27 September 2022

The delegation of the Ministry of Finance held a series of negotiations in South Korea

A delegation of the Ministry of Finance of Uzbekistan visited the Republic of Korea from 19 to 21 September to expand bilateral cooperation in the field of finance.

The delegation had a meeting with the Deputy Head of the Korean Financial Control Service Zhunghun Park. The parties discussed the prospects for cooperation between the Service and the Ministry of Finance.

The issues of interaction with the Ministry and other regulatory authorities on the implementation of anti-money laundering procedures (AML) and (FATF), as well as studying the Korean experience with the involvement of relevant specialists for the implementation of compliance control in order to prevent manipulations in the capital market, the use of insider information were considered. and other violations of the law.

A meeting was held between the Deputy Minister of Finance of the Republic of Uzbekistan Odilbek Isakov and the Vice President of the Korean Stock Exchange (KRX) Tae-yong Yang to develop the stock market infrastructure and further improve the trading platform installed by KRX.

Among the main topics discussed at the meeting was ensuring the high-quality implementation of a number of tasks set in the decree of the President of the Republic of Uzbekistan dated April 13, 2021 No. UP-6207, including:

– improvement of the Unified Software and Hardware Complex (EPTK) of the State Unitary Enterprise “Information and Resource Center of the Stock Market”;

– full launch of the automated market control platform (“Total Market Surveillance”) EPTK;

– implementation of the procedure for issuing international securities identification codes (ISIN, CFI and FISN), implementation of other changes and additions.

Mr. Tae-yong Yang noted that he is aware of the economic reforms carried out in Uzbekistan in recent years and their positive impact on the further development of the capital market of Uzbekistan. He expressed his readiness to organize a working group to implement the above tasks for the EPTC, develop changes and additions based on the current requirements of the capital market of Uzbekistan, and also allocate resources to conduct the necessary research in terms of IT solutions for the EPTC.

At the next stage, it was decided to hold additional negotiations between the parties on the implementation of relevant changes, taking into account the results of the research.

At a meeting with the director of the Korean Securities Depository, Mr. Kwang Yeon Cho, the relevance of introducing a single depository institution in the capital market of the Republic of Uzbekistan was emphasized, and Mr. Kwang Yeon Cho also said that the issue of providing an appropriate consultant for the implementation of the above goals would be considered.

Also, Mr. Kwang Yeon Cho emphasized the need to integrate into international depositories (“Clearstream”, “Euroclear”) and, based on world standards, organize depositary services of custodian banks to attract foreign investors to purchase government securities, and then corporate bonds and shares .

Specialists from the Ministry of Finance, the Central Bank, the State Assets Management Agency, the Republican Stock Exchange “Tashkent” and the Central Securities Depository took part in the “Knowledge Sharing Initiative” organized by the Council on International Financial Cooperation.

During the visit, presentations were made on the ongoing reforms to develop the capital market of Uzbekistan, the conditions created for investors, and the goals outlined for the development of market infrastructure.