Tashkent, Uzbekistan, Aug. 6
By Demir Azizov - Trend:
The senate of Uzbekistan's parliament approved the "Law on Investment and Mutual Funds" at a session August 6.
The document was drawn up in line with the "Concept of Further Deepening the Democratic Reforms and Establishment of Civil Society in the Country".
Developed states' legislations in this area were analyzed during the drawing up of the law.
The law sets the main principles in organizing the investment and mutual funds, the rights and obligations of participants, and the authorized state body for fund management.
The new law is expected to help the stock market to more effectively carry out such functions as ensuring the free flow of capital between economic sectors, providing investors and the general public with access to the capital market, and creating alternative opportunities for generating savings and multiplying them.
The law was adopted by the legislative chamber of Uzbekistan's parliament in June.
The document will come into force after its signing by the country's president and its publication by the media.
Edited by CN