of one issuer, if the number of securities involved in this operation constitutes at least 15 percent of the total number of these securities, notifies the authorized state body for regulating the securities market in writing within two working days. [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.04.00 Professional Activity in the Securities Market / 07.24.04.03 Investment Fund]
Publication of information;
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Investment funds disclose information in the manner provided for in Article 44 of this Law.
LexUZ commentary
See: paragraphs 15 — 18 of the "Rules for submitting and publishing information in the securities market" (registry number 2383, July 31, 2012). Publication of information; Listen to audio Get a link to the document element
Article 46. Disclosure of information by organizers of securities trading
[OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
Publication of information;
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Organizers of securities trading:
Publication of information;
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Get a link to the document element disclose the rules for concluding transactions in trading; Publication of information; Listen to audio Get a link to the document element the list of securities available for trading; Publication of information; Listen to audio Get a link to the document element disclose information on the results of consideration of applications, suggestions, and complaints of investors or holders of securities at the request of the authorized state body for regulating the securities market. See previous edition. Publication of information; Listen to audio Get a link to the document element [OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of information related to the securities market and information provision]
Publication of information;
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Organizers of securities trading may also disclose other information in accordance with legislation.
(The second part of Article 46 was amended in the edition of the Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 — National Database of Legislative Acts, April 21, 2021, No. 03/21/683/0375)
LexUZ Commentary
See: paragraphs 19 and 20 of the "Rules on Submission and Publication of Information in the Securities Market" (registration number 2383, 31.07.2012). Send comments on the document Listen to audio Get reference from document element
Article 47. Disclosure of Information by the Security Owner
[OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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The security owner is required to disclose information that it has acquired 35 percent or more of any type of the issuer's securities.
[OKAZ:
1.
03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Companies and Societies / 03.03.05.05 Joint-Stock Companies]
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The shareholder is required to disclose information that as a result of concluding one or more agreements independently or jointly with affiliated persons, it has acquired a package of shares constituting 20 percent or more of the total share capital of the joint-stock company. [OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Authority of the Securities Market]
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The procedure and deadlines for disclosure of information by security owners are established by the competent state authority for regulation of the securities market.
LexUZ Commentary
See: Articles 85 and 86 of the Law of the Republic of Uzbekistan "On Protection of the Rights of Joint-Stock Companies and Shareholders", and paragraph 21 of the "Rules on Submission and Publication of Information in the Securities Market" (registration number 2383, 31.07.2012). Send comments on the document Listen to audio Get reference from document element
Article 48. Disclosure of Information by the Competent State Authority for Regulation of the Securities Market
[OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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The competent state authority for regulation of the securities market is required to disclose the following information through mass media and (or) its official website:
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information on registered issues of securities, as well as on the suspension and restoration of the issuance, placement, and circulation of securities, and on the issuance of securities recognized as unexecuted or fictitious; Send comments on the document Listen to audio Get reference from document element
information on the granting of a license for professional activity in the securities market, the suspension or termination of its validity, and the revocation of the license; Send comments on the document Listen to audio Get reference from document element
information on issuers, professional participants of the securities market, and officials who have been subjected to liability measures by this authority for violations in the securities market, as well as the types of liability measures applied to them; Send comments on the document Listen to audio Get reference from document element
information on court decisions issued on their claims; Previous version.
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the registry of notices of investment advisors, and information on the suspension or termination of their activities; (The first part of Article 48 was supplemented with a sixth subparagraph based on Law No. URQ-721 of the Republic of Uzbekistan dated October 12, 2021 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952) Previous version. Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
information on the issuance of a qualification certificate regarding the right to carry out operations with securities, provide services, and (or) perform work in the securities market. (The first part of Article 48 was supplemented with a seventh subparagraph based on Law No. URQ-1025 of the Republic of Uzbekistan dated February 7, 2025 — National Database of Legislation, 07.02.2025, No. 03/25/1025/0116. Entry into force date — May 8, 2025) [OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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The competent state authority for regulation of the securities market may charge a fee to investors and security owners for copying information provided in accordance with this Law within the limits of expenses incurred for such copying. Send comments on the document Listen to audio Get reference from document element
Article 49. Confidentiality of Information in the Securities Market
[OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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Information concerning the accounts of clients of professional participants of the securities market, the status of their accounts and transactions carried out, as well as the content of transactions involving securities (issuer, type and kind of securities, quantity, price, date and time of the transaction concluded, and in case of exchange trading, persons participating in the trading, except for the professional participant) constitutes confidential information. [OKAZ:
1.
