Azerbaijan’s Central Bank Studies Uzbekistan’s Capital Market

Tashkent, Uzbekistan (UzDaily.uz) — Representatives of the Central Bank of Azerbaijan visited Uzbekistan’s National Agency of Perspective Projects (NAPP) in Tashkent on 22–23 October 2026 to exchange experience in capital market regulation.

The visit was organised at the request of Azerbaijan’s regulator, NAPP said.

The delegation studied Uzbekistan’s capital market, NAPP’s regulatory and supervisory practices, and exchanged professional knowledge and approaches with agency specialists.

The Azerbaijani side was particularly interested in Uzbekistan’s capital market development reforms, including improvements to the regulatory framework in line with international standards, such as those set by the International Organization of Securities Commissions (IOSCO) and the Principles for Financial Market Infrastructures (PFMI).

Discussions also covered the introduction of new financial instruments, the development of market infrastructure and its integration with international markets.

The two sides paid particular attention to mechanisms for monitoring the securities market and preventing and detecting market manipulation. They also discussed issuer disclosure requirements and the use of a risk-based approach to supervision.

NAPP representatives outlined efforts to develop international cooperation in regulatory oversight. They also shared experience in the legal regulation of the placement of global depositary receipts issued by Uzbekistan’s National Investment Fund (UzNIF).

The agency also briefed the delegation on efforts to sign a multilateral memorandum of understanding with IOSCO.

At the end of the visit, the parties discussed prospects for further cooperation and the exchange of practical experience. They also considered ways to improve regulatory approaches through the use of digital and analytical solutions.