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Uzbekistan, US Discuss Issues of Capital and Goods Market Development

www.uzdaily.com/en
14 November 2019

On 14 November  2019, in the Senate of the Oliy Majlis of the Republic of Uzbekistan, a meeting was held between the First Deputy Chairman of the Senate of the Oliy Majlis Sodik Safoev and a delegation composed of representatives of the Securities and Exchange Commissions and the United States Commodity Futures Trading.

During the meeting, it was noted that the deep structural transformations carried out by the government of Uzbekistan at a new stage in the country's development, in particular economic reforms, give tangible results that are recognized by the world community. This also applies to the capital market, which is one of the central links in the overall system of interconnected sectors of the economy. The development of the capital market directly affects the development of the economy as a whole, since this market allows you to finance highly profitable investments, sharing the risks between the investor and the company.

The guests noted that the country has great potential for the development of the capital market, which must be fully utilized. The U.S. Securities and Exchange Commission, which is the main body that oversees and regulates the US securities market, is ready to assist the Uzbekistan capital market regulator in introducing best practices in this field and raising the profile of specialists in this field.

Representatives of the US Commodity Futures Trading Commission also emphasized their willingness to assist in promoting competitive and efficient futures markets and putting into practice mechanisms to protect investors from manipulation and abuse in trading practice.

In this regard, the first seminar on advanced training of representatives of capital markets, central banks and ministries of finance of Central Asian countries in this direction was organized by the Agency for Development of the Capital Market of the Republic of Uzbekistan on 12-14 November.

During the seminar, experts from the US Securities and Exchange Commission and the Commodity Futures Trading Commission shared their views on market development, law enforcement, expert analysis of market participants, and the public issuance of securities.

In this regard, during the meeting in the Senate, a range of issues was identified on which it is necessary to concentrate attention in the course of mutual cooperation.

Along with this, an exchange of views took place on the development of relevant legislative acts and the implementation of parliamentary oversight of compliance with existing legal documents.