11 November 2022

Transparency requirements for publicly traded companies will expand .

Transparency requirements for publicly traded companies will expand .
The Resolution provides for an increase in the transparency of decision-making, as well as processes in the securities market. So, from March 1, 2023, the Ministry of Finance will publish information on the following facts within two days after their occurrence:
state registration of the issue of securities, its suspension, recognition as failed or invalid;
issuance of a license of a professional participant in the securities market, its suspension, termination and cancellation;
issuance of qualification certificates for the right to conduct transactions with securities.

From July 1, information about important (affecting members of the exchange and listed companies) additions and changes to the rules of trading on the stock exchange must be published for discussion at least 15 days before they are approved. In addition, from October 1, 2023, companies whose securities are listed on the stock exchange will be required to disclose information about cash flows and the cancellation of part of the issue of shares. Non-listed firms are not required to disclose material facts. However, the requirement will continue to apply to commercial banks, insurance companies and joint-stock companies with a state share of over 50%, as well as their subsidiaries.
Also, state-owned companies will post the minutes of meetings of supervisory boards and general meetings of participants in the Davlat Mulki AUGA system. On the website (https://sud.uz/ru/) of the Supreme Court and in the Lex.uz legislation database, decisions of courts on corporate disputes (in depersonalized form) will be published monthly.The Ministry of Justice and other departments were instructed to prepare a draft law "On Limited Liability Companies" by July 1. It should provide for the abolition of the form of an additional liability company.
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