Innovations in Uzbek commodity and financial markets competition legislation discussed in Tashkent

UzReport 19.12.2013

     Tashkent hosted a training seminar on "Competition Law and Practice in the market conditions".
     The event was attended by officials of the State Committee on privatization, de-monopolization and competition, its regional branches in Tashkent city and Tashkent region, government officials, commercial banks, insurance and leasing companies, businesses, as well as mass media.
     On the basis of priority tasks advanced by the President in the "Concept of further extending democratic reforms and formation of civil society in the country in extending democratic market reforms and liberalization of the economy" has been developed and adopted the Law "On Competition".
     The main purpose of this law - regulation of competition relations, both in commodity and financial markets.
It should be noted that one of the innovations of this law is the application of antimonopoly regulation in relation to financial markets actors, as well as simplification of some procedures associated with monopolistic activity.
     Thus, in order to improve state regulation of competition in commodity and financial markets, the Cabinet of Ministers Resolution has been adopted on 20 August this year "On Measures to improve the antimonopoly regulation in commodity and financial markets".
     This document introduces a completely new mechanism of regulation of relations in financial markets, and improves the mechanism for identifying and preventing preconcerted actions.
     At training, it was stressed that at current stage it is important to ensure competition in commodity and financial markets, and bring to attention of market actors and industry regulators the essence and meaning of competition law.