Resolution of the President of the Republic of Uzbekistan on Additional Measures for the Development of the Capital Market

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17.04.2026

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UZ: 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; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Currency Regulation and Currency Control / 07.27.03.00 Currency Operations (Transactions) / 07.27.03.02 Currency Operations Related to Capital Movement] [TSZ: 1. Finance / Securities. Securities Market] Send suggestions for the document Listen to audio Get reference from document element President of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get reference from document element Resolution Send suggestions for the document Listen to audio Get reference from document element On Additional Measures for the Development of the Capital Market 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 To further develop the capital market, improve its infrastructure, encourage the attraction of investors to the capital market, simplify the procedure for foreign investors to participate in the local fund market, and protect investors' rights: LexUZ Commentary See: Decree of the President of the Republic of Uzbekistan No. PF-5495 dated August 1, 2018 "On Measures for Fundamental Improvement of the Investment Climate in the Republic of Uzbekistan". Send suggestions for the document Listen to audio Get reference from document element

1. The Ministry of Economy and Finance and the Central Bank are authorized to: Send suggestions for the document Listen to audio Get reference from document element restructure the State Unitary Enterprise "Central Securities Depository" into a Joint Stock Company "Central Securities Depository"; Send suggestions for the document Listen to audio Get reference from document element transfer the package of state shares in the authorized capital of the Joint Stock Company "Central Securities Depository" to the Central Bank free of charge; Send suggestions for the document Listen to audio Get reference from document element approve the proposal to establish the Joint Stock Company "National Clearing Center" in the founding of the Joint Stock Company "Uzbekistan Republic Currency Exchange". [UZ:

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 / 07.21.00.00 Banking Activity / 07.21.03.00 Settlement and Cash Operations (also see 03.11.17.00, 07.21.04.00); 3. 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; 4. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.07.00 Fund Exchanges. Fund Departments of Commodity and Currency Exchanges] Send suggestions for the document Listen to audio Get reference from document element 2. The following procedure is established: Send suggestions for the document Listen to audio Get reference from document element the activity of the Joint Stock Company "Central Securities Depository" regarding the registration of securities, accounting and storage of securities, and settlement on securities is regulated by the authorized state body for regulating the securities market; the activity regarding the implementation of monetary settlements based on the results of transactions involving securities is regulated by the Central Bank; LexUZ Commentary See: Chapter 5 of the Law of the Republic of Uzbekistan "On the Securities Market". Send suggestions for the document Listen to audio Get reference from document element starting from January 1, 2025, a single registry for state and corporate securities is maintained by the Joint Stock Company "Central Securities Depository"; 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 activity of the Joint Stock Company "National Clearing Center" as a "Central Counterparty" in transactions involving state securities and its implementation of centralized clearing (Clearinghouse) is regulated by the Central Bank; (Paragraph 4 of item 2 is in the edition of Decree of the President of the Republic of Uzbekistan No. PF-65 dated April 17, 2026) Send suggestions for the document Listen to audio Get reference from document element by May 1, 2024, representative accounts are opened at the Central Bank for the Joint Stock Company "National Clearing Center" and the Joint Stock Company "Central Securities Depository" for the purpose of carrying out settlements; LexUZ Commentary See: Article 22 of the Law of the Republic of Uzbekistan "On the Securities Market". Send suggestions for the document Listen to audio Get reference from document element by December 31, 2028, the Joint Stock Company "Central Securities Depository", the Joint Stock Company "Uzbekistan Republic Currency Exchange", and the Joint Stock Company "Tashkent" Republic Fund Exchange are exempt from calculating and paying dividends, provided that funds are directed purposefully for their development. [UZ: 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; 2. 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] Send suggestions for the document Listen to audio Get reference from document element 3. A special legal regime "Regulatory Sandbox" is introduced in the field of the capital market, and within its framework: Send suggestions for the document Listen to audio Get reference from document element basic concepts used in the capital market are approved in accordance with Appendix 1; Send suggestions for the document Listen to audio Get reference from document element special rules regarding the activity and operations of foreign participants in the capital market are approved in accordance with Appendix 2; Send suggestions for the document Listen to audio Get reference from document element mechanisms for ensuring the confidentiality of information about securities owners and protecting their property rights are approved in accordance with Appendix 3. LexUZ Commentary See: Paragraph 1 of Decree of the President of the Republic of Uzbekistan No. PF-6207 dated April 13, 2021 "On Additional Measures for Further Development of the Capital Market". Send suggestions for the document Listen to audio Get reference from document element 4. The Ministry of Economy and Finance, together with interested agencies, shall submit a draft law to the Cabinet of Ministers within two months, providing for: See previous edition. (Based on Decree of the President of the Republic of Uzbekistan No. PF-200 dated November 28, 2024 - National Database of Legislation Information, 28.11.2024, No. 06/24/200/0981) Send suggestions for the document Listen to audio Get reference from document element granting employees of enterprises the right to preferential purchase of shares issued by the enterprise under the Employee Stock Ownership Plan (ESOP) when shares are widely distributed. In this case, funds directed by them for the purchase of shares, not exceeding their monthly salary and payments equivalent to it, are exempt from personal income tax for individuals; Send suggestions for the document Listen to audio Get reference from document element extending the validity period of the benefits provided for in Paragraph 1 of Decree of the President of the Republic of Uzbekistan No. PQ-90 dated January 17, 2022 "On Additional Measures for Effective Mechanisms for Supporting the Capital Market" until December 31, 2028; Send suggestions for the document Listen to audio Get reference from document element exempting from personal income tax for individuals the income directed to personal investment accounts for the purchase of securities issued in the local fund market, in an amount up to one hundred times the minimum wage for total remuneration during the tax period, provided that such income is not withdrawn within twelve months. [UZ: 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; 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; 3. 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; 4. 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; 5. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] Send suggestions for the document Listen to audio Get reference from document element 5. To protect the rights of minority shareholders and investors and encourage their attraction to the capital market: Send suggestions for the document Listen to audio Get reference from document element a) starting from October 1, 2023: Send suggestions for the document Listen to audio Get reference from document element at least 30% of the net profit of enterprises with a state share of 50 percent and above shall be directed for dividend payments for at least seven years after the placement of their shares on the fund market through a public offer, except for restrictions established by legislation; Send suggestions for the document Listen to audio Get reference from document element the restriction on not increasing the initial contract price by more than 10 percent shall be abolished in cases where the service fee of underwriters serving enterprises with a state share of 50 percent and above exceeds the amount agreed in the contract due to the securities being priced higher and/or placed in larger quantities than planned; Send suggestions for the document Listen to audio Get reference from document element b) starting from December 1, 2023, an instruction is introduced to the authorized state body to consider the issue of changing the executive body of the issuer and the right to suspend the issuance of securities by the issuer if information and reports established by legislation on the securities market are not disclosed on time more than twice within a year. [UZ: 1. 03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Business Partnerships and Companies / 03.03.05.05 Joint Stock Companies; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.07.00 Fund Exchanges. Fund Departments of Commodity and Currency Exchanges] Send suggestions for the document Listen to audio Get reference from document element 6. The mandatory requirement for joint stock companies whose securities are not listed on the fund exchange to have an official website is abolished, except for joint stock companies with a state share of 50 percent and above. Send suggestions for the document Listen to audio Get reference from document element 7. It is accepted for information that, in accordance with the Law of the Republic of Uzbekistan "On Management of State Property", it is not allowed for state-participated enterprises to simultaneously perform the functions of both the owner and the regulator. [UZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.22.00 Insurance / 03.11.22.04 Other Issues of Insurance; 2. 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] Send suggestions for the document Listen to audio Get reference from document element 8. The Agency for Innovative Development (hereinafter referred to as the Agency) and the Ministry of Economy and Finance are authorized to: Send suggestions for the document Listen to audio Get reference from document element transfer the functions, powers, and authorities of the Ministry of Economy and Finance regarding the regulation of the capital market, including organizers of securities trading and the Central Securities Depository, the development of corporate governance, as well as the supervision of the activity of insurance organizations, to the Agency and designate it as the authorized body for regulation, licensing, and permitting procedures in these areas; Send suggestions for the document Listen to audio Get reference from document element approve the proposal to transfer the State Unitary Enterprise "Information Resource Center of the Fund Market" and the Unified Portal of Corporate Information to the Agency free of charge. LexUZ Commentary See: Paragraph 2 of Resolution of the President of the Republic of Uzbekistan No. PQ-5073 dated April 13, 2021 "On Additional Measures for Further Improvement of the Capital Market Regulation System". [UZ: 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; 2. 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; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.06.00 Permitting Professional Activity of Participants in the Securities Market; 4. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.07.00 Fund Exchanges. Fund Departments of Commodity and Currency Exchanges; 5. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.08.00 Over-the-Counter Market of Securities] Send suggestions for the document Listen to audio Get reference from document element 9. It is established that: Send suggestions for the document Listen to audio Get reference from document element the Agency is considered the legal successor to the contracts of the Ministry of Economy and Finance related to the capital market; Send suggestions for the document Listen to audio Get reference from document element licenses and other permitting documents previously issued in the field of the capital market retain their force, and the adoption of this resolution does not lead to their cancellation or modification; Send suggestions for the document Listen to audio Get reference from document element documents under consideration in the Ministry of Economy and Finance in the field of the capital market (licensing of relevant activity, registration of securities issuance, appeals, and other documents) are transferred to the Agency starting from October 1, 2023, and the results of consideration are formalized by the Agency; Send suggestions for the document Listen to audio Get reference from document element the procedure for licensing, permitting, and notifying professional activity in the securities market, the activity of fund exchanges, the activity of organizers of over-the-counter securities trading, and the introduction of the special legal regime "Regulatory Sandbox" in the field of the capital market is established by the Agency. LexUZ Commentary See: Chapter 7 of the Law of the Republic of Uzbekistan "On the Securities Market". Send suggestions for the document Listen to audio Get reference from document element 10. The "Roadmap" for the development of the capital market for 2023-2025 is approved in accordance with Appendix 4. [UZ: 1. 21.00.00.00 Complex Documents for Amendments and Additions / 21.02.00.00 Decrees and Resolutions of the President of the Republic of Uzbekistan] Send suggestions for the document Listen to audio Get reference from document element 11. Amendments are made to certain resolutions of the President of the Republic of Uzbekistan in accordance with Appendix 5. Send suggestions for the document Listen to audio Get reference from document element 12. The Agency, together with interested agencies, shall within two months: Send suggestions for the document Listen to audio Get reference from document element submit a draft resolution of the President of the Republic of Uzbekistan on further development of the insurance market; Send suggestions for the document Listen to audio Get reference from document element submit proposals to the Cabinet of Ministers regarding amendments and additions to legislative documents arising from this resolution. Send suggestions for the document Listen to audio Get reference from document element 13. Control over the implementation of this resolution is entrusted to the Prime Minister of the Republic of Uzbekistan A.N. Aripov. Send suggestions for the document Listen to audio Get reference from document element President of the Republic of Uzbekistan Sh. MIRZIYOYEV Send suggestions for the document Listen to audio Get reference from document element Tashkent city, Send suggestions for the document Listen to audio Get reference from document element September 2, 2023, Send suggestions for the document Listen to audio Get reference from document element No. PQ-291 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 Appendix 1 to the Resolution of the President of the Republic of Uzbekistan dated September 2, 2023 No. PQ-291 Send suggestions for the document Listen to audio Get reference from document element BASIC CONCEPTS USED IN THE CAPITAL MARKET within the framework of the special legal regime "Regulatory Sandbox" 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

