Korean delegation visits Uzbek State Competition Committee
02/12/2013 20:22
Korean delegation visits Uzbek State Competition Committee
02/12/2013 20:22
Tashkent, Uzbekistan (UzDaily.com) -- A delegation of South Korea paid a visit to the State Committee of Uzbekistan on privatization, demonopolization and development of competition (State Competition Committee) on 2 December 2013.
The delegation included representatives of the Ministry of Justice of the Republic of Korea, Korean Stock Exchange and Korean consulting company Yung and Young.
The visit was aimed at holding a meeting of the joint working group, which comprises of representatives of the above-mention Korean organizations and State Competition Committee, Ministry of Economy, Ministry of Finance, Ministry of Justice, Central Bank of Uzbekistan, State Committee of communication, information and telecommunication technologies, the Center for coordination and development of the securities market, Central Depository and Uzbekistan Stock Exchange.
At the meeting, the working groups discussed proposals of the Ministry of Justice of the Republic of Korea on improving legislation on securities market, which were formed based on studying legislative base of Uzbekistan on securities market and taking into account measures on modernization of the securities market.
The State Competition Committee and Ministry of Justice have been cooperating in line with the memorandum of understanding from 28 November 2010 and general agreement from 23 August 2011, signed between the State Competition Committee and Korean Stock Exchange.
The first meeting of the working group was held in Seoul, Republic of Korea, on 10 and 11 October 2013.
The resolution of the President of Uzbekistan and the general agreement on modernization of the securities market from 23 August 2011, it is planned that the Korean Stock Exchange will supply the single software and technical complex for securities market of Uzbekistan in exchange of 25% stake minus one share in Uzbekistan Stock Exchange.
For successful launch of the complex, in line with the recommendations of the Korean Stock Exchange, a draft presidential resolutions “On measures on improving functioning of the securities market”, law “On introduction of changes and amendments to law “On securities market” and resolution of the Government “On measures on improving order of registration of deals with the securities”.
The draft documents were developed in assistance of the Ministry of Justice of the Republic of Korea and envisages transfer to electronic form of registration of the exchange deals, introduction of new financial tools, determine single settlement bank at exchange bank, and reconsiders some requirements to professional activities at the securities market.
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