The National Agency of Prospective Projects of Uzbekistan presented a draft of the new law "On the Capital Market," which is intended to update financial sector regulation, expand investor opportunities, and increase the attractiveness of the national market for international participants.
According to agency representatives, the document was developed within the framework of tasks outlined in the decrees and resolutions of the President of Uzbekistan. One of the key goals is to attract global depositories and develop the stock market in accordance with international standards.
In recent years, the country's capital market has grown significantly. The volume of equity issuance increased from 189.7 trillion soums in 2023 to 269.4 trillion soums by July 1, 2026. Corporate bond issuance grew from 1.06 trillion to more than 7 trillion soums over the same period. The volume of trading on the stock exchange for 2023–2025 increased almost sixfold – from 2.9 trillion to 17.6 trillion soums.
The new bill includes 16 chapters and 123 articles. Its preparation took into account the experience of international organizations, including the EBRD, IFC, Asian Development Bank, Islamic Development Bank, UNDP, IOSCO, and the US Securities and Exchange Commission.
One of the main innovations will be the expansion of the list of financial instruments. Uzbekistan plans to allow the use of options, swaps, futures, forwards, and contracts for difference. Regulation of covered bonds, securitized bonds, "green" bonds, and Islamic financial instruments sukuk will also be introduced.
Special attention is paid to the development of the sukuk market. The bill provides for rules for the issuance and circulation of such instruments, including various models of Islamic finance, as well as the creation of mechanisms for protecting investors' rights.
In addition, the document proposes to strengthen the capital market infrastructure: license custodial services and central counterparty activities, expand the functions of the Central Depository, and introduce new self-regulatory institutions.
The authorities expect that the adoption of the law will attract more foreign institutional investors, expand companies' access to financing, and create new opportunities for the population and businesses in the financial market.
