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PRESIDENTIAL DECREE OF THE REPUBLIC OF UZBEKISTAN

of January 14, 2019 No. UP-5630

About measures for radical enhancement of management system state assets, anti-monopoly regulation and capital market

In the country the large-scale transformations aimed at providing economic growth, increase in competitiveness, deepening of processes of upgrade and diversification of economy, forming of favorable conditions for investment attraction, first of all in key, structure-forming branches are performed.

At the same time, further reducing participation of the state in economy, development of the stock market and creation of healthy competitive environment are basis for carrying out active investment policy, dynamic and sustainable development of all spheres of life activity of society and the state.

At the same time, concentration within one state body of management functions by the state assets, implementation of anti-monopoly regulation and regulation of the security market led to accumulating of system problems among which:

first, high extent of intervention of state bodies in the current operating activiies of the companies from shares of the state in the authorized capital (further - the companies with the state participation), lack of flexibility and susceptibility to market trends, excessive dependence of the companies with the state participation from tax and customs privileges, including individual nature;

secondly, lack of system of strategic planning, the analysis and risk management, low investment appeal of the companies with the state participation, including in connection with low technological level of production, availability of numerous non-core assets, derivation of financial resources on the non-productive purposes;

thirdly, lack of the adjusted system of accounting of the state assets, low performance of management of privatization processes, weak institutional potential on recovery of productive activity of non-producing plants and the empty objects;

fourthly, insufficiency of institutional potential and the rights of authorized body for conducting effective and timely investigations of antitrust violations;

fifthly, discrepancy of regulatory framework of anti-monopoly regulation to modern requirements and international standards, lack of the mechanism of assessment of impact of acts of the legislation on the competition and obsolete methods of the analysis of the goods and financial markets;

sixthly, lack of system work on implementation of corporate standards of the prevention of antitrust violations (anti-monopoly komplayens) in business entities, steady system of training in the field of anti-monopoly regulation, the competitive right and policy, and also consumer protection;

seventhly, the present market situation of the capital of the country does not allow to use the available opportunities and potential for attraction in real production sector of long-term and direct investments, including foreign, interferes with effective realization of the planned reforms and the accelerated innovative development of the republic.

For the purpose of the accelerated carrying out institutional and structural reforms, implementation of effective controling mechanisms the state assets, cardinal enhancement of system of anti-monopoly regulation, reliable functioning of the capital market, and also according to the tasks determined by the Strategy of actions by five priority directions of development of the Republic of Uzbekistan in 2017 - 2021 and the Concept of administrative reform in the Republic of Uzbekistan:

1. Agree with the offer of the Cabinet of Ministers of the Republic of Uzbekistan about:

a) creation based on the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition (further - Goskomkonkurention), the Center for coordination and market development of securities in case of Goskomkonkurention and the Center for management of the state assets in case of Goskomkonkurention (further - the Center for management of the state assets):

Agencies on management of the state assets of the Republic of Uzbekistan (further - Agency on management of the state assets) with transfer of established posts, and also the tasks, functions and powers abolished Goskomkonkurention and the Center for management of the state assets to it regarding management of the state assets including which are located abroad, realization of privatization actions (including sale of the state shares), transfers of state-owned property to lease, implementations of corporate management in the companies with the state participation, financial improvement of economically insolvent companies with the state participation, bankruptcies, ensuring state regulation of estimative activities, approval of standards of assessment of property and certification of realtors;

The Antimonopoly Committee of the Republic of Uzbekistan (further - the Antimonopoly Committee) with transfer of established posts, and also tasks, functions and powers of the abolished Goskomkonkurention to it regarding anti-monopoly regulation, development of competitive environment, control of activities of subjects of natural monopolies, licensing of the commodity and raw exchanges;

Agencies on market development of the capital of the Republic of Uzbekistan (further - Agency on market development of the capital) with transfer of established posts, and also the tasks, functions and powers abolished Goskomkonkurention and the Center for coordination and market development of securities to it in case of Goskomkonkurention regarding regulation of the security market, including organizers of the biddings valuable papers and Central Securities Depository, and also development of corporate management, and also the Ministry of Finance of the Republic of Uzbekistan - regarding regulation of activities for the organization of lotteries;

b) to transfer to maintaining Chamber of Commerce and Industry of the Republic of Uzbekistan the Republican center of training in bases of business activity;

c) assignment of functions of the abolished Goskomkonkurention:

on inventory count and identification empty and incomplete construction of facilities and to increase in efficiency of their productive activity - on the State Tax Committee and the State committee of the Republic of Uzbekistan on land resources, geodesy, cartography and state inventory;

working body of the interdepartmental commissions on effective use of not used production facilities, and also for development of investment projects ("Road maps") for recovery of productive activity which are empty and incomplete construction of facilities - on the State committee of the Republic of Uzbekistan on investments.

2. Determine the main directions of state policy:

a) in the field of management of the state assets, financial improvement of economically insolvent companies with the state participation:

development of market mechanisms of management of the state share in the authorized capital of the companies with the state participation;

implementation in the companies with the state participation of modern corporate management methods, increase in responsibility of their governing bodies for efficiency of activities of these companies;

the organization of effective work with foreign and international institutes and the companies for implementation of effective mechanisms of preprivatization preparation of the companies with the state participation providing including increase in their attractiveness and management efficiency of them;

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