NAPP becomes the regulator of the capital market of Uzbekistan

The National Agency for Advanced Projects under the President (NAPP) becomes the regulator of the capital market of Uzbekistan. This is provided for by the resolution of the head of state dated September 2, the correspondent of “Gazeta.uz” reports.

The NAPP receives the tasks, functions and powers of the Ministry of Economy and Finance to regulate the capital market, including the activities of organizers of securities trading and the Central Securities Depository, develop corporate governance, and control the activities of insurance companies. The Agency is determined by the authorized body for the implementation of regulation, licensing, licensing procedures in these areas.

The Agency is also donated to the State Unitary Enterprise “Information and Resource Center of the Stock Market” and the Unified Portal of Corporate Information.

The National Agency for Perspective Projects is the legal successor under the contracts of the Ministry of Economy and Finance in the field of capital market. Previously issued licenses and other permits in the field of the capital market remain valid, the adoption of this resolution does not entail their cancellation or change.

Starting from October 1, 2023, documents in the field of the capital market that are being considered by the Ministry of Economy and Finance (licensing of relevant activities, registration of the issue of securities, appeals and other documents) are transferred to the agency, which draws up the results of their consideration.

The procedure for licensing, permitting and notification procedures for the activities of the stock exchange and the activities of the organizer of over-the-counter trading in securities, professional activities in the securities market, as well as the procedure for granting a special legal regime “Regulatory Sandbox” in the field of the capital market is established by the NAPP (now the Central Bank).

Recall that in 2019-2021, the independent Agency for the Development of the Capital Market was the market regulator, then it was abolished, and the functions were transferred to the Ministry of Finance (now the Ministry of Economy and Finance).

In April 2022, the National Agency for Advanced Projects was created on the basis of the National Agency for Project Management (NAPM). Its main task was the development and implementation of a policy in the field of circulation of crypto assets.