Uzbekistan: Assessment of Conditions for iCSD Access

Overview
Project Summary Document

TCRS 162072

Status TC Com approved

Location

Uzbekistan

Industry Sector

Legal Reform

Notice Type

State

PSD Disclosed

22 Apr 2026

Project Description

Enquiries

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

TCRS 162072

Status TC Com approved

Location

Uzbekistan

Industry Sector

Legal Reform

Notice Type

State

PSD Disclosed

22 Apr 2026

Project Description

Rationale

Uzbekistan has undertaken extensive work in modernising their monetary policy framework, developing market based monetary instruments, advancing digitalisation initiatives, and strengthening capital markets through new strategies and legal reforms, including the introduction of new financial instruments such as derivatives and repurchase transactions. Building on these engagements, further progress now requires addressing remaining gaps in financial market infrastructure, particularly the legal and regulatory conditions necessary for international investors and global custodians to participate confidently in the domestic market.
This Project aims to assess the existing legal and regulatory framework in Uzbekistan, including the new Capital Market Law which will be adopted soon and other related legislation governing market and settlement infrastructure. The assessment will evaluate the degree of alignment with international standards applicable to global custodians and International Central Securities Depositories (“ICSDs”) and identify gaps that may hinder the establishment of an ICSD link.

A functioning ICSD link would enable international investors to access local securities more efficiently, reduce settlement risks, and support the future use of such links by the EBRD for its own investments and local bond issuances. It would also support the broader national agenda to improve capital markets infrastructure, facilitate foreign investor participation, and enhance investor protection, as outlined in the Resolution of the President of the Republic of Uzbekistan.

Against this backdrop, the EBRD intends to engage a legal firm, or consortium of firms, with knowledge of both the Uzbek legal framework and international standards relating to market and settlement infrastructure to assist the National Agency of Prospective Projects (“NAPP”) in assessing the current legal framework and developing legal and regulatory conditions necessary for the establishment of an ICSD link.

Technical Assistance Services

As a result, the EBRD intends to conduct a project to assess and support the improvement of the legal and regulatory framework applicable to financial market infrastructure in Uzbekistan and to assist NAPP in creating the legal and regulatory preconditions for establishing an ICSD link, in alignment with international standards and the operational requirements of ICSDs and global custodians. The EBRD will be seeking to engage consulting and international legal services from a legal firm, or consortium of firms, with knowledge of both the Uzbek legal framework and international standards relating to market and settlement infrastructure.

Procurement Enquiries

Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2025. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the Information Request form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy 2024 or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism page to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

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Uzbekistan: Assessment of Conditions for iCSD Access

Project Description

Enquiries

Business opportunities

General enquiries

Project Description

Procurement Enquiries

General enquiries

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)