On the margins of the International Conference "The Role of the Capital Market in the Economic Development of Uzbekistan on November 15, the Capital Market Development Agency director, Atabek Nazirov, handed over the advisory license to the managing partner of the KPMG representative office in Uzbekistan, Nodir Vakhidov.
A investment advisory license will allow KPMG to advise companies preparing for privatization or conducting IPO. When a company decides to enter the stock exchange, it addresses to investment intermediaries - the so-called IPO underwriters, who sell its shares to investors.
Currently, there are 44 licensed advisers operating in Uzbekistan. The capital market development agency invites international investment intermediaries to open offices in Uzbekistan.
“International firms, investment banks, consulting companies need to have an internal license to provide such financial advisory services. In cases of illegal provision of services without obtaining an investment advisor license, the regulator will take harsh measures,” said Atabek Nazirov