Why is this important
Uzbekistan continues to develop the infrastructure of the collective investment market and strengthen regulation of stock market instruments. The creation of a unified registry of unit investment funds is expected to increase transparency in the sector, simplify information verification for investors, and establish a unified procedure for the registration and accounting of such funds. At the same time, the authorities are defining deadlines for reviewing applications, updating information, and liquidating funds, making the system more formalized and predictable for capital market participants.
What happened
- The National Agency for Perspective Projects approved regulations on maintaining a unified registry of unit investment funds.
- The order signed by the agency’s director, Dmitry Lee, passed state registration on April 29.
- The new registry will contain information on all unit investment funds operating in Uzbekistan, while a fund itself will be considered established after its information is entered into the registry and an announcement is published on the websites of the NAPP and the Central Securities Depository.
Numbers and facts
- The inclusion of a unit investment fund in the unified registry will be carried out free of charge.
- To register, the trustee manager must submit an application for inclusion of the fund in the registry, a copy of the license, the decision on the establishment of the fund, a trust management agreement with investors, and the investment declaration.
- Documents may be submitted both in paper form and electronically in PDF, JPEG, or PNG formats.
- The NAPP is required to review the application for fund registration within 7 working days, of which 5 working days are allocated to the Capital Market Development Department for reviewing the documents.
- An additional 2 working days are allocated for a decision to be made by the director of the NAPP or his deputy.
- Grounds for refusal may include the absence of required documents, the presence of inaccurate information, or non-compliance with legal requirements.
- After the registration is approved, information about the unit investment fund must be entered into the registry within one working day.
- The registry will publish the full and abbreviated name of the fund, its type, objectives, the list of assets for investment, and information about the trustee manager.
- The manager’s taxpayer identification number, license number and date, address, email, website, and the validity period of the trust management agreement will also be publicly available.
- If information changes, the trustee manager is required to notify the NAPP within 3 working days and attach supporting documents.
- Information in the registry must be updated within 2 working days, while in the event of liquidation of the fund, the trustee manager must notify the agency within 2 working days, indicating the grounds for liquidation.
- After receiving the notification, information about the fund will be removed from the registry within one working day.
Context
- For investors, the creation of a unified registry simplifies verification of the legality and status of unit investment funds and makes the structure of fund management more transparent.
- Management companies will have to comply with unified information disclosure requirements and promptly update data in the event of any changes.
- Clear deadlines for registration and amendments reduce uncertainty when launching new investment products on the market.
- At the same time, the NAPP receives a centralized tool for monitoring the activities of unit investment funds and the movement of participants in the collective investment sector.