03.00.00.00 Civil Legislation / 03.05.00.00 Transactions]
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Persons possessing confidential information are not entitled to use this information for concluding transactions, nor to provide it to other persons for the purpose of concluding transactions. [OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.09.00 Liability for Violation of Securities Legislation]
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Persons having access to confidential information are liable in the established order for disclosing such information.
LexUZ Commentary
See: Article 191 of the Criminal Code of the Republic of Uzbekistan.
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Article 50. Disclosure of Confidential Information in the Securities Market
[OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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Disclosure of confidential information in the securities market is carried out in cases and in the order provided by law.
LexUZ Commentary
See: paragraphs two through six of this article.
Previous version.
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Information on clients' accounts is provided to them or their representatives regarding matters within their competence, to the State Antimonopoly Committee, state tax service bodies, the National Agency for Social Protection under the President of the Republic of Uzbekistan, "Inson" social service centers, the Bureau of Compulsory Execution under the Prosecutor General of the Republic of Uzbekistan, courts, and in the event of a criminal case being initiated, to investigative and inquiry bodies. (Paragraph two of Article 50 is in the version of Law No. URQ-1102 of the Republic of Uzbekistan dated December 17, 2025 — National Database of Legislation, 17.12.2025, No. 03/25/1102/1173) [OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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Information on accounts of clients who are natural persons is provided to heirs or persons designated by the account owner in the event of the owner's death, to notarial offices regarding inheritance cases in their jurisdiction, and to consular institutions of foreign states in the case of foreign citizens. [OKAZ:
1.
03.00.00.00 Civil Legislation / 03.05.00.00 Transactions;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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Information on the content of exchange transactions is provided to courts, and in the event of a criminal case being initiated, to investigative and inquiry bodies. [OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Authority of the Securities Market]
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Confidential information is disclosed to the competent state authority for regulation of the securities market in the following cases:
Previous version.
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when it is considering facts of violation of securities legislation; (Second subparagraph of paragraph five of Article 50 is in the version of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
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when providing information to regulatory authorities of the securities markets of other states that are members of the International Organization of Securities Commissions, upon their written request. Previous version. Send comments on the document Listen to audio Get reference from document element [OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.30.00.00 Combating the Legalization of Proceeds from Criminal Activity and Financing of Terrorism / 07.30.03.00 Information Related to Combating the Legalization of Proceeds from Criminal Activity and Financing of Terrorism]
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Confidential information related to combating the legalization of proceeds from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction is provided to the specially authorized state authority in cases and in the order provided by law. (Paragraph six of Article 50 is in the version of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
See: Chapter IV of the Law of the Republic of Uzbekistan "On Combating the Legalization of Proceeds from Criminal Activity and Financing of Terrorism" ("Information Related to Combating the Legalization of Proceeds from Criminal Activity and Financing of Terrorism"). Send comments on the document Listen to audio Get reference from document element
Article 51. Disclosure of Information on State Securities
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[OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure of Information Related to the Securities Market and Information Provision]
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Disclosure of information on state securities is carried out in the order established by legislation.
