In the process of economic transformation in the country further development of the securities market functioning is very important. The new phase of development of the securities market is, in the first place, linked to the “Law on Securities Market” adopted in July 2008, which includes early applicable norms as well as fundamentally new set of norms. These new norms are well in conformity with the modern market requirements and leading international standards.

At present while improving the legal basis of the securities market, further measures are also being implemented to improve capitalization and financial sustainability of its participants. As at the end of first half of 2009, the number of joint-stock companies equals 755 with aggregate amount of statutory fund amounted 5 015,6 billion soums. For comparative reasons, this number was equal to 4 210,6 billion soums in the first half of 2008, which shows almost 20% growth.

The organizers of the business forum are Chamber of Commerce and Industry of the Republic of Uzbekistan, the Centre for Securities Market under the State Property Committee of the Republic of Uzbekistan and the UNDP Project “Business Forum of Uzbekistan”.

The aims of organizing this event are to discuss the current situation within the stock market of the Republic of Uzbekistan, to discuss the possible ways of expanding the role of private and small businesses in the stock market and to identify existing problems in this sphere and share thoughts on their possible solutions.

The representatives of the Ministry of Finance, Ministry of Justice, Central Bank, Centre for Securities Market, Republican Stock Exchange “Tashkent”, Chamber of Commerce and Industry, State Committee for Demonopolization, Support for Competition and Entrepreneurship, commercial banks, insurance companies as well as representatives of private businessess engaged in the securities market are invited to participate in the business forum.

In the discussions the participants will have an opportunity to watch the presentations of the representatives of the Centre for Securities Market, Republican Stock Exchange “Tashkent”, National Bank of Uzbekistan and Orient Capital Management Ltd. on such themes as: “Regulation of the securities market: recent changes in the legislation and their effect on market participants”, “The role of private investors in the stock exchange: current situation and perspectives”, “Opportunities for expanding the role of commercial banks in the securities market” and “The role of investment consultants and brokers in the securities market: opportunities, problems and their possible solutions”.

It’s expected that the results of the business forum will be considered as inputs for proposals to enhance functioning of the securities market, improving legal basis and their implementation and expanding the role of private sector in the stock markets of Uzbekistan.