Author: Narziyev, Otabek Sa’diyevich

Annotation: This article discusses the main problems of improving the legal system of the capital market in Uzbekistan and ways to solve them. The main problems in the industry are high market concentration, capital market capitalization of only six percent of GDP, low liquidity of the capital market, one of the main reasons for which is the lack of high-quality financial instruments and, accordingly, attracting investors through the capital market, as well as cases when the capital market today less effective due to the inability to set fair prices, allow investors to freely enter the market and protect their interests. To solve these problems, it is proposed to improve the legislation in this area in two main directions. The first direction is to create a single legal source available to investors by consolidating currently disparate regulatory documents in accordance with international standards. The second direction is a proposal to adopt a separate law that defines the legal status, powers, legal obligations and responsibilities of the regulator in the field. The article explained the need for the adoption of this law and what issues should be covered in it.

Keywords: capital market, legal system, regulator status, securities.