(The text of Article 51 is in the version of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
See: "Rules on Submission and Publication of Information in the Securities Market" approved by Order No. 2012-13 of the Director of the Center for Coordination and Control of Securities Market Activity under the State Committee for Property of the Republic of Uzbekistan dated July 24, 2012 (registration number 2383, 31.07.2012). Send comments on the document Listen to audio Get reference from document element
Chapter 7. Regulation of the Securities Market
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Article 52. Fundamentals of State Regulation of the Securities Market
[OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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State regulation of the securities market:
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involves licensing of professional activity in the securities market and exchange activity and (or) establishing mandatory requirements for such activity;
LexUZ Commentary
See: "Single Regulation on the Procedure for Licensing Certain Types of Activities Through a Special Electronic System" approved by Resolution No. 80 of the Cabinet of Ministers of the Republic of Uzbekistan dated February 21, 2022. Send comments on the document Listen to audio Get reference from document element
involves registration of securities issues and control over the compliance of issuers with the conditions and obligations provided for in decisions on issuance;
LexUZ Commentary
See: "Rules on State Registration of Securities Issuance and Issuance of Securities" (registration number 2000, 30.08.2009).
Previous version.
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ensures the disclosure of information on securities in accordance with legislation; (Fourth subparagraph of Article 52 is in the version of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
LexUZ Commentary
See: Chapter 6 of this Law ("Disclosure of Information in the Securities Market").
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involves certification of securities market specialists;
LexUZ Commentary
See: Resolution No. 635 of the Cabinet of Ministers dated November 30, 2023 "On Systematization of Normative Legal Documents Regulating the Provision of State Services for Issuing Qualification Certificates." Previous version. Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
is carried out through control over the activities of securities market participants in the order established by legislation.
(Sixth subparagraph of Article 52 is in the version of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
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Article 53. Restrictions in the Securities Market
[OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.01.00 General Matters]
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The following are prohibited in the securities market:
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issuance of securities without disclosing information related to the issuer or the securities; Previous version.
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placement and circulation of securities whose issuance has not been registered or has been suspended in cases provided for by this Law; (Third subparagraph of the first part of Article 53 is in the version of Law No. URQ-531 of the Republic of Uzbekistan dated March 20, 2019 — National Database of Legislative Acts, 21.03.2019, No. 03/19/531/2799)
LexUZ Commentary
See: Articles 9 and 12 of this Law.
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conclusion of transactions regarding securities held in the owner's depot account before their value is fully paid, except for the use of netting; Send comments on the document Listen to audio Get reference from document element
use of fraud and insider information;
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issuance of corporate bonds to replenish the issuer's charter capital or cover losses related to the issuer's financial and economic activity before the issuer's charter capital is formed (except for cases of forming the charter capital of commercial banks); Send comments on the document Listen to audio Get reference from document element
amendments by the issuer to the part of the decision on bond issuance concerning the volume of rights attached to the bonds, after the issuance of bonds has been registered; Send comments on the document Listen to audio Get reference from document element
collection of clients' securities and funds from professional participants of the securities market and the Central Depository of Securities for their obligations; Send comments on the document Listen to audio Get reference from document element
establishing preferences for one investor over another in the mass placement and (or) circulation of securities, except in the following cases:
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a) issuance of state securities;
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b) granting privileged rights in the established order to shareholders of a joint-stock company to receive securities in proportion to the number of shares owned by them;
LexUZ Commentary
See: second subparagraph of the first part of Article 6 of the Law of the Republic of Uzbekistan "On Protection of the Rights of Joint-Stock Companies and Shareholders." Previous version. Send comments on the document Listen to audio Get reference from document element Send comments on the document Listen to audio Get reference from document element
c) existence of restrictions in legislation and (or) the issuer's charter on the acquisition of securities by non-residents of the Republic of Uzbekistan. (Subparagraph "c" of the ninth subparagraph of the first part of Article 53 is in the version of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)
[OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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Corporate and infrastructure bonds do not grant their holders the right to participate in the management of the issuer.
[
OKAZ:
1.
