The Central Securities Depository is transferred to the Central Bank of Uzbekistan

The state unitary enterprise “Central Securities Depository” (CSD) is transformed into a joint-stock company, and its shares in the authorized capital are transferred free of charge to the Central Bank of Uzbekistan. This is provided for by the presidential decree of September 2 (PP-291), the correspondent of “Gazeta.uz” reports.

The authorized fund of the CSD now stands at 22.2 billion soums and is on the balance sheet of the State Assets Management Agency.

The decision was made to “develop the capital market, improve its infrastructure, stimulate the attraction of investors to the capital market, simplify the procedure for the participation of foreign investors in the local stock market and protect the rights of investors”, – the document says.

In addition, with the establishment of JSC “Uzbek Republican Currency Exchange”, a National Clearing Center is being created in the form of a JSC.

The activities of the Central Securities Depository for registration, accounting and storage of securities, as well as the implementation of settlements on securities are regulated by the authorized state body for regulating the securities market (there was the Ministry of Economy and Finance, will become the National Agency for Advanced Projects, which also regulates crypto policy), and for settlements in cash based on the results of transactions with securities – by the Central Bank.

From January 1, 2025, a unified record of government and corporate securities will be maintained at the Central Securities Depository.

The work of the National Clearing Center as a Central Counterparty and for the implementation of centralized clearing (clearinghouse) is regulated by the Central Bank.

Until May 1, 2024, correspondent accounts of the clearing center and the Central Securities Depository are opened for settlements with the Central Bank.

The Central Securities Depository, the Uzbek Republican Currency Exchange and the Tashkent Republican Stock Exchange until December 31, 2028 are exempt from the accrual and payment of dividends with the targeted use of these funds for their development.