New Regulations governing the activities of investment intermediaries in Uzbekistan's securities market have been approved. This was reported by Podrobno.uz.
The document was signed by the Director of the National Agency for Perspective Projects on November 14, 2025, and registered with the Ministry of Justice on December 18, under registration number 3728. The previous regulation had been in effect since 2002.
The updated document defines the modern operational standards for investment intermediaries and establishes procedures for conducting brokerage and dealing activities in the securities market. According to the regulation, an investment intermediary is regarded as a professional participant performing securities transactions on behalf of and using the funds of a client under their instructions.
Investment intermediaries will be able to provide brokerage services under a contract, carry out transactions in their own name using client funds, perform depository services, offer underwriting services, and operate as market makers. Additionally, the document includes provisions for intermediaries to enter into agreements with issuers for the placement of issued securities.
Such agreements can be executed with or without the obligation to purchase the unsold portion of the securities.
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