Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan plans to eliminate commercial unitary enterprises and partnerships with additional liability.

During its second plenary session, the Senate reviewed the Law “On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in Connection with the Further Improvement of the Legal Framework for Corporate Relations.”

Discussions highlighted that in recent years, consistent reforms have been undertaken to enhance the organizational and legal foundations of commercial entities, eliminate outdated forms of legal entities, and introduce modern corporate governance methods. In this context, there is a need to refine corporate relations, incorporate new institutions into civil-law relations, and clarify their legal status.

The draft law proposes the abolition of the forms of unitary enterprises and partnerships with additional liability, as well as the requirement for state registration of the founding agreement for limited liability companies.

The legislation introduces legal status for such institutions as corporate agreements, consortia, and consortium agreements.

The law also establishes a requirement to disclose decisions by supervisory boards regarding the issuance of shares, corporate bonds, and other securities. This information must be presented as material facts in accordance with legal regulations.

It is stipulated that the authorized state body regulating the securities market will publish information on the state registration of securities issuances and the issuance of licenses for professional activities in this market.

Senators emphasized that the law aims to simplify the activities of business entities, improve corporate relations, and implement more robust mechanisms to protect the rights of participants and shareholders. Additionally, the law seeks to reduce bureaucracy in corporate relations by eliminating several procedures and requirements that have become obsolete.

The law was approved by the senators following the discussion.