The National Agency for Prospective Projects has introduced significant changes to the regulation of professional securities market participants. By order of the NAPP Director dated November 14, 2025, two key regulatory documents were approved, replacing provisions that had been in effect since 2002 and 2004.
Updated Requirements for Asset Managers
The new Regulation on the Procedure for Determining the Amount of Own Funds of Investment Asset Managers and the Average Annual Value of Investment Assets (reg. No. 3729 dated December 18, 2025) establishes modern capitalization standards for market participants. The document provides detailed methodology for calculating financial indicators and introduces clear requirements for minimum equity levels.
According to the updated norms, an asset manager must maintain own funds at a level of at least 5% of the average annual value of investment assets under management. The calculation of own funds is based on the aggregate of the following components:
Authorized and additional capital of the company
Reserve capital and targeted receipts
Retained earnings or uncovered losses
Reserves for future expenses and payments
The regulation provides for quarterly assessment of the average annual value of investment assets with mandatory reflection of results in specialized reporting. This approach ensures regular monitoring of the financial stability of management companies and timely identification of potential risks.
Modernization of Rules for Investment Intermediaries
Simultaneously, the updated Regulation on the Activities of Investment Intermediaries in the Securities Market (reg. No. 3728 dated December 18, 2025) came into force, comprehensively regulating brokerage and dealer activities in Uzbekistan's financial market.
The document clearly defines an investment intermediary as a professional participant executing securities transactions on behalf of clients. The regulation expands the range of services that intermediaries can provide on a contractual basis:
Brokerage services on behalf and at the expense of the client
Brokerage services on own behalf but at the expense of the client
Depositary operations with securities
Underwriting services for securities placements
Market maker services to maintain liquidity
Special attention is paid to underwriting regulation — investment intermediaries have been granted the right to conclude agreements on the sale of securities on behalf of issuers, both with an obligation to purchase the unplaced portion and without such obligation. This creates flexible conditions for supporting primary placements and increases market attractiveness for issuers.
The adoption of updated regulations reflects the regulator's commitment to harmonizing national legislation with international standards and creating a favorable environment for the development of institutional investors in Uzbekistan.
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