of September 2, 2023 No. PP-291
About additional measures for market development of the capital
For the purpose of further market development of the capital, improvement of its infrastructure, stimulation of attracting investors on the capital market, simplification of the procedure of participation of foreign investors in the local stock market and protection of the rights of investors:
1. Agree with offers of the Ministry of Economics and finance, the Central bank:
about transformation SUE Central Securities Depository in "Central Securities Depository" joint-stock company;
about voluntary conveyance to the Central bank of the state block of shares in the authorized capital of JSC Central Securities Depository;
about creation in case of establishment of JSC Uzbek Republican Currency Exchange of National Clearing Centre joint-stock company.
2. Establish procedure according to which:
activities of JSC Central Securities Depository for registration, accounting and storage of securities, and also implementation of payment under securities are regulated by authorized state body on regulation of the security market, and by calculations with money by results of security transactions - the Central bank;
since January 1, 2025 single accounting of the government and corporate securities is conducted in JSC Central Securities Depository;
activities of JSC National Clearing Centre as "The central partner" and on implementation of centralized clearing (Clearinghouse) are regulated by the Central bank;
till May 1, 2024 for implementation of calculations in the Central bank correspondent accounts of JSC National Clearing Centre and JSC Central Securities Depository are opened;
till December 31, 2028 JSC Central Securities Depository, JSC Uzbek Republican Currency Exchange, by JSC Republican Stock Exchange Tashkent are exempted from charge and dividend payout with the target direction of these funds for their development.
3. Introduce special legal regime "Regulatory sandbox" in the sphere of the capital market and in its framework to approve:
the basic concepts applied in the capital market according to appendix No. 1;
separate rules of activities and transactions of foreign participants in the capital market according to appendix No. 2;
mechanisms of ensuring confidentiality of information on owners of securities and protection of their property rights according to appendix No. 3.
4. To the Ministry of Economics and finance together with the interested departments in two-month time to introduce the bill providing to the Cabinet of Ministers:
provision to citizens of the right in the direction of voluntary accumulative pension contributions to acquisition of securities in the local stock market. At the same time citizens can independently dispose of the additional incomes gained from purchase and sale of securities and in the form of dividends (percent), also before achievement of retirement age by them;
provision of the privilege to share acquisition to employees of the companies in case of public placement of these shares within the share ownership plan entered by the company the workers (ESOP). At the same time their means which are not exceeding their monthly salary and the payments directed to share acquisition equated to them are exempted from income tax;
prolongation till December 31, 2028 of effective period of privileges, stipulated in Item 1 resolutions of the President of the Republic of Uzbekistan of January 17, 2022 No. PP-90 "About additional measures for implementation of effective mechanisms of support of the capital market";
tax exemption on the income of physical persons of the income of the taxpayer directed from the salary and other income constituting in total to the hundredfold size of the minimum wage during tax period to the individual investment account for acquisition of the securities emitted in the local stock market on condition of their non-return within twelve months.
5. For the purpose of protection of the rights of minority shareholders and investors and stimulation of attraction them on the capital market:
a) since October 1, 2023:
after share placing of the companies from shares of the state of 50 percent and more in the stock market by the public invitation to direct at least 30 percent of net profit of these companies to dividend payout within at least seven years, except for the restrictions set by legal acts;
cancel restriction about not excess more than for 10 percent of the initial amount of the agreement if payment for services of the underwriters serving the companies from shares of the state of 50 percent and more exceeds the size provided by the agreement as a result of securities placement at higher price and (or) in bigger quantity, than it was planned;
b) since December 1, 2023 to grant to authorized state body the right to introduce instructions about consideration of question of change of executive body of the issuer and to stop issue of securities by the issuer for untimely disclosure of information and reporting provided by acts of the legislation on the security market, two and more times within one year.
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