Uzbekistan approves new rules for underwriting activities in the securities market

The National Agency for Advanced Projects has developed and approved Regulations on Underwriting activities in the securities market. The document was registered by the Ministry of Justice on February 28, 2025 under the number 3610.

The Regulation establishes the procedure for performing underwriting activities, as well as regulates the relationship between the issuer and the underwriter when issuing and placing securities.

Main provisions of the document:

• organization of underwriting activities;
• temporary associations of underwriters;
• procedure for concluding an agreement for the provision of underwriting services;
• control over the activities of underwriters.

Under the new regulations, investment intermediaries and commercial banks can carry out underwriting activities.

To do this, investment intermediaries must have a license to operate as an investment intermediary issued by the authorized state body for regulating the securities market. Commercial banks must have a banking license issued by the Central Bank of the Republic of Uzbekistan.

The relationship between the issuer and the underwriter is regulated by the agreement on the provision of underwriting services concluded by the parties during the placement of securities.