1. Recognized Foreign Jurisdiction - a foreign jurisdiction recognized by the authorized state body of the Republic of Uzbekistan for regulating the securities market. Send suggestions for the document Listen to audio Get reference from document element
2. Foreign Authorized State Body for Regulating the Securities Market - the authorized state body for regulating the securities market of a recognized foreign jurisdiction. Send suggestions for the document Listen to audio Get reference from document element
3. Foreign Client - a client of a foreign nominal custodian who provides services to clients outside the jurisdiction of the Republic of Uzbekistan based on a permit issued by the foreign authorized state body for regulating the securities market (physical or legal person, including another foreign nominal custodian). Send suggestions for the document Listen to audio Get reference from document element
4. Foreign Investment Intermediary - an investment company (investment or depositary bank, broker, or investment intermediary), global custodian, custodian, bank, or other legal entity that has the right to carry out professional activity in the securities market of a recognized foreign jurisdiction, equated to the professional activity of an investment intermediary as defined in the Law of the Republic of Uzbekistan "On the Securities Market". 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
5. Foreign Beneficial Owner - a physical or legal person who is the ultimate owner of securities registered or unregistered in the account of the Central Securities Depository of the Republic of Uzbekistan as the owner of securities, but has the right to direct or indirect ownership or benefit from such securities and is considered the ultimate owner of securities in the account of a foreign nominal custodian. (In the edition of Decree of the President of the Republic of Uzbekistan No. PF-65 dated April 17, 2026) Send suggestions for the document Listen to audio Get reference from document element
6. Foreign Nominal Custodian - a foreign investment intermediary, foreign or international central securities depository recognized by the authorized state body for regulating the securities market of the Republic of Uzbek Uzbekistan as a result of consultations with the Central Bank of the Republic of Uzbekistan, which has the following powers for carrying out professional activity: Send suggestions for the document Listen to audio Get reference from document element acting in the name of and on the instructions of its foreign clients (foreign beneficial owners or other foreign nominal custodians); Send suggestions for the document Listen to audio Get reference from document element carrying out settlements on securities, if they are a foreign or international central securities depository; Send suggestions for the document Listen to audio Get reference from document element carrying out settlements on securities and funds for its foreign clients based on settlements of a foreign or international central securities depository as a result of trading on foreign exchanges regulated by the foreign authorized state body for regulating the securities market; Send suggestions for the document Listen to audio Get reference from document element transferring, registering, accounting, storing, and/or certifying rights to securities on the instructions of or in the name of its foreign clients. 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
7. Foreign Nominal Account - a type of depository account opened directly in the Central Securities Depository of the Republic of Uzbekistan by a foreign nominal custodian in the name of a single foreign beneficial owner in the form of a direct individual account or omnibus account. (In the edition of Decree of the President of the Republic of Uzbekistan No. PF-65 dated April 17, 2026) 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
8. Direct Individual Account - a depository account opened directly in the Central Securities Depository of the Republic of Uzbekistan by a foreign nominal custodian in the name of and for a foreign beneficial owner. (In the edition of Decree of the President of the Republic of Uzbekistan No. PF-65 dated April 17, 2026) 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
9. Omnibus Account - a type of foreign nominal account opened in the Central Securities Depository of the Republic of Uzbekistan by a foreign nominal custodian, in which the number and value of securities belonging to all foreign beneficial owners and/or foreign nominal custodians are accounted for in aggregate. (In the edition of Decree of the President of the Republic of Uzbekistan No. PF-65 dated April 17, 2026) Send suggestions for the document Listen to audio Get reference from document element Note: Send suggestions for the document Listen to audio Get reference from document element

Listen to audio Get a reference from a document element The National Agency for Strategic Projects of the Republic of Uzbekistan has the right to make changes and additions to the main concepts. Send a proposal for the document Listen to audio Get a reference from a document element Opening of depot accounts in the depositary system of "UzRB" JSC is carried out until a unified depositary system is established. LexUZ comment See: Article 3 of the Law of the Republic of Uzbekistan "On the Securities Market". Send a proposal for the document Listen to audio Get a reference from a document element Send a proposal for the document Listen to audio Get a reference from a document element Resolution of the President of the Republic of Uzbekistan No. PQ-291 of September 2, 2023 ANNEX 2 Send a proposal for the document Listen to audio Get a reference from a document element Within the framework of the special legal regime "Regulatory Sandbox", activities and operations of foreign participants in the capital market Send a proposal for the document Listen to audio Get a reference from a document element SPECIAL RULES Send a proposal for the document Listen to audio Get a reference from a document element [ 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 Authority of the Securities Market; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.01.00 State Regulation of Investment Activity] Send a proposal for the document Listen to audio Get a reference from a document element

1. The list of recognized foreign jurisdictions is determined by the authorized state body for regulating the securities market of the Republic of Uzbekistan, and amendments may be made to this list by it. [ OKOZ:

07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] Send a proposal for the document Listen to audio Get a reference from a document element 2. Foreign investment intermediaries may carry out investment intermediary activities and open depot accounts in the securities market of the Republic of Uzbekistan. LexUZ comment See: The Regulation approved by the Resolution No. 2007-04, 290-V of April 4, 2007 of the Center for Coordination and Control of Securities Market Activity under the Committee on State Property and the Board of the Central Bank on the procedure for circulation of securities in foreign currency, purchase of securities in foreign currency by residents, as well as purchase of securities issued by residents by non-residents in the territory of the Republic of Uzbekistan (registry number 1692, June 22, 2007). Send a proposal for the document Listen to audio Get a reference from a document element 3. Foreign nominal custodians may open accounts for securities and carry out their activities directly or through an agent in the Republic of Uzbekistan. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.07.00 Stock Exchanges. Fund Departments of Commodity and Currency Exchanges; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.27.00.00 Regulation and Control of Currency / 07.27.02.00 Currency Resources / 07.27.02.01 Foreign Currency; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.08.00 Other Investment Issues] Send a proposal for the document Listen to audio Get a reference from a document element See previous edition. Send a proposal for the document Listen to audio Get a reference from a document element Send a proposal for the document Listen to audio Get a reference from a document element 4. Permission is granted to foreign nominal custodians, including custodians, to open accounts in foreign and national currencies at the Central Bank of the Republic of Uzbekistan, as well as to open depot accounts in the depositary system of the Central Depository of Securities and "Uzbekistan Republic Currency Exchange" JSC (hereinafter referred to as "UzRB" JSC). (The first paragraph of paragraph 4 was amended by the Decree of the President of the Republic of Uzbekistan No. PF-254 of December 18, 2025 - National Database of Legislation, December 22, 2025, No. 06/25/254/1195) See previous edition. Send a proposal for the document Listen to audio Get a reference from a document element Send a proposal for the document Listen to audio Get a reference from a document element Depository Bank (the foreign issuer of global depository receipts confirming rights to shares of resident issuers participating in the sale of state share packages in international markets through IPO/SPO based on the resolutions of the President of the Republic of Uzbekistan) (hereinafter referred to as the depository bank) has the right to issue a document confirming the presence of shares of resident issuants in the custody of the custodian and in the Central Depository of Securities in its own name, based on the data of the custodian registered as a participant of the Special Legal Regime. (Paragraph 4 was supplemented with a second paragraph based on the Decree of the President of the Republic of Uzbekistan No. PF-254 of December 18, 2025 - National Database of Legislation, December 22, 2025, No. 06/25/254/1195) Send a proposal for the document Listen to audio Get a reference from a document element 5. Permission is granted to non-resident legal entities selling (buying) securities in organized trades to open accounts in national currencies at commercial banks of the Republic of Uzbekistan. LexUZ comment See: Law of the Republic of Uzbekistan "On Currency Regulation". Send a proposal for the document Listen to audio Get a reference from a document element 6. Permission is granted to determine the value of bonds in foreign currency and make payments in this currency in the issuance and circulation of corporate bonds, as well as in carrying out settlements for them. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.09.00.00 Tax Legislation / 07.09.04.00 Specific Features of Taxation of Certain Categories of Taxpayers; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Funds from Abroad (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.04.00 Foreign Investments (also see 10.01.05.00)] Send a proposal for the document Listen to audio Get a reference from a document element 7. Foreign nominal custodians are not considered beneficial owners of securities or funds accounted for in their accounts opened in the Republic of Uzbekistan. Send a proposal for the document Listen to audio Get a reference from a document element Transfer of securities from a foreign nominal account (or to a foreign nominal account) by the beneficial owner without changing the beneficial owner through "Free of Payment transfer of securities" is not considered the realization (sale) of such securities and does not create tax obligations for either party, including the foreign nominal custodian. Send a proposal for the document Listen to audio Get a reference from a document element 8. Foreign nominal custodians carry out their activities in the Republic of Uzbekistan without obtaining a separate license, without establishing a branch or a new legal entity, or without participating in the charter capital of a local legal entity, in the manner established by the authorized state body. LexUZ comment See: Paragraph 4 of the Resolution of the President of the Republic of Uzbekistan No. PQ-90 of January 17, 2022 "On Additional Measures to Introduce Effective Mechanisms for Supporting the Capital Market". [ 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 Authority of the Securities Market; 2. 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 Activities in the Securities Market; 3. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.06.00 Permission for Participants of the Securities Market to Carry Out Professional Activities] Send a proposal for the document Listen to audio Get a reference from a document element 9. Qualification certificates allowing employees of foreign investment intermediaries to work with securities in recognized foreign jurisdictions, in accordance with the procedure approved by the authorized state body for regulating the securities market of the Republic of Uzbekistan, grant such employees the right to carry out operations with securities in the Republic of Uzbekistan without obtaining a separate qualification certificate of a securities market specialist. Send a proposal for the document Listen to audio Get a reference from a document element 10. "UzRB" JSC has the right to maintain depot accounts for foreign nominal custodians for the storage and accounting of state securities in its depositary system, as well as to provide other depositary services to foreign nominal custodians. See previous edition. Send a proposal for the document Listen to audio Get a reference from a document element Send a proposal for the document Listen to audio Get a reference from a document element 11. Permission is granted to legal entities, including investment funds, that are residents of the Republic of Uzbekistan to receive custody and nominal storage services from foreign participants of the Regulatory Sandbox for securities owned by them and issued by them. Send a proposal for the document Listen to audio Get a reference from a document element 12. The Depository Bank has the following rights with respect to the securities specified in the second paragraph of paragraph 4 of this Annex: Send a proposal for the document Listen to audio Get a reference from a document element Opening securities accounts in the Central Depository of Securities; Send a proposal for the document Listen to audio Get a reference from a document element Transfer of securities from a foreign nominal account without changing the beneficial owner (or to a foreign nominal account) through "Free of Payment transfer of securities". Send a proposal for the document Listen to audio Get a reference from a document element 13. The foreign nominal custodian of securities and the depository bank are entitled to exercise all rights of the shareholder granted with the shares held in their nominal storage on behalf of and in the interests of their clients - foreign beneficial owners and (or) other foreign nominal custodians of securities, based on the instructions of such clients, without any powers of attorney confirming such representation on behalf of such foreign beneficial owners and (or) other foreign nominal custodians of securities. Send a proposal for the document Listen to audio Get a reference from a document element If shares of one type of one issuer are nominally stored for several clients by the foreign nominal custodian or depository bank, the foreign nominal custodian of securities or the depository bank exercises the rights of the shareholder proportionally to the number of shares belonging to each client based on separate instructions received from such persons. In this case, the foreign nominal custodian of securities or the depository bank may vote separately on each agenda item proportionally to the number of shares belonging to each such person, unless otherwise provided for in the terms of the nominal storage contract. Send a proposal for the document Listen to audio Get a reference from a document element 14. A joint-stock company - the issuer has the right to directly purchase shares accounted for in the interests of depository receipt holders from the depository bank or foreign nominal custodian for the purpose of subsequently reducing the charter capital or reselling the purchased shares. Send a proposal for the document Listen to audio Get a reference from a document element "The issuer-joint-stock company has the right to directly purchase its shares, including through a custodian permitted to operate within the Special Legal Regime, from the foreign nominal custodian or depository bank holding rights to such shares in the interests of foreign beneficial owners of depository receipts, on the condition of settlements and accounting. If the actions are carried out through a custodian registered as a participant of the Special Legal Regime, the issuer and the depository bank are not required to register as a participant of the Special Legal Regime to carry out this operation. Send a proposal for the document Listen to audio Get a reference from a document element 15. Disputes related to corporate conflicts within the framework of the Special Legal Regime, arising from the placement and circulation of the issuer's securities in foreign markets using depository receipts, as well as from the fulfillment of the rights and obligations of the issuer, custodian, foreign nominal custodian, depository bank, and holders of depository receipts, or related to complaints against the decisions of the issuer's management bodies, may be submitted to international commercial arbitration by agreement of the parties. (Paragraphs 11-15 were added based on the Decree of the President of the Republic of Uzbekistan No. PF-254 of December 18, 2025 - National Database of Legislation, December 22, 2025, No. 06/25/254/1195) Send a proposal for the document Listen to audio Get a reference from a document element Note: Opening of depot accounts in the depositary system of "UzRB" JSC is carried out until a unified depositary system is established. Send a proposal for the document Listen to audio Get a reference from a document element Send a proposal for the document Listen to audio Get a reference from a document element Resolution of the President of the Republic of Uzbekistan No. PQ-291 of September 2, 2023 ANNEX 3 Send a proposal for the document Listen to audio Get a reference from a document element Mechanisms for Ensuring Confidentiality of Information about Securities Owners and Protecting Their Property Rights Send a proposal for the document Listen to audio Get a reference from a document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.01.00 Concept and Parties of Obligation. Exchange of Persons in Obligation; 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] Send a proposal for the document Listen to audio Get a reference from a document element

