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Uzbekistan’s securities market will become more transparent for foreign players

The country will sign the IOSCO memorandum by the end of the year.

 The Agency for Development of the Capital Market of Uzbekistan intends to become an official signer of the multilateral memorandum of understanding on consultation, cooperation, and information exchange (IOSCO MMOU) by the end of this year.

The relevant issue was discussed on April 13 at a videoconference with the participation of the Agency’s leadership and representatives of the IOSCO secretariat, headed by Isabel Pastor, Senior Advisor to the organization.

During the event, issues of accelerating the process of preparing the legislative framework for the signing of the memorandum by the Uzbek side were discussed. In this regard, several comprehensive assessment documents have been submitted to the IOSCO secretariat. The official signing of the IOSCO MMOU by the Agency will be a clear signal to foreign investors that Uzbekistan adheres to international standards and principles, and market regulation can ensure the transparent operation of the exchange.

“The signing of the memorandum is a statement by Uzbekistan to large international investors that it is not necessary to be afraid to enter our securities market, it is transparent and protected from illegal operations and violations. It will also mean that the legislative and regulatory framework of Uzbekistan has passed international examination and received a positive assessment, “said Tursun Makhkamov, First Deputy Director of the Agency.

Currently, 138 countries are signatories to the Memorandum of Understanding in the Financial Market (Multilateral Memorandum of Understanding, MMOU).