Tashkent, Uzbekistan (UzDaily.com) -- Center for securities market under the State Property Committee of Uzbekistan introduced changes to rules on emission of securities and state registration of emission securities.

Justice Ministry of Uzbekistan registered the decree of the director-general of the Center for securities market on 27 February 2010. The changes came into force on 9 March. The changes regulate issues of issuing corporate bonds by issuers.

In line with the document, corporate bonds are securities issued by open joint-stock companies and commercial banks, created in other organizational form.

The document said bonds are issued by commercial banks and open joint stock companies, if they meet following criteria:

• within the size of own capital on the date of adopting decision about issue, which is approved by conclusion of audit firm;
• have positive solvency, financial sustainability and liquidity for last three years, approved by audit company and having independent rating agency;
• at participation at commercial bank, which act as payment agency on payment by issuers to investors;
• have formed charter capital at the minimal size, set by the legislation
• working at least for three years.

In line with changes, now issuers could not issue bonds if they do not fully form charter capital (except forming charter capital by commercial bank).

Date: 10 March 2010 18:59:05
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