President of the Republic of Uzbekistan's Resolution on Additional Measures for Implementing Effective Mechanisms to Support the Capital Market

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27.04.2024

26.04.2024

04.09.2023

17.01.2022

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[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.01 General Rules;
2.
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;
2.
Finance / Investments]
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President of the Republic of Uzbekistan
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Resolution
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On Additional Measures for Implementing Effective Mechanisms to Support the Capital Market 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 To further develop the capital market, expand the practice of privatizing state share packages through the capital market, encourage the population to invest in securities, and create a healthy competitive environment in the financial market:
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See previous edition.
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1. It is established that from April 1, 2022, to December 31, 2028:
   (First paragraph of item 1 in the edition of the Resolution of the President of the Republic of Uzbekistan dated September 2, 2023, No. PQ-291 — National Database of Legislative Information, 04.09.2023, No. 07/23/291/0667) [ OKOZ:

07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.05.00 Exemptions and Preferences for Taxes and Fees;
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 / 07.24.01.07 Dividends on Securities]
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Income in the form of dividends calculated on shares for physical persons who are residents and non-residents of the Republic of Uzbekistan is exempt from income tax; [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.05.00 Exemptions and Preferences for Taxes and Fees;
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 / 07.24.01.07 Dividends on Securities]
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A profit tax rate of 5 percent, similar to that applied to legal entities that are residents of the Republic of Uzbekistan, is applied to income in the form of dividends calculated on shares for legal entities that are non-residents of the Republic of Uzbekistan; [ OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.05.00 Exemptions and Preferences for Taxes and Fees;
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 / 07.24.01.07 Dividends on Securities]
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Income in the form of interest calculated on bonds of economic societies for physical and legal persons who are residents and non-residents of the Republic of Uzbekistan is exempt from income tax levied on physical persons and profit tax levied on legal persons. 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
2. The following procedure is established, according to which:
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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 / 07.24.01.02 Shares and Bonds]
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Get a reference from the document element when the general meeting of shareholders adopts a decision on delisting the company's shares from the exchange quotation sheet of the stock exchange, shareholders who are owners of voting shares of the company are granted the right to demand the repurchase of their shares by the company; [ 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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Get a reference from the document element when transactions involving securities are concluded in the over-the-counter organized trading of securities, a fee in the amount of 0.3 percent of the transaction sum is paid to the National Agency for Development of Priority Projects of the Republic of Uzbekistan instead of profit tax and income tax by the seller (except for the issuer). (Item 2 in the edition of the Decree of the President of the Republic of Uzbekistan dated April 19, 2024, No. PF-68 — National Database of Legislative Information, 26.04.2024, No. 06/24/68/0302) [ 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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3. The proposal of the Agency for Management of State Assets and the Ministry of Finance to hold a primary (IPO) and/or secondary (SPO) public offering of shares of joint-stock companies listed in Appendix 1 to this Resolution on the "Tashkent" Republican Stock Exchange is approved.
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[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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The State Commission for Privatization and Coordination of Privatization Processes is granted the authority to determine the volume and timing of the public offering of share packages to be offered through initial (IPO) and/or secondary (SPO) offerings based on the resolutions of the President of the Republic of Uzbekistan, taking into account the justified proposals of the Agency for Management of State Assets, the Ministry of Economy and Finance, and the National Agency for Development of Priority Projects of the Republic of Uzbekistan, including considering market conditions and underwriters' conclusions, and to make changes and additions to their list. (Second paragraph of item 3 in the edition of the Decree of the President of the Republic of Uzbekistan dated April 19, 2024, No. PF-68 — National Database of Legislative Information, 26.04.2024, No. 06/24/68/0302) Send suggestions for the document Listen to audio Get a reference from the document element The Cabinet of Ministers shall ensure the approval of separate "roadmaps" for each enterprise whose public offering of shares is specified in Appendix 1 to this Resolution within a period of two months. [ OKOZ:
1.
02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republican State Administration Bodies and Economic Management Bodies / 02.03.02.00 Ministries;
2.
02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republican State Administration Bodies and Economic Management Bodies / 02.03.04.00 Agencies, Inspections and Other Departments;
3.
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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4. The proposal of the Ministry of Finance and the Agency for Management of State Assets to permit, on an experimental basis until December 31, 2023, the implementation of underwriting activities in the securities market of the Republic of Uzbekistan by foreign banks and investment intermediaries that have concluded contracts with local legal entities having the right to conduct underwriting activities in the securities market of the Republic of Uzbekistan without obtaining a separate license and having own funds amounting to not less than 500 million soums is approved.
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[
OKOZ:
1.
02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republican State Administration Bodies and Economic Management Bodies / 02.03.04.00 Agencies, Inspections and Other Departments;
2.
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 National Agency for Development of Priority Projects shall, by February 1, 2025, conduct a deep analysis of the results of the experiment and submit proposals on the appropriateness of applying it to all participants having the right to conduct underwriting activities in the securities market. (Second, third and fourth paragraphs of item 4 replaced on the basis of the Resolution of the President of the Republic of Uzbekistan dated September 2, 2023, No. PQ-291 — National Database of Legislative Information, 04.09.2023, No. 07/23/291/0667) [ OKOZ:
1.
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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5. Starting from April 1, 2022, local issuers are granted the right to place their shares on foreign fund markets or simultaneously on local and foreign fund exchanges in accordance with the underwriter's recommendation after initially placing them on the "Tashkent" RSX.
[
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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6. It is accepted for information that commercial banks having a license to conduct banking activities have the right to conduct investment intermediary activities in the securities market on the basis of the Resolution of the President of the Republic of Uzbekistan dated November 7, 2007, No. PQ-726 "On Measures for Further Development of the Banking System and Attraction of Idle Funds into Banking Circulation."
[
OKOZ:
1.
02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republican State Administration Bodies and Economic Management Bodies / 02.03.02.00 Ministries;
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 / 07.24.01.01 General Rules]
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The Ministry of Finance shall, within a period of two months, consider the issue of launching investment intermediary activities in the securities market by commercial banks with state participation at their governing body meetings. Send suggestions for the document Listen to audio Get a reference from the document element
7. The Ministry of Finance:
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Get a reference from the document element together with interested agencies, within a period of three months, submit to the Cabinet of Ministers a draft law on introducing changes and additions to the Tax Code of the Republic of Uzbekistan, the Law of the Republic of Uzbekistan "On Protection of the Rights of Joint-Stock Companies and Shareholders" and the Law "On the Securities Market" arising from this Resolution; Send suggestions for the document Listen to audio Get a reference from the document element together with the Agency for Management of State Assets, within a period of two months, create a system ensuring the trading of securities not listed on the exchange list of the "Tashkent" Republican Stock Exchange. [ OKOZ:
1.
21.00.00.00 Comprehensive Documents for Introducing Changes and Additions / 21.03.00.00 Resolutions of the Cabinet of Ministers of the Republic of Uzbekistan]
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8. Changes and additions shall be made to Appendix 2 of the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated May 10, 2017, No. 268 "On Organizing the Conduct of Public Offering of Shares on the Stock Exchange."
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9. Control over the implementation of this Resolution is assigned to the Deputy Prime Minister of the Republic of Uzbekistan J.A. Kuchkarov.
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President of the Republic of Uzbekistan Sh. MIRZIYOYEV Send suggestions for the document Listen to audio Get a reference from the document element Tashkent city, Send suggestions for the document Listen to audio Get a reference from the document element January 17, 2022, Send suggestions for the document Listen to audio Get a reference from the document element No. PQ-90 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
Appendix 1 to the Resolution of the President of the Republic of Uzbekistan dated January 17, 2022, No. PQ-90
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List of Joint-Stock Companies Whose Shares Will Undergo Primary (IPO) and/or Secondary (SPO) Public Offering on the "Tashkent" RSX 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

