The law was developed in line with the concept of further deepening democratic reforms and forming civil society, which was proposed by the President of Uzbekistan Islam Karimov at the joint session of Senate and Legislative Chamber on 12 November 2010.

During the seminar, it was noted that positive changes in economy of Uzbekistan and adoption of several legislative acts on improving protection of rights, liberalization of financial responsibility of business entities, and others stipulated development of new law.

President of Uzbekistan Islam Karimov signed a law “On Competition” on 6 January 2012, which improved legislation base for regulating competition in goods and services market.

Novelty of the law is that antimonopoly regulation is also introduced to financial markets, which will ensure adherence of banks, credit and insurance organizations, leasing companies and other financial organization to the competition rules.

The law also reviewed mechanism on control over deals on purchase of shares at the volume of over 35% from charter capital to prevent monopolization of goods and financial markets.

According to the previous law “On competition and limiting monopoly activity on goods market”, it was necessary to get permission over deals on purchase of stocks over 35%. If the shareholder possessed 35% stake in enterprise, he/she should agree deal even on purchase of 0.001% share. Agreeing deals, in connection with low threshold of balance cost of the assets, is burdensome process and requires large resources both business entities and antimonopoly bodies. In this connection, the law increases threshold of balance cost of the assets from 4,000 minimal size of salary to 100,000 minimal size.

The law is directed at eliminating shortages, improving legal regulation in competition, clarifying basics of state policy on preventing monopoly activity at goods and financial markets.

The law also has separate chapter on antimonopoly regulation of trades (tenders) and exchange trades to ensure effective monopoly regulation trades, ensure transparency and openness of trades. The law introduces changes to authorities of antimonopoly body.

The seminar was attended by the representatives of the State Demonopolization Committee, Tashkent city and regional administrations, mass media, etc.