02.00.00.00 Fundamentals of State Administration / 02.01.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 01.11.00.00) / 02.01.02.00 Powers of the Cabinet of Ministers;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions]
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Acquisition of more than 5 percent of bank shares by a legal or natural person, or by a group of legal and natural persons connected by mutual agreement or controlling each other's property, as a result of one or several agreements, requires notification to the Central Bank of the Republic of Uzbekistan, and acquisition of more than 20 percent requires prior consent. The procedure for obtaining prior consent of the Central Bank of the Republic of Uzbekistan is established by the Cabinet of Ministers of the Republic of Uzbekistan. [ OKAZ:
1.
03.00.00.00 Civil Legislation / 03.05.00.00 Agreements]
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The issuer, unless otherwise provided by law, is not entitled to enter into agreements for the repurchase of its own issued shares, nor to transfer its own issued shares to trusteeship. Send suggestions for the document Listen to audio Get a reference from the document element
Article 54. Market Manipulation and Use of Insider Information in the Securities Market
[
OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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The deliberate dissemination of knowingly false information, the conclusion of agreements on securities regarding which the obligations of the parties are performed by one person on behalf of or in the interests of that person, as well as the commission of other actions aimed at misleading about the price of a security, and as a result of which the price of securities, demand for them, supply, or volume of securities trading changes or is maintained at a level differing from the level that would have formed without such actions, are included in the concept of market manipulation in the securities market. [ OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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The conclusion of agreements on securities by a market maker to maintain the price, demand, and supply levels for certain securities is not considered market manipulation in the securities market. [ OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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Criteria for a serious change in the price of securities, demand for them, supply, or volume of their trading, relative to the price, demand, supply, or volume of securities trading that could have formed without taking into account the actions envisaged in the first part of this article, are determined by the organizer of securities trading depending on the type, liquidity, and (or) market value of the securities. [ OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]
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The use of information that is undisclosed (not distributed) for the acquisition or disposal of securities, which could seriously affect the value of securities due to the fact that its disclosure (distribution) could change the value of securities, giving one participant of the securities market an advantage over another, is included in the concept of using insider information in the securities market. [ OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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Signs of market manipulation and use of insider information in the securities market are identified by the state body authorized to regulate the securities market. [ OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.09.00 Liability for Violation of Securities Legislation]
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The fact of market manipulation and use of insider information in the securities market, as well as the measure of liability for persons related to these unlawful actions, is determined by the court. Send suggestions for the document Listen to audio Get a reference from the document element
Article 55. State Body Authorized to Regulate the Securities Market
[
OKAZ:
1.
01.00.00.00 Constitutional System / 01.10.00.00 President of the Republic of Uzbekistan / 01.10.02.00 Powers;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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The state body authorized to regulate the securities market is determined by the President of the Republic of Uzbekistan.
LexUZ Comment
See: Paragraph 'a' of Item 1 of the Decree of the President of the Republic of Uzbekistan No. PF-5630 dated January 14, 2019 'On Measures for Fundamental Improvement of State Asset Management, the System of Anti-Monopoly Competition, and the Capital Market'. [ OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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The state body authorized to regulate the securities market:
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Get a reference from the document element implements state policy in the field of formation, development, supervision, and regulation of the securities market; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element licenses professional activity in the securities market, and carries out permitting and notification procedures in this field; (Paragraph 3 of Part 2 of Article 55, in the edition of Law of the Republic of Uzbekistan No. UZQ-1057 dated April 17, 2025 — National Database of Legislation, April 17, 2025, No. 03/25/1057/0351) LexUZ Comment See: 'Single Regulation on Licensing Certain Types of Activities through a Special Electronic System', approved by Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 80 dated February 21, 2022. See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element accepts notifications of investment consultants and maintains their registry; (Paragraph 4 of Part 2 of Article 55 was supplemented by Paragraph 4 based on the Law of the Republic of Uzbekistan No. UZQ-721 dated October 12, 2021 — National Database of Legislation, October 12, 2021, No. 03/21/721/0952) Send suggestions for the document Listen to audio Get a reference from the document element ensures the protection of the rights and legitimate interests of investors and holders of securities; Send suggestions for the document Listen to audio Get a reference from the document element develops normative legal documents in the field of formation and regulation of the securities market and the activity of its participants; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element establishes requirements for carrying out professional activity in the securities market, qualification requirements for specialists of professional participants of the securities market, conducts their attestation, and issues qualification certificates; (Paragraph 7 of Part 2 of Article 55, in the edition of Law of the Republic of Uzbekistan No. UZQ-1057 dated April 17, 2025 — National Database of Legislation, April 17, 2025, No. 03/25/1057/0351) LexUZ Comment See: Resolution of the Cabinet of Ministers No. 635 dated November 30, 2023 'On Systematization of Normative Legal Documents Regulating the Provision of State Services for Issuing Qualification Certificates'. Send suggestions for the document Listen to audio Get a reference from the document element approves the rules for issuing emission securities (excluding state securities), rules for registering agreements on securities, standards for accounting for operations on
