BAKU, Azerbaijan, Dec. 6
By Fakhri Vakilov-Trend:
A special procedure for the circulation of securities has been established in Uzbekistan, Trend reports referring to Uzbekistan’s "Norma" information and legal portal.
The initiative is developed by the Uzbekistan Capital Market Development Agency.
From now on, the circulation of securities is allowed only upon completion of their placement.
The requirement does not apply to government securities - treasury bonds of Uzbekistan and bonds issued by the authorized body, as well as bonds of the Central Bank.
Moreover, it is not applied to securities issued into circulation before December 5, 2019, that is, before the entry into force of the order.
Circulation of securities implies purchase, sale and other actions leading to a change of owner, and their placement is alienation to their first owners. The placement procedure is regulated by local law.
A two-week period has been set for bidders to bring their acts in line with the new procedure.
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