The prospects for expanding cooperation with the regulators of the US capital market discussed
Tashkent, Uzbekistan (UzDaily.com) – On 29 June 2019 Uzbekistan’s Ambassador in Washington Javlon Wahabov met with representatives of the US Securities and Exchange Commission, as well as the United States Financial Services Regulatory Services Gloria Dalton, Scott Birdwelli and Erin McCartney.
The goal of the negotiations is to implement technical assistance programs, attract highly qualified consultants to train employees of stock exchanges and securities specialists, improve legislation regulating the capital market, and establish partnerships with the newly created Capital Market Development Agency of Uzbekistan.
The American side was thoroughly informed about the essence and content of measures taken in our country to liberalize the economy and create a favorable investment climate, including fundamental changes in the tax administration system, a significant increase in Uzbekistan’s position in the World Bank’s Doing Business rating, and strengthening of the banking sector, as well as revision of the general attitude of the state to businessmen and investors.
In addition, the partners received detailed information about the successful placement of debut sovereign bonds worth US$1 billion on the London Stock Exchange, as well as the goals and objectives of the newly established Capital Market Development Agency of Uzbekistan. Special attention was paid to the efforts of the Government of Uzbekistan to sell assets to private investors in dozens of state-owned enterprises in the banking sector, the chemical industry, energy, food, oil and gas, and others.
As a result of the negotiations, a solid assurance was received from the Securities and Exchange Commission, as well as the US Financial Services Regulatory Services Department of the readiness to provide technical and advisory assistance in areas such as improving the laws of Uzbekistan governing various aspects of the securities market, capital and entrepreneurship, and increasing human resources, including through international financial organizations, foreign regulators and exchanges.
The Securities and Exchange Commission, which is the main US government agency responsible for supervising and regulating the US securities market, in particular, expressed its readiness to introduce advanced methods in Uzbekistan to inform investors about the situation on stock and securities markets. The commitment of the Commission’s leadership, together with the US Treasury, to continue to assist in the implementation of technical assistance projects in the areas of fiscal, monetary policy, banking, and other areas was confirmed.
In order to establish partnerships and discuss prospects for bilateral cooperation, the delegation of the Securities and Exchange Commission plans to visit Uzbekistan on 8 t July o meet with representatives of relevant departments of the republic.
During the meeting with the Financial Services Regulatory Service of the USA, the American partners, stressing that this structure is a private corporation with the status of “self-regulating organization” to monitor compliance with the rules of trading in the OTC market and the securities market, expressed interest in establishing a partnership with the development of the capital market of Uzbekistan with the aim of introducing advanced methods in the country for regulating the capital market, creating a similar independent, non-state self-regulatory body, as well as the implementation of technical assistance programs.
Following the meetings, representatives of the Securities and Exchange Commission, as well as the Financial Services Regulatory Service, were willing to negotiate with the delegation of Uzbekistan, arriving in the US in July to present the republic’s investment potential in Washington and organize the “Capital Market Capabilities of Uzbekistan” forum New York City.