securities and reporting on them, registries of holders of securities, and the procedure for maintaining the register of accounting for agreements on securities; LexUZ Comment See: 'Rules for State Registration of Securities Issuance and Issuance of Emission Securities' (registration No. 2000, August 30, 2009), Order of the Director of the National Agency for Development of Priority Projects of the Republic of Uzbekistan No. 12 dated December 2, 2024 'On Approval of the Regulation on the Procedure for Carrying Out Purchase and Sale Agreements in the Over-the-Counter Organized Market of Securities' (registration No. 3596, December 27, 2024), 'Regulation on the Registry of Holders of Securities' (registration No. 1911, February 25, 2009), 'Regulation on the Register of Accounting for Over-the-Counter Agreements with Securities' (registration No. 1919, March 9, 2009). See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element establishes the procedure for maintaining the Unified State Registry of the issuance of emission securities; Send suggestions for the document Listen to audio Get a reference from the document element agrees on the amounts of tariffs for the services of the Central Securities Depository of Securities; (Paragraphs 9 and 10 of Part 2 of Article 55 were supplemented based on the Law of the Republic of Uzbekistan No. UZQ-1057 dated April 17, 2025 — National Database of Legislation, April 17, 2025, No. 03/25/1057/0351) See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element exercises control over the implementation by state management bodies and participants of the securities market of the legislation on the securities market and on the protection of the rights of joint-stock companies and shareholders, issues mandatory conclusions and instructions for their implementation in cases where violations of legislation are identified, and applies sanctions to violators in accordance with the legislation; ( Paragraph 8 of Part 2 of Article 55 in the edition of Law of the Republic of Uzbekistan No. UZQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
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Get a reference from the document element establishes mandatory norms regarding the sufficiency of its own funds and other indicators limiting risks on operations with securities, as well as the storage periods for documents on operations with securities (excluding state securities). LexUZ Comment See: 'Regulation on Restrictions and Procedure for Joint Carrying Out of Professional Activity in the Securities Market, and the System of Mandatory Norms for Professional Participants of the Securities Market' (registration No. 1895, February 5, 2009), 'Regulation on Accounting for Operations and Agreements of a Professional Participant of the Securities Market in the Securities Market and Storage of Documents for Their Accounting' (registration No. 1915, March 7, 2009). Send suggestions for the document Listen to audio Get a reference from the document element
Article 56. Rights of the State Body Authorized to Regulate the Securities Market
[
OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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The state body authorized to regulate the securities market:
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Get a reference from the document element has the right to file a claim in court without paying state duty, in order to protect the rights and interests of investors, holders of securities, and the state; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element suspend certain operations within its competence that do not lead to the cessation of the activity of a participant of the securities market, in cases where a violation of legislation on the securities market is identified; ( Paragraph 3 of Part 1 of Article 56 in the edition of Law of the Republic of Uzbekistan No. UZQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
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Get a reference from the document element request and obtain information and documents from state management bodies and participants of the securities market within its competence; Send suggestions for the document Listen to audio Get a reference from the document element establish the procedure for joint carrying out of professional activity in the securities market; LexUZ Comment See: Chapter III ('Procedure for Joint Carrying Out of Professional Activity') of the 'Regulation on Restrictions and Procedure for Joint Carrying Out of Professional Activity in the Securities Market, and the System of Mandatory Norms for Professional Participants of the Securities Market' (registration No. 1895, February 5, 2009). Send suggestions for the document Listen to audio Get a reference from the document element establish the procedure for the activity of enterprises organized by the state for the creation of a unified system for accounting for rights to securities, accounting for securities trading, and clearing services for agreements on securities; [ OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure and Provision of Information Related to the Securities Market]
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Get a reference from the document element has the right to exchange confidential and other types of information in the established procedure with regulatory bodies of other states that are members of the International Organization of Securities Commissions. See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element [ OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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The state body authorized to regulate the securities market may also have other rights in accordance with the legislation.
