Uzbekistan develops draft law “On exchange activities”

The event was organized by the Committee on budget and economic reforms of the Legislative Chamber of Oliy Majlis of Uzbekistan.

It was noted that the current law, regulating exchange activities in Uzbekistan, was adopted in July 1992. The law “On exchanges and exchange activities” determined legal framework and requirement for gradual transition to market relations. In new edition the law “On exchanges and exchange activities”, adopted in August 2001, took into account fast development of economy in Uzbekistan and ongoing reforms.

But current development of exchange technologies, new exchange tools, changes to functions and tasks of the exchanges requires to amend the law.

The State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition initiated development of the draft law.

Arkady Matyashin, deputy head of the department of the State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition, said that the draft law was developed taking into account global practices, foreign experience and activities of local exchanges. He said that the committee studied the EU experience.

The draft law consists of eight chapters and 42 articles. The law sets state regulation of the exchange activities, organization of exchange trades, rights and liabilities of exchange s, publication of results of trades, disclosure of information, etc.

The participant discussed processes of exchange operation, including forming prices, coordination of demand and offer, insurance from change of prices, ensuring attractive of the assets, etc.

It was said that it is important to adopt the draft law as it will help to introduce modern tools into exchange activities and create reliable exchange mechanisms for formation of prices, etc. It will also help to improve exchange infrastructure in the country.