The seminar was organised by the Committee for Budgeting and Economic Reforms of the lower chamber of parliament in cooperation with the State Property Committee of Uzbekistan and the Centre for Coordination and Control of the Securities Market. The meeting was attended by the members of the Legislative Chamber, heads of ministries and agencies concerned, and the representatives of joint-stock companies and experts.
During the seminar it was noted that the intensively developing market relations and a large-scale privatization taking place in Uzbekistan required further improvements in the legislation on securities.
Following the independence, a number of laws was passed to create a legal framework for the operation of the stock market in general and efficiency of its infrastructure in particular. Rules were established to regulate stock market operations, the functioning of the depository system, and protect the rights and interests of shareholders and investors.
An important guide for these legislative improvements was the presidential resolution "On measures for further development of the securities market" of 27 September 2006.
The aim of drafting a single Law "On securities market", prepared on the basis of the earlier acts of legislation, is to regulate the relations between the market participants, particularly the issuance, placement, circulation and annulment of securities.
Seminar participants made several suggestions on the ways to further improve the draft law.