Uzbekistan, March 5 -- The National Agency for Perspective Projects (NAPP) has issued a new version of regulations governing underwriting activities in the securities market. To engage in underwriting, entities must now become participants in the regulatory "sandbox" for the capital market.

The updated regulations outline procedures for underwriting services, replacing the framework from 1999. Licensed investment intermediaries, commercial banks, and "sandbox" participants can now engage in underwriting. The list of required information in investment memorandums has been revised, removing tactical steps while adding strategic planning, management details, market analysis, financial performance, and fund allocation plans. The new regulati...