Uzbekistan has approved a new Regulation on the procedure for considering cases of violations of legislation in the securities market and applying sanctions, developed by the National Agency for Advanced Projects (reg. No. 3655 of July 30, 2025). The document is aimed at increasing the transparency of the stock market, protecting the rights of investors and strengthening legal discipline among its participants.
For the first time, specific procedures for bringing to justice both legal entities and their officials in case of violations in the sphere of securities circulation are fixed at the level of a regulatory act. The National Agency for Advanced Projects acts as the body authorized to consider such cases. If there are signs of administrative violations, cases are referred to the court.
The basis for starting the proceedings may be::
- applications and complaints from individuals and legal entities;
- audit and report materials;
- publications in mass media and other information sources.
A special commission is formed for each case, the composition of which is approved by the agency's management. Its structure may include employees of the agency, as well as representatives of other state bodies or professional associations. When considering cases affecting the banking sector, it is allowed to involve experts in coordination with the Central Bank.
The term of consideration of the case is set at one month, with the possibility of extension for no more than 30 calendar days. At the same time, all parties to the proceedings – including those brought to justice, applicants, experts and witnesses – are notified of the commission's meetings and receive the right to participate in them. They can also review the case file, provide evidence, and appeal decisions.
The Commission may take the following measures based on the results of consideration of the case::
- issuing an order to eliminate detected violations;
- suspension of a license or individual operations;
- transfer of the case to the court or other authorized bodies;
- termination of proceedings on the case.
All decisions and orders issued based on the results of the proceedings may be appealed in court. When filing a claim, the execution of the contested act is suspended until the court decision enters into legal force.
The regulations also include a statute of limitations: the violator can be brought to justice within three years from the moment of detection of the violation.
The adopted document strengthens the institutional framework for regulating the stock market of Uzbekistan, providing the regulator with effective tools to influence violators and increasing the overall level of legal protection for investors and market participants.
