Uzbekistan to accelerate preparations for signing IOSCO multilateral memorandum

Tashkent, Uzbekistan (UzDaily.com) - The Agency for Development of the Capital Market of Uzbekistan intends to become an official signer of a multilateral memorandum of understanding on consultation, cooperation and information exchange (IOSCO MMOU) by the end of this year. The relevant issue was discussed on 13 April at a video conference with the participation of the Agency’s leadership and representatives of the IOSCO secretariat, headed by the Senior Advisor of the organization, Isabelle Pastor, the agency’s press service said.

During the event, issues of accelerating the process of preparing the legislative framework for the signing of the memorandum by the Uzbek side were discussed. In this regard, a number of comprehensive assessment documents have been submitted to the IOSCO secretariat.

The official signing of the IOSCO MMOU by the Agency will be a clear signal to foreign investors that Uzbekistan adheres to international standards and principles, and market regulation can ensure the transparent operation of the exchange.

“The signing of the memorandum is a statement by Uzbekistan to large international investors that you should not be afraid to enter our securities market, it is transparent and protected from illegal operations and violations. It will also mean that the legislative and regulatory framework of Uzbekistan has undergone international examination and received a positive assessment,” said Tursun Makhkamov, first deputy director of the Agency.

Currently, 138 countries are signatories to the Memorandum of Understanding in the Financial Market (Multilateral Memorandum of Understanding, MMOU).

IOSCO MMOU was developed in 2002 in order to exchange information between securities market regulators - members of IOSCO and to prevent unfair practices in the financial market.

The International Organization of Securities Commissions (IOSCO) is an international financial organization that unites national securities market regulators. The headquarters of the organization is in Madrid, Spain.