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of April 13, 2021 No. UP-6207

About measures for further market development of the capital

(as amended on 24-03-2023)

For the purpose of further market development of the capital, increase in issue of securities, and also expansion of participation of physical persons and legal entities in the stock market:

1. Determine the main directions of market development of the capital:

increase in competitiveness and bringing to 45 trillion sum until the end of 2023 capitalizations of the capital market, creation of the effective funding mechanism alternative to bank crediting;

increase in availability of the capital market to all categories of investors by means of active integration with the international financial markets, wide use of modern information and communication technologies and application of the advanced approaches which are successfully approved abroad;

bringing to 5 percent until the end of 2023 of part of the projects financed by issue of securities within republican and regional investing programs by means of ensuring harmonious functioning and development of all segments of the capital market;

creation of the necessary conditions for active investment financing directed to the development purposes in the stock market by implementation of front lines international the practician, elimination of excessive barriers and restrictions;

creation of the legislation providing integrity of regulation of the capital market and the prevention of systemic risks with implementation of the international criteria and experience;

development of system of providing the capital market with the personnel meeting the modern requirements, creation of attractive conditions for involvement of perspective, including foreign specialists;

preparation and retraining of specialists for the capital market, systematic establishing increase in their qualification;

scope of 40 thousand people until the end of 2023 within programs of support of increase in knowledge, skills and financial literacy of minority investors, other members of the capital market and general population.

2. Approve:

The development program of the capital market in 2021 - 2023 (further - the Program) according to appendix No. 1;

The target indicators reached as a result of program implementation of market development of the capital in 2021 - 2023 according to appendix No. 2;

"Road map" on program implementation of market development of the capital in 2021-2022 according to appendix No. 3;

The list of the companies which shares are subject to public placement through stock exchange in 2021 - 2023, according to appendix No. 4.

3. Determine that:

finishing total amount of securities in free circulation at least to 5 percent of gross domestic product is main objective of the Program;

according to the recommendation of the underwriter since January 1, 2023 domestic issuers can place the shares on the foreign stock markets after preliminary placement on the republican stock exchange;

results of share placing by IPO or SPO method by means of the public biddings are not subject to de novo review.

4. Determine conditions of carrying out primary (IPO) and secondary (SPO) of public offer of shares of joint-stock companies in which authorized capital the state share constitutes 50 and more percent:

collection of the statements on share acquisition realized by means of the IPO or SPO is performed by the underwriter or group of underwriters with which the agreement on carrying out the specified IPO or SPO is signed;

the underwriter establishes borders of the prices for collection of statements for share acquisition on the basis of results of preliminary studying of joint-stock company;

distribution of shares by means of the IPO and SPO is carried out on the basis of the uniform price determined by the underwriter proceeding from the demand and supply on the share;

the underwriter is granted the right to the choice of investors for distribution of shares on the basis of the agreement signed with joint-stock company and also establishment of term of prohibition of realization by investors of the shares acquired within the IPO and SPO.

5. To Central Bank till November 1, 2021 to provide the translation to the Central bank of settlement accounts SUE Central Securities Depository.

6. Approve the offer of the Ministry of Finance, Central bank, Ministry of the higher and secondary vocational education and the Ministry of national education on program implementation "Financial and investment literacy" on the basis of the following principles:

adjustment of active cooperation with the responsible organizations in case of joint realization of initiatives of the population and the subjects of entrepreneurship connected with increase in financial literacy, and also their acquaintance with financial services and products including the capital market and financial instruments;

broad involvement of leading experts of the advanced foreign educational institutions, research institutes and financial organizations to educational actions for increase in level of financial literacy;

introduction of training course "Financial literacy" as subject for pupils of comprehensive schools and students of the highest educational institutions of not economic profile. Evaluating efficiency of training course by development of methodology of teaching the correct management of means, acceptances of reasonable finance solutions, including on financial instruments, and also the organization of "the Olympic Games of financial literacy" within this subject;

realization of all measures for increase in financial, including investment literacy of the population and subjects of entrepreneurship within the National strategy of increase in general availability of financial services for 2021 - 2023.

7. To provide to national news agency of Uzbekistan, National broadcasting company of Uzbekistan together with the Ministry of Finance extended coverage in mass media of essence and content, and also the purposes and tasks of this Decree.

8. Recognize since May 1, 2021 invalid some acts of the President of the Republic of Uzbekistan according to appendix No. 5.

9. To the Ministry of Finance together with the interested departments in two-month time to make in the Cabinet of Ministers the offer on the changes and amendments in the legislation following from this Decree.

10. Assign to the Minister of Finance T. A. Ishmetov the personal responsibility for the effective organization of execution of this Decree.

Provide to the deputy prime minister D. A. Kuchkarov:

in two weeks - forming and the effective organization of activities of the working groups on the main directions of the Program consisting of ranking officers of the interested ministries and departments, and also foreign experts;

in two-month time - approval of separate "road maps" on each company which shares are determined to public placement through stock exchange, according to appendix No. 4 to this Decree.

Quarterly discussion of course of execution of this Decree, implementation of coordination and control of activities of the departments responsible for its execution to assign to the Prime Minister of the Republic of Uzbekistan A. N. Aripov and the adviser to the President of the Republic of Uzbekistan R. A. Gulyamov.

President of the Republic of Uzbekistan

Sh. Mirziyoev


Appendix No. 1


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