Tashkent Discusses Draft New Capital Market Law
The document introduces derivative instruments, sukuk, and expands investor rights protection, the National Agency for Advanced Projects reported.
On October 5, an international roundtable on the draft law 'On the Capital Market' was held in Tashkent. The draft has already passed its first reading in the Legislative Chamber of the Oliy Majlis. The event was organized by the National Agency for Advanced Projects (NAPP), the International Finance Corporation, and the United Nations Development Programme.
The draft law comprises 16 chapters and 123 articles. It introduces new financial instruments, including options, futures, swaps, and sukuk for Islamic financing. Mechanisms for investor protection are also provided, including the classification of market participants into qualified and non-qualified investors.
The document expands the powers of the Central Depository and introduces the institution of a central counterparty for trade clearing. Special attention is given to integration with international markets: residents will be able to access foreign platforms, while non-residents will be able to issue securities in Uzbekistan.