No.

Name of Joint-Stock Company

Location

State Share

Sales Method

"UzAuto Motors" JSC
(1)

Andijan Region

100.0

IPO

"UzAuto Motors Powertrain" JSC
(1)

Tashkent Region

100.0

IPO

"Oʼzbekgeofizika" JSC

Tashkent Region

96.8

IPO

"Oʼztemiryoʼlkonteyner" JSC
(1)

Tashkent City

90.0

IPO

"Dori-Darmon" JSC
(2)

Tashkent City

36.10

IPO/SPO

"Uzbekiston pochta" JSC
(3)

Tashkent City

77.6

SPO

"Universal Sugʼurta" JSC

Tashkent City

14.48

SPO

"Alskom" JSC

Tashkent City

5.21

SPO
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(1) share packages belonging to economic societies where the state and economic management body share is 50 percent and above; Send suggestions for the document Listen to audio Get a reference from the document element (2) state share and share of enterprises with state participation may be offered for sale as one lot. Send suggestions for the document Listen to audio Get a reference from the document element (3) state and state-owned enterprise shares. 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
Appendix 2 to the Resolution of the President of the Republic of Uzbekistan dated January 17, 2022, No. PQ-90
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Changes and additions being made to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated May 10, 2017, No. 268 "On Organizing the Conduct of Public Offering of Shares on the Stock Exchange" 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 Send suggestions for the document Listen to audio Get a reference from the document element

1. In the Russian language text of paragraph 3:
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   Get a reference from the document element a) the second paragraph is stated in the following edition:
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   "the offer price of shares by conducting primary (IPO) and secondary (SPO) public offerings of shares is determined by the organizer"; Send suggestions for the document Listen to audio Get a reference from the document element b) supplemented with the following paragraphs:
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   "collection of applications for the acquisition of shares implemented through primary (IPO) and secondary (SPO) public offerings of shares is carried out by the organizer or a group of organizers with whom an agreement on conducting the specified IPO or SPO has been concluded; Send suggestions for the document Listen to audio Get a reference from the document element the organizer is granted the right to choose investors for the distribution of shares based on a contract concluded with the initiator, as well as to establish a period prohibiting investors from selling shares acquired within the framework of primary (IPO) and secondary (SPO) public offerings of shares; Send suggestions for the document Listen to audio Get a reference from the document element distribution of shares through IPO and SPO is carried out based on a single price determined by the organizer based on demand and supply for shares." Send suggestions for the document Listen to audio Get a reference from the document element
2. In the Russian language text of Appendix 2:
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   Get a reference from the document element a) paragraph 9 is stated in the following edition:
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   "9. Based on the results of preliminary study of the joint-stock company, the organizer determines the range of offer prices of shares for collecting applications for the purchase of shares"; Send suggestions for the document Listen to audio Get a reference from the document element b) paragraph 13 is stated in the following edition:
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   "13. Collection of applications for the acquisition of shares implemented through primary (IPO) and secondary (SPO) public offerings of shares is carried out by the organizer or a group of organizers with whom an agreement on conducting the specified IPO or SPO has been concluded"; Send suggestions for the document Listen to audio Get a reference from the document element c) paragraph 15 is stated in the following edition:
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   "15. The offer price of shares through IPO and SPO is determined by the organizer."
   (National Database of Legislative Information, 17.01.2022, No. 07/22/90/0030; 04.09.2023, No. 07/23/291/0667; 26.04.2024, No. 06/24/68/0302, 27.04.2024, No. 06/24/67/0307 )