The Ministry of Justice has registered an important document aimed at introducing new financial instruments into the capital market. The regulation establishes the procedure for issuing and placing bonds denominated in foreign currency. It was adopted within the framework of the "Regulatory Sandbox" special legal regime.
According to the document, foreign currency bonds are defined as debt securities whose nominal value and income are denominated in foreign currency. This instrument grants the bondholder the right to receive the principal amount and the income specified in the issuance prospectus within a set timeframe.
Under the rules, such bonds may only be issued by legal entities that are residents of Uzbekistan and hold the status of a "Regulatory Sandbox" participant. Furthermore, they must possess positive annual financial statements verified by an independent audit organization.
It is also stipulated that the total volume of foreign currency bonds issued by a single issuer must not exceed the equivalent of 50 million US dollars. This restriction is intended to ensure market stability and mitigate risks.
The document also indicates that bonds may be issued as secured or unsecured. However, unsecured bonds are permitted only within the limits of the issuer's own capital. If this threshold is exceeded, additional collateral is required for the excess amount.
The National Agency for Perspective Projects will oversee the processes of issuing, placing, and circulating these bonds, as well as the payment of income and redemption procedures.
Experts believe this step marks an important milestone in diversifying Uzbekistan's capital market, attracting foreign investment, and expanding the range of available financial instruments.
