IOSCO to help Uzbekistan in development of securities market
Baku, Azerbaijan, October 4
The authorized representatives of the International Organization of Securities Commissions (IOSCO) have visited Uzbekistan, Podrobno.uz reported.
The purpose of the visit of the ІOSCO delegation to Uzbekistan is to study the present situation and to develop proposals for organizing the interaction of the Center for the Coordination and Development of the Securities Market of Uzbekistan with the state regulators of other IOSCO member countries in the framework of the multilateral memorandum of understanding regarding consultation, cooperation and information sharing.
This memorandum, which appeared in 2002, establishes an international framework for cross-border cooperation in the area of capital market, determines the procedures for conducting consultations, cooperation and information exchange for jointly combating cross-border fraud and crime, which weaken global markets and undermine investor confidence.
In November 2017, at the meeting of the IOSCO Screening Group, the application of the Center for accession to the memorandum was considered, following which Uzbekistan was invited to take additional measures to further improve the legislation.
The International Organization of Securities Commissions was founded in 1983 and is an international financial institution uniting national securities market regulators, referred to in the professional environment as securities commissions. The organization is headquartered in Madrid.
The state regulators of the stock market in 128 countries are full members of the organization. In total, 220 state, non-state and international organizations are members of IOSCO.