(
Part 3 of Article 56
in the edition of Law of the Republic of Uzbekistan No. UZQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
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Article 57. Obligations of the State Body Authorized to Regulate the Securities Market
[
OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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The state body authorized to regulate the securities market:
See previous edition.
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Get a reference from the document element considers appeals from participants of the securities market, and in cases where facts of violation of the rights of investors or holders of securities are identified, conducts inspections and takes measures envisaged by legislation; [ OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.08.00 Disclosure and Provision of Information Related to the Securities Market]
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Get a reference from the document element observes the confidentiality of information obtained from state management bodies and participants of the securities market regarding the protection of the rights of investors and holders of securities, except for cases where disclosure of information to third parties is envisaged by legislation; ( Paragraphs 2 and 3 of Part 1 of Article 57 in the edition of Law of the Republic of Uzbekistan No. UZQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
LexUZ Comment
See: Article 50 of this Law.
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Get a reference from the document element maintains the Unified State Registry of the issuance of emission securities and the registry of professional participants of the securities market; LexUZ Comment See: Article 11 of this Law, 'Regulation on the Procedure for Maintaining the Unified State Registry of the Issuance of Emission Securities', approved by Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 284 dated December 29, 2008, and Chapter IV ('Procedure for Forming the Registry') of the 'Regulation on the Registry of Shareholders and Registry of Holders of Corporate Bonds' (registration No. 1911, February 25, 2009). See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element provides justified responses in accordance with legislation to written requests of legal and natural persons on matters within its competence; ( Paragraph 5 of Part 1 of Article 57 in the edition of Law of the Republic of Uzbekistan No. UZQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375)
LexUZ Comment
See: Law of the Republic of Uzbekistan 'On Appeals of Physical and Legal Persons' (new edition).
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Get a reference from the document element is obliged to inform the public about the state of the securities market and its participants.
See previous edition.
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[
OKAZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.03.00 Regulatory Body of the Securities Market]
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The state body authorized to regulate the securities market may also have other obligations in accordance with the legislation.
(
Part 2 of Article 57
in the edition of Law of the Republic of Uzbekistan No. UZQ-683 dated April 21, 2021 — National Database of Legislation, April 21, 2021, No. 03/21/683/0375) ]
Chapter 8. Rights, Obligations and Liability of Securities Market Participants
Article 58. Rights and Obligations of Securities Market Participants
Participants of the securities market have the following rights:
- to insure their risks in the securities market;
- to obtain information from the authorized state body for regulation of the securities market regarding all cases concerning the professional participants of the securities market, suspension of the issuance of securities, suspension, termination and cancellation of licenses for carrying out professional activities in the securities market, the registry of notifications of investment advisors, cases related to the suspension or termination of their activities, violations committed by professional participants of the securities market and issuers, as well as court decisions issued against issuers or professional participants of the securities market in response to claims of the authorized state body for regulation of the securities market;
- to address applications, proposals and complaints to state bodies;
- to address a claim to the court regarding the violation of their rights in the securities market and compensation for damages caused.
