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April 2021
 JSC Uzbekistan Airways;
 JSC Uztransgaz (UTGA);
 JSC Almalyk MMC (AGMK);
 JSC Navoi MMC;
 JSC Uzavtosanoat.
It should be noted that previously, most of these companies were considered as strategic and were not planned for public placement or privatization. This is an extremely important and positive step and should add potential for market development and attention from both local and international investors.
It is also indicated that from 2023, companies will be able to start listing procedures abroad on international exchanges after a local placement, which is an important measure to support the local market.
To solve the above indicated problems and achieve the indicators, the following changes in the market are planned:
 Development of a unified Law “On Capital Market” by the end of 2021 and improvement of the entire regulatory framework based on IOSCO recommendations;
 Improving the mechanism for organizing the process of public offering of shares (IPO/SPO) during 2021:
o Implementation of the functions of underwriters and consultants to determine the prices range for placement, book-building and shares allocation function, lock-up period, etc.;
o Placement at a single price within the announced range;
o The results of the placement cannot be revised;
 Introduction of ETFs (including Gold ETFs) in December 2022, investment
funds and the development of the collective investment segment in
general;
 Introduction of "Sukuk" bonds and other instruments based on
Islamic/Shariah-compliant instruments from April 2022;
 Development of the corporate bond market as a whole, revision of the requirements for bond issues by March 2022, bringing the volume in circulation to 3.94 trillion UZS by the end of 2023 and attraction of $50 million from international investment funds to corporate bonds of local
companies;
 Implementation of options and futures trading by January 2022,
commercial papers by June 2022 and currency futures by December 2022;
 Implementation of corporate governance based on the principles and
recommendations of the OECD in 2021-2022;
 Brokers' access to trading in government securities and providing foreign
investors with access to them from December 2022;
 Introduction of long-term (5-10 years) government bonds and bonds linked
to inflation rate in December 2022;
 Improvement of the settlement system and information disclosure by
January-May 2022;
 Establishing of a self-regulatory organization of professional market
participants;
 Establishing of national rating agencies;
2 Capital market