Regulatory developments

During the 22–23 October visit, the regulators discussed market development, IOSCO and PFMI standards, new instruments, infrastructure, monitoring, disclosure and risk-based supervision.

NAPP Order No. 27 amends the rules for providing and publishing securities-market information; the amendments took effect on 24 October 2026.

At a press conference, NAPP presented proposals for new instruments, investor protection and market infrastructure. The Capital Market Bill has passed its first reading and is being prepared for a second.

NAPP registered APEX BANK as a sandbox participant. The bank plans to issue foreign-currency bonds within the special regime.

NAPP, IFC and UNDP convened an international roundtable on the draft Capital Market Law. Participants discussed new instruments, market infrastructure, investor protection and access to international capital. The bill was being prepared for its second reading.

Adl INVESTMENTS PLATFORM, the operator of IMANUM, became the second participant in the investment platform sandbox. The regime supports direct digital interaction between investors and businesses seeking project financing.

Official NAPP notice on the licence issued to GOINVEST for professional securities-market activity.

NAPP update on registration under the capital-market special legal regime.

Two organisations were registered as participants in the capital-market special legal regime.

NAPP’s official update on discussion of sukuk securities.

Official NAPP update on public discussion of the draft law.

The law established the Centre’s special legal regime, independent bodies and court, and a framework for securities and financial services.

NAPP authorised 14 international financial institutions, including the World Bank, IFC, ADB and EBRD, to issue bonds in Uzbek soum.

The decree established a financial centre and international commercial court with a special regime for securities, banking, insurance, digital assets and green finance.

NAPP approved sandbox rules covering equity, partnership, venture and project financing for startups and SMEs, including escrow and nominee-account arrangements.

From 1 January, residents may use their own foreign-currency funds held in Uzbek banks to invest in US companies and finance US branches.

The proposed measures target at least US$1 billion of local-market investment through dual listings, foreign-currency bonds, GDRs, ETFs and an expanded sandbox.

Presidential Resolution PP-255 established a one-year sandbox for technology-enabled investment activity, including securities and venture-fund financing.

Regulation No. 3660 created a simplified mechanism for international financial institutions to issue soum-denominated bonds on the local exchange.

The resolution set out public auction sales of stakes in 29 large state-owned enterprises and IPO or SPO placements for 12 enterprises on domestic and international stock markets.

Registered amendments allow an issuer to make several bond issues under one programme, including series with different maturities and interest rates.

A practical guide to the capital-market sandbox application and review process.