Uzbekistan’s National Agency for Prospective Projects (NAPP) approved regulations for a securities issuer rating. The document passed registration with the Ministry of Justice and takes effect on December 18, 2026.
The new mechanism will evaluate companies based on transparency, corporate law compliance, and shareholder rights protection. As Spot.uz reports, NAPP will maintain the rating in its capacity as the capital market regulator.
How the evaluation system works
The rating relies on a penalty point system. The regulator defined seven types of violations, each carrying a specific penalty:
- failure to comply with NAPP orders — 30 points;
- missing reporting deadlines — 15 points;
- failure to disclose material facts — 15 points;
- unpaid returns on securities — 10 points;
- providing false information — 10 points;
- violating corporate norms (such as meeting procedures) — 10 points;
- justified complaints about violations — 5 to 10 points.
Results will be published quarterly on the Single Portal of Corporate Information (SPCI). The evaluation of annual reports will factor into the rating for the second quarter of the following year.
Categories and sanctions
Depending on accumulated penalty points, issuers will fall into four categories: A (up to 10 points), B (15–25 points), C (50–60 points), and D (65–100 points).
Each group faces specific enforcement measures. Category B companies will receive a warning through their SPCI personal cabinet demanding they fix the shortcomings.
The regulator will apply strict limits to high-risk issuers. Category C companies may face rejection when registering new securities issues. Category D triggers suspended exchange trading or demands for early redemption of issued bonds.
Companies will have five working days to appeal the evaluation after its publication. If disagreements with the regulator persist, the issuer can go to court.
The introduction of a public rating shifts stock market oversight from one-off fines to a systemic assessment of investor risks.