1. The following obligations are not subject to seizure, attachment, levy, suspension (freezing), or other forms of compulsory collection: Send a proposal for the document Listen to audio Get a reference from a document element a) with respect to securities that do not belong to foreign nominal custodians and are stored in foreign nominal accounts (direct individual accounts and omnibus accounts); Send a proposal for the document Listen to audio Get a reference from a document element b) with respect to securities stored in omnibus accounts of clients of foreign nominal custodians, except for securities transferred to a direct individual account opened directly in the name of a specific person, whose identity can be identified. Send a proposal for the document Listen to audio Get a reference from a document element
2. The Central Depository of Securities has the right to demand disclosure of information about foreign beneficial owners of securities accounted for in the omnibus account opened in the Central Depository of Securities from the foreign nominal custodian in accordance with current legislation. In this case: Send a proposal for the document Listen to audio Get a reference from a document element a) if it is possible to determine that the securities in the omnibus account belong to a specific beneficiary, such securities may be transferred to a direct individual account opened in the name of the specified beneficial owner in the Central Depository of Securities and levied upon based on a court decision; Send a proposal for the document Listen to audio Get a reference from a document element b) if it is not possible to determine the specific beneficial owner of the securities stored in the omnibus account, each foreign nominal custodian must ensure that inquiries are sent along the vertical chain of ownership of the securities until the beneficial owner is identified. Send a proposal for the document Listen to audio Get a reference from a document element
3. Ownership and other rights of the foreign nominal custodian to securities in its omnibus account are confirmed by a collective extract from the depot account provided by the Central Depository of Securities. See previous edition. Send a proposal for the document Listen to audio Get a reference from a document element Send a proposal for the document Listen to audio Get a reference from a document element
4. Information about securities owners is provided by foreign nominal custodians to the Central Depository of Securities in response to requests from the authorized state body for regulating the securities market, the anti-monopoly body, tax authorities, courts, investigative and inquiry bodies, in cases and in the manner established by law for matters within their competence. Send a proposal for the document Listen to audio Get a reference from a document element In this case, foreign nominal custodians with an omnibus account number in the Central Depository of Securities of the Republic of Uzbekistan, as well as depository banks, are not responsible for the failure to provide information about the foreign beneficial owner of securities in a timely manner and in the prescribed manner by other foreign nominal custodians. (Paragraph 4 was amended by the Decree of the President of the Republic of Uzbekistan No. PF-254 of December 18, 2025 - National Database of Legislation, December 22, 2025, No. 06/25/254/1195) LexUZ comment See: The Regulation approved by the Resolution No. 2007-04, 290-V of April 4, 2007 of the Center for Coordination and Control of Securities Market Activity under the Committee on State Property and the Board of the Central Bank on the procedure for circulation of securities in foreign currency, purchase of securities in foreign currency by residents, as well as purchase of securities issued by residents by non-residents in the territory of the Republic of Uzbekistan (registry number 1692, June 22, 2007). Send a proposal for the document Listen to audio Get a reference from a document element Send a proposal for the document Listen to audio Get a reference from a document element Resolution of the President of the Republic of Uzbekistan No. PQ-291 of September 2, 2023 ANNEX 4 Send a proposal for the document Listen to audio Get a reference from a document element "ROADMAP" for the Development of the Capital Market in 2023-2025 Send a proposal for the document Listen to audio Get a reference from a document element See previous edition. Send a proposal for the document Listen to audio Get a reference from a document element Send a proposal for the document Listen to audio Get a reference from a document element No. Name of Measures Implementation Mechanism Form of Implementation Implementation Period Responsible Executors I. Development of Capital Market Infrastructure

Simplification of the trading procedure for state securities in the market for foreign investors.

1. Create the opportunity to distribute market data to third parties using the FIX protocol or standardized API, and to accept trading orders from foreign investment intermediaries and others, including through internal systems such as Order Management Systems (OMS). Organizational Measures September 2024 "Uzbekistan Republic Currency Exchange" JSC (UzRB)

Create opportunities for foreign investors (recognized foreign banks, including custodians) to carry out primary dealer activities in the state securities market. Organizational Measures December 2024 Ministry of Economy and Finance, Central Bank, UzRB 3. Create conditions for "Uzbekistan Republic Currency Exchange" JSC to provide depositary services to foreign nominal custodians and investment intermediaries in its depositary system and maintain depot accounts for state securities until a unified depositary system for accounting of state and corporate securities is created. Organizational Measures March 2024 UzRB, Central Bank 2. Introduce a new settlement (clearing) model for trading in state securities.

1. Carry out settlements with funds for trading in state securities through the Central Bank. Organizational Measures July 2024 UzRB, Central Bank, Central Depository of Securities (CDS)
2. Establish the opening of direct accounts in national and foreign currencies at the Central Bank for recognized foreign nominal custodians (Clearstream, Euroclear) and custodians upon their request to make payments for state securities. Organizational Measures July 2024 Central Bank
3. Ensure the participation of local and foreign professional participants, including other foreign nominal custodians, in the Central Bank's payment system (RTGS - Real Time Gross Settlement) through local banks. Organizational Measures July 2024 Central Bank, CDS, UzRB
4. Introduce "T+2" settlement for state securities in the secondary market. Organizational Measures July 2024 CDS, UzRB
5. Introduce the function of foreign nominal custodian, including custodian, in the depositary software ensuring storage, accounting, and settlement of state securities. Organizational Measures July 2024 CDS, UzRB
6. Cancel the requirement for prior deposit of securities and funds when trading in state securities and introduce risk management practices as part of the new settlement (clearing) model. Draft of Regulatory Legal Act July 2024 UzRB, CDS

Introduce a new settlement (clearing) model for trading in corporate securities.