In addition to the rights provided for in the first part of this Article, investors and owners of securities have the right:
- to demand information from the issuer regarding the registration of the issuance of securities, the issuer's current financial condition and prospects for the issuer's development;
- to carry out investments in securities on the basis of money and other payment instruments, property, as well as rights having monetary value (including property rights) in the manner established by legislation and the issuer's constituent documents;
- to demand information about themselves from professional participants of the securities market offering their services in the securities market in accordance with this Law.
Participants of the securities market must comply with the requirements of legislation on the securities market and the terms of contracts concluded by them in the securities market.
Participants of the securities market may have other rights in accordance with legislation and may have other obligations.
Article 59. Property Liability of Securities Market Participants
Professional participants of the securities market and issuers are liable for property damage in accordance with legislation within the limits of damage caused to an investor or owner of securities for:
- failure to provide information required by the investor in accordance with legislation on the securities market or provision of incorrect information;
- violation of the established procedure for the issuance of securities;
- carrying out unfair advertising of securities, advertising of issuances of securities not registered in the manner established by legislation, as well as advertising of securities whose circulation is prohibited by law;
- the conclusion of contracts that limit the rights of investors and the liability of issuers and professional participants of the securities market as established by legislation on the securities market;
- established by the court facts of using fraud and insider information in the securities market, as well as the deliberate provision of distorted information about securities, issuers of securities, prices for securities, including through advertising, which induces an investor or owner of securities to buy or sell securities;
- failure to perform or improper performance of the terms of contracts concluded with investors or owners of securities, as well as the conclusion of transactions on terms differing from those agreed upon in the contract concluded with an investor or owner of securities.
An investment intermediary and the Central Securities Depository are also liable to their depositors in the following cases:
- when entries regarding owners of securities and securities belonging to them are distorted, when documents confirming the issuance of securities, as well as documents serving as the basis for carrying out operations on depot accounts, are lost or damaged;
- when actions (inaction) are committed that lead to the inability of the depositor to exercise rights related to securities belonging to them.
An investment intermediary and the Central Securities Depository compensate for damages caused to the depositor, restore lost entries, documents confirming the issuance of securities, and entries in accounting registers.
The Central Securities Depository is liable for the loss or damage of documentary securities accepted by it for storage. In this case, the Central Securities Depository compensates for the costs incurred for the preparation of lost documentary securities or prepares such securities at its own expense.
Liability for the obligations of securities issuers lies with the issuers themselves.
Article 60. Complaints Against Decisions of State Bodies and Actions (Inaction) of Their Officials
Decisions of state bodies and actions (inaction) of their officials may be appealed against in court.
Chapter 9. Final Provisions
Article 61. Investor's Risk
The selection of securities as an object of investment and the relevant consequences of this choice are at the investor's risk.
Article 62. Statutes of Limitation for Claims Regarding Securities
The statute of limitations for filing a claim to recognize as invalid decisions adopted by the issuer and the authorized state body for regulation of the securities market related to the issuance of issue securities, as well as to recognize as invalid the issuance of issue securities and transactions concluded during the placement of issue securities, is one year from the date of completion of the placement of the issuance of issue securities.
The statute of limitations for claims of a bill holder against endorsers and against the drawer of a bill is one year from the date of protest declared within the established period or, if a bill without recourse is agreed upon, from the date of payment.
The statute of limitations for claims of endorsers against each other and against the drawer of a bill is six months from the date the endorser paid the bill or from the date a claim was filed against them.
In other cases not provided for in the first to third parts of this Article, as well as for other securities, the statute of limitations for claims is established in accordance with the law.
Article 63. Resolution of Disputes
Disputes in the field of the securities market are resolved in the manner established by legislation.
Article 64. Liability for Violation of Legislation on the Securities Market
Persons guilty of violating legislation on the securities market are liable in the established manner.
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Lineage: In force
Source: Central Bank of the Republic of Uzbekistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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