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The procedure for granting a special legal regime of "Regulatory sandbox" in the field of the capital market has been implemented
In order to further develop the capital market, improve its infrastructure, stimulate the attraction of investors to the capital market, and simplify the procedure for the participation of foreign investors in the local stock market, large-scale reforms are being conducted in the Republic of Uzbekistan.
In pursuance of the tasks defined by the Decree of the President of the Republic of Uzbekistan dated September 2, 2023 № PP-291 "On additional measures for the development of the capital market", the National Agency of Perspective Projects has developed and approved the Regulations on the procedure for granting a Special Legal Regime of "Regulatory Sandbox" in the field of the capital market (reg. of the Ministry of Justice of the Republic of Uzbekistan dated January 29, 2024, reg. № 3493).
The main goals and objectives of the implementation of the Special Legal Regime are to test the best foreign practices aimed at facilitating access to the local capital market for foreign investors, to develop legal mechanisms to introduce new forms and methods of attracting investments in the Republic of Uzbekistan.
For example, the Special Legal Regime allows foreign nominee holders to conduct their activities in the Republic of Uzbekistan without obtaining a separate license, establishing a branch or a new legal entity or without participation in the authorized capital of a local legal entity.
Along with this, they are also given the opportunity to open accounts in the Central Bank of the Republic of Uzbekistan in foreign and national currency, depo accounts in the Central Securities Depository and in the depository system of the JSC Uzbek Republican Currency Exchange.
Professional participants from 38 recognized foreign jurisdictions (USA, China, Great Britain, Singapore, Japan, etc.) can become participants of the Special Legal Regime.
Adoption of these measures is aimed at accelerated development of the national capital market, introduction of best foreign practices and increasing the investment attractiveness of the country.