1. Transfer the functions of clearing settlements and the clearing house for settlements in securities trading of "Tashkent" CSE JSC to the Central Depository of Securities. Organizational Measures October 2024 "Tashkent" CSE, CDS

2. Carry out settlements with funds for trading in corporate securities through the Central Bank. Organizational Measures October 2024 Central Bank, CDS

3. Upon the request of recognized foreign nominal custodians (Clearstream, Euroclear) and custodians, establish the opening of direct national and foreign currency accounts with the Central Bank. Organizational measures January 2024 Central Bank, State Property Committee

4. Ensure the participation of local and foreign professional participants, including other foreign nominal custodians, in the Central Bank's payment system (RTGS — "Real Time Gross Settlement") through local banks. Organizational measures October 2024 Central Bank, State Property Committee

5. Introduce a new settlement (clearing) model for corporate securities settlements: "T+2" for the "Main Board" trading venue of the stock exchange, and "T+2", "T+1", and "T" formats for other trading venues ("Nego Board", "IPO/SPO/PO Board", "Special Buy In/Special Sell Out Board", "Buy In / Sell Out Board", etc.). Organizational measures October 2024 "Center for Information Resources of the Capital Market" CJSC (Center for Information Resources), State Property Committee

6. Introduce the function of a foreign nominal custodian, including a custodian, in the depository software of the Single Software and Technical Complex (SSC) ensuring the storage, accounting, and settlement of corporate securities. Organizational measures October 2024 Center for Information Resources, State Property Committee

7. Abolish the requirement for pre-deposit of securities and funds when executing trade transactions and introduce risk management practices in the new settlement (clearing) model, including in the depository software of the SSC ensuring the storage, accounting, and settlement of corporate securities. Draft regulatory legal act July 2024 UzRB, State Property Committee, Central Bank, National Agency for Forward Projects (NAFP)

Implement the SWIFT system at the "Central Securities Depository" JSC.

1. Study and analyze the types of SWIFT connections introduced for state and corporate securities. Analytical information December 2023 UzRB, State Property Committee

2. Organize training courses on the use of the SWIFT system, its technical maintenance, and relevant courses on ISO 15022 and ISO 20022 standards. Organizational measures December 2023 UzRB, State Property Committee

3. Establish the following SWIFT connections for state and corporate securities: ensure compliance of all operations with ISO 15022 standards; ensure compliance of operations using ISO 20022 standards in foreign practice with these standards in Uzbekistan; establish two-way conversion between ISO 15022 and ISO 20022 messages (transition from one standard to another); gradually introduce ISO 20022 standards by 2028 for operations remaining in foreign practice. Organizational measures July 2024 UzRB, State Property Committee

Connect with international and foreign central securities depositories.

1. Establish bilateral correspondent relations with the "Clearstream" organization by opening foreign nominal accounts for "Clearstream" clients at the Central Securities Depository and opening an account for the Central Securities Depository at the "Clearstream" organization. Organizational measures February 2025 State Property Committee, UzRB

Improve the activities of the "Central Securities Depository" JSC, which ensures the storage, accounting, and settlement of corporate and state securities.

1. Transfer the first floor and the left part of the basement of the building located at 107 Mustaqillik Street, Mirzo Ulugbek District, to the charter capital of the "Central Securities Depository" JSC at its balance sheet value. Act, order October 2023 State Property Committee, State Property Committee

2. Reorganize the "Central Securities Depository" CJSC into a joint-stock company at its balance sheet value. Issuance of shares October 2023 State Property Committee, Central Bank, NAFP

3. Transfer free of charge the state share package in the "Central Securities Depository" JSC to the Central Bank to exercise shareholder rights. Act November 2023 State Property Committee, Central Bank

4. Submit proposals to participants of the securities market to sell a portion of shares while retaining the controlling package of the "Central Securities Depository" JSC. Proposals Throughout 2024 NAFP, Central Bank, State Property Committee

5. Submit proposals for the creation of a single depository software ensuring the storage and accounting of corporate and state securities and the settlement of transactions related to them. Analytical information April 2024 State Property Committee, UzRB, Center for Information Resources

6. Implement a securities storage, accounting, and settlement system based on the principles of the International Organization of Securities Commissions (IOSCO). Action plan April 2024 NAFP, State Property Committee, UzRB

Improve the procedure for introducing non-residents' securities into the local market and residents' securities into foreign markets. Submit a draft document to the Cabinet of Ministers containing relevant amendments and additions to the "Regulations on Quotas and Procedures for Introducing Securities into Circulation" approved by Resolution No. 239 of the Cabinet of Ministers of August 20, 2014. Draft regulatory legal act December 2024 NAFP, "Tashkent" Stock Exchange, State Property Committee, interested ministries and departments

Ensure the relevance of information about shareholders of joint-stock companies.

1. Approve an action plan for establishing information exchange with the Ministry of Internal Affairs, Ministry of Justice, State Tax Committee, and other interested ministries and departments to compare and ensure the relevance of information about shareholders of joint-stock companies. Action plan November 2023 NAFP, State Property Committee, Ministry of Digital Technologies, State Tax Committee, MIA, Ministry of Justice, Privatization Agency

2. Submit proposals to the Cabinet of Ministers regarding shares belonging to deceased persons, those who have permanently moved to a foreign country, persons whose identity cannot be established, heirs who have renounced the shares, or legal entities removed from the state register. Analytical information December 2023 State Property Committee, NAFP

Further improve the activities of the "Center for Information Resources of the Capital Market" CJSC, the Central Depository, and the "Tashkent" Stock Exchange.

1. Take measures to improve the activities of the "Center for Information Resources of the Capital Market" CJSC, the Central Depository, and the "Tashkent" Stock Exchange. In this regard, review the tariffs of the "Center for Information Resources of the Capital Market" CJSC, taking into account annual budget allocations and transactions executed at the Central Depository and the "Tashkent" Stock Exchange. Organizational measures December 2023 NAFP, Center for Information Resources, Competition Committee

2. Conduct negotiations with the Korean Exchange regarding the software and server license of the Single Software and Technical Complex and submit proposals. Organizational measures December 2023 Center for Information Resources, NAFP

3. Conduct negotiations with the creators of the SSC regarding the organization of relevant training courses on the use of this software. Based on schedule September 2023

4. Organize relevant training courses on the use of the "Total Market Surveillance" software. Based on schedule December 2023

Improve the procedure for delivering important information about the company to shareholders.

1. Submit proposals on introducing the procedure for delivering dividends calculated by the company and other important information via SMS messages and/or email addresses. Proposal March 2024 NAFP, Ministry of Digital Technologies, State Property Committee

2. Make relevant amendments and additions to legislative acts regarding the implementation of this proposal. Draft regulatory legal act December 2024

Introduce the special legal regime "Regulatory Sandbox". Develop and approve in the prescribed manner documents related to the introduction of the special legal regime "Regulatory Sandbox". Departmental draft regulatory legal acts December 2023 NAFP, Central Bank

II. Increase supply by increasing the number of issuers, introducing new financial products, and improving corporate governance

Simplify requirements for small and medium-sized business entities. Develop rules for creating trading venues for small and medium-sized business entities and coordinate with the National Agency for Forward Projects. Supervisory Board Resolution December 2024 "Tashkent" Stock Exchange, Center for Information Resources, NAFP

Increase the variety of financial instruments on the Stock Exchange. Based on advanced foreign experience, submit proposals to organize a "Gold ETF" fund in the form of a "Trust Fund" as a pilot and establish standards for the successful placement of its shares. Proposal July 2024 NAFP, Central Bank, Ministry of Justice

Improve the Corporate Information Single Portal. Prepare a technical assignment for improving the Corporate Information Single Portal by involving local and international consulting organizations. This should include the automatic formation of analytical information on the Portal and the ability to provide information to interested parties. Action plan November 2023 NAFP, Center for Information Resources

Implement an Employee Stock Ownership Plan (ESOP).

1. Approve the Regulation on the procedure for implementing an Employee Stock Ownership Plan (ESOP). Departmental draft regulatory legal act April 2024 NAFP

2. Implement an Employee Stock Ownership Plan (ESOP) by joint-stock companies where the state share to be sold through a primary public offering is 50 percent or more. Resolutions of governing bodies August 2024 Ministry of Economy and Finance, State Property Committee, NAFP

Open personal investment accounts and account for funds.

1. Develop and submit to the Cabinet of Ministers the Regulation on personal investment accounts, the procedure for opening them, and accounting for funds therein. Draft regulatory legal act December 2023 NAFP, Ministry of Economy and Finance

2. Conduct widespread promotional and educational work among the population regarding personal investment accounts. Action plan February 2024 "Tashkent" Stock Exchange, NAFP, Uzbekistan National Television and Radio Broadcasting Company

Increase the volume of securities.

1. Increase the volume of investments in securities traded in organized markets (excluding state securities) by commercial banks and insurance companies with a state share of 50 percent or more to 3 (three) percent of their total investments in state securities and funds deposited in deposits and/or deposit certificates. Action plan June 2024 Ministry of Economy and Finance, State Property Committee, NAFP

2. Attract a portion of the total funds attracted by state-owned enterprises with a state share of 50 percent or more in one financial year (at least 5 percent of the loan) by placing them in the local capital market through the placement of exchange and corporate bonds in organized markets for securities trading. Based on schedule for 2024-2025 March 2025 Ministry of Economy and Finance, State Property Committee, NAFP

III. Improve legal regulation and supervision of the capital market

Organize meetings and sessions of governing bodies of economic societies using information and communication technologies. Develop a draft regulatory legal act providing for the remote participation and voting of founders, shareholders, participants, and the supervisory board of economic societies at general meetings or sessions. This should include: creating the opportunity for remote participation through electronic channels ensuring authorization and identification for shareholders of joint-stock companies included in the stock exchange quotation sheet, alongside in-person formats; creating a legal basis and technological system allowing voting by beneficial owners of shares upon the instruction of nominal custodians, including foreign nominal custodians, including the ability to vote separately in the name of each beneficial owner (i.e., the nominal custodian can vote "Yes" in the name of some beneficial owners and "No" in the name of others); automated information exchange ensuring the delivery of announcements regarding the emergence of rights to additional securities distributed by global depositories during corporate decision-making processes from the company to shareholders, and the delivery of responses, inquiries, and statements on exercising shareholder rights from shareholders to the company. Draft regulatory legal act July 2024 NAFP, State Property Committee, State Property Committee, Ministry of Digital Technologies

Improve the procedure for paying income on securities. Approve the procedure for paying income in the form of dividends and interest to the accounts of securities owners, investment intermediaries, or foreign nominal custodians through the "Central Securities Depository" JSC and/or investment intermediaries. Draft regulatory legal act December 2023 NAFP, Central Bank, State Property Committee

Improve the system for conducting qualification exams and professional development for professional participants of the securities market, taking into account advanced foreign experience.

1. Analyze legislation of foreign countries and study advanced experience in the field of conducting qualification exams and professional development for professional participants of the securities market. Analytical information January 2024 NAFP

2. Review the procedure for conducting, issuing, and re-issuing qualification certificates in the capital market, considering the appropriateness of granting the following functions to local and foreign associations (unions) of professional participants of the securities market: conducting qualification exams for obtaining qualification certificates in the capital market, issuing, and re-issuing them; approving professional development programs for capital market specialists. Draft regulatory legal act April 2024

Review restrictions on acquiring shares for investors registered in offshore zones. Submit proposals for reviewing the list of offshore zones based on the study of advanced foreign experience. Analytical information December 2023 NAFP, Central Bank, Ministry of Economy and Finance, State Tax Committee, "Tashkent" Stock Exchange

Simplify the procedure for registering the issuance of securities. Submit proposals on introducing the practice of "shelf-registration" for the registration of securities issuance. Analytical information September 2024 NAFP, Ministry of Justice

Strengthen the protection of shareholder rights and improve the procedure for information disclosure. Develop and submit to the Cabinet of Ministers a draft law providing for: abolishing the procedure of retaining unclaimed dividends in the discretion of joint-stock companies for three years; requiring issuers to publish reports, important facts, and information to be disclosed on the Corporate Information Single Portal and automatically uploading this information to the "Tashkent" Stock Exchange website. Draft law December 2023 NAFP, Ministry of Justice

IV. Improve the tax system in the capital market

Improve tax regulations in the capital market. Develop and submit to the Cabinet of Ministers a draft law providing for: granting companies' employees preferential rights to purchase shares under the Employee Stock Ownership Plan (ESOP) introduced by the company during the public placement (IPO) of shares. In this regard, exempt from personal income tax the funds directed for the purchase of shares from monthly salaries and payments equivalent to them, not exceeding the amount of monthly salaries and equivalent payments for one calendar year, based on their consent; exempt from personal income tax the income directed to personal investment accounts for the purchase of securities issued in the local capital market, up to 100 times the minimum wage for total remuneration and other income during the tax period. In this regard, the taxpayer undertakes not to withdraw funds and not to purchase securities for resale within twelve months. If the taxpayer fails to fulfill these obligations, the tax exemption is canceled for the entire period of application of the tax exemption, with the obligation to pay tax restored; extend the validity period of the benefits provided for in paragraph 1 of Resolution No. PQ-90 of the President of the Republic of Uzbekistan dated January 17, 2022, "On Additional Measures for the Introduction of Effective Mechanisms for Supporting the Capital Market" until December 31, 2028; deduct income from REPO operations from total income. Draft law October 2023 Ministry of Economy and Finance, NAFP, State Property Committee, interested ministries and departments

V. Expand the investor base and increase financial literacy of the population

Simplify the procedure for opening deposit accounts in national currency until requested by non-residents. Make amendments and additions to legislative acts on opening deposit accounts in national currency until requested by foreign investors selling (buying) corporate bonds along with shares in organized markets. Draft regulatory legal act October 2023 Central Bank, NAFP, Ministry of Economy and Finance

Expand the opportunity for exchange members to participate in trading. Approve a single procedure for the simplified admission of "Tashkent" Stock Exchange members to membership in "UzRB" JSC. In this regard, the principle of mutual recognition of exchange members is envisaged. Draft regulatory legal act October 2023 UzRB, "Tashkent" Stock Exchange, NAFP, Central Bank

Create the opportunity to open depository accounts remotely. Develop and submit to the Cabinet of Ministers the procedure for opening depository accounts remotely and concluding contracts with investors. In this regard, it is envisaged that investor identification will be carried out using free information from state information systems through the "Electronic Government" system. Draft regulatory legal act October 2023 NAFP, Ministry of Digital Technologies

Consistently implement programs to increase the financial literacy of the population on issues related to the capital market.

1. Cooperate in creating articles and other content on the basics of the capital market and posting them on the financial literacy website finlit.uz and social media pages of the Central Bank of the Republic of Uzbekistan.

2. Create and support information and educational resources via website and Telegram channel to highlight issues and problems of increasing the financial literacy of the population in the capital market. Organizational measures November 2023 NAFP, Central Bank

Report on the state of the capital market, including the stock exchange, and increase the financial literacy of the population.

1. Organize television programs on the capital market. Schedule December 2023 "Tashkent" Stock Exchange, UzRB, State Property Committee, NAFP, Uzbekistan Information Agency, Uzbekistan National Television and Radio Broadcasting Company

2. Increase the financial literacy of the population on issues related to the capital market. Action plan December 2023 "Tashkent" Stock Exchange, UzRB, State Property Committee, non-state non-profit organizations of the capital market (according to agreement)

VI. Improve the qualifications of capital market participants, create a system for their training and retraining

Develop the institutional base for increasing personnel potential.

1. Include in the list of master's dissertations and scientific works at higher education institutions topics related to the study of shortcomings and problems in the capital market, covering all levels of post-secondary education (master's, PhD) for the continuous training of specialists in the specialty "Capital Market" with the participation of the Ministry of Higher Education, Science and Innovation, the Higher School of Business and Entrepreneurship, and higher education institutions. Organizational measures Throughout 2023 Ministry of Higher Education, Science and Innovation, Higher School of Business and Entrepreneurship, NAFP, Higher Education Institutions

2. Organize local and international conferences for experience exchange and discussion of financial literacy and capital market issues. Organizational measures Starting from 2024, permanent NAFP, Ministry of Higher Education, Science and Innovation, Higher School of Business and Entrepreneurship, Higher Education Institutions

3. Training and retraining of staff and improving their qualifications in foreign countries with developed capital markets. Organizational measures On a permanent basis NAFP, Central Bank

4. Take measures to attract highly qualified specialists, including those with work experience in regulatory authorities of the securities markets of foreign countries. Organizational measures On a permanent basis (Paragraph 5 of Annex 4 of the Decree of the President of the Republic of Uzbekistan No. PF-254 dated December 18, 2025 — National Database of Legislative Information of Uzbekistan, 22.12.2025, No. 06/25/254/1195)

Send feedback Listen to audio Get link to document element Send feedback Listen to audio Get link to document element Annex 5 to the Resolution of the President of the Republic of Uzbekistan No. PQ-291 dated September 2, 2023 Send feedback Listen to audio Get link to document element Amendments being made to certain resolutions of the President of the Republic of Uzbekistan Send feedback Listen to audio Get link to document element Send feedback Listen to audio Get link to document element

1. In the Resolution of the President of the Republic of Uzbekistan No. PQ-5073 dated April 13, 2021 "On Measures for Further Improvement of the System for Regulating the Capital Market": Send feedback Listen to audio Get link to document element a) In paragraph 2: Send feedback Listen to audio Get link to document element replace the words "Ministry of Finance" in the first bullet point with the words "National Agency for Forward Projects of the Republic of Uzbekistan"; Send feedback Listen to audio Get link to document element remove the words ", as well as the activity of organizing lotteries" from the sixth bullet point; Send feedback Listen to audio Get link to document element b) paragraphs 3 and 4 are considered to have lost their force; Send feedback Listen to audio Get link to document element v) In paragraph 5: Send feedback Listen to audio Get link to document element rephrase the first bullet point as follows: Send feedback Listen to audio Get link to document element "5. Starting from September 15, 2023, the following funds shall be directed to the National Agency for Forward Projects of the Republic of Uzbekistan"; Send feedback Listen to audio Get link to document element remove the sixth bullet point;

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Seventh through ninth bullet points shall be considered respectively as sixth through eighth bullet points.

The words "Ministry of Finance" in the eighth bullet point shall be replaced with the words "National Agency for Promising Projects of the Republic of Uzbekistan".

2. In the Resolution of the President of the Republic of Uzbekistan dated January 17, 2022, No. PQ-90 "On Additional Measures for Implementing Effective Mechanisms for Supporting the Capital Market":

a) In the first bullet point of paragraph 1, the words "by December 31, 2024" shall be replaced with the words "by December 31, 2028";

b) The second, third, and fourth bullet points of paragraph 4 shall be replaced with the following second bullet point:

"The National Agency for Promising Projects shall, by February 1, 2025, after a deep analysis of the experimental results, submit proposals regarding the appropriateness of applying them to all participants authorized to conduct underwriting activities in the securities market."

3. In the Resolution of the President of the Republic of Uzbekistan dated November 8, 2022, No. PQ-415 "On Additional Measures for Further Improving the Legal Basis of Corporate Relations":

a) In the first bullet point of paragraph 7, the words "Ministry of Finance" shall be replaced with the words "National Agency for Promising Projects";

b) In the appendix:

Positions 7 and 11 shall be deleted;

The words "December 2023" in the "Execution Deadline" column of positions 10 and 12 shall be replaced with the words "December 2025".

(National Database of Legislative Information, 04.09.2023, No. 07/23/291/0667; 28.11.2024, No. 06/24/200/0981; 22.12.2025, No. 06/25/254/1195)