22 September 2019

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Finance
25 Jan  2019 1317

Uzbekistan creates an independent Antimonopoly Committee and Capital Market Development Agency

The structures and responsibilities of new organizations are set by the Decrees of the President.  

According to the documents released on January 25, 2019, the newly established antitrust body – The Antimonopoly Committee of Republic of Uzbekistan is an independent organization and is accountable to the Prime-Minister and in some lawful cases to the President.

The Committee has right to involve employees of economic, financial, tax and other bodies in ongoing activities on the development of a competitive environment and control over the activities of natural monopolies. In addition, it is granted a right to make mandatory requests to the state bodies and organizations on the elimination of violations of the law in the field of antimonopoly policy and the protection of competition, as well as the causes and conditions conducive to them.

The Antimonopoly Committee will be funded from a special Extrabudgetary Fund for Competition Promotion.

The Committee together with the Supreme Court, the General Prosecutor's Office and the Ministry of Justice of the Republic of Uzbekistan is obliged to develop a Methodology for assessing the impact of legislation on competition and Strategy for the development of competition in commodity and financial markets for the 2019-2023.

Capital Market Development Agency becomes an authorized state securities market regulator. It license the activities of stock exchanges and professional activities in the securities market, as well as lottery organization activities. By the end of 2019, it should develop a Capital market development strategy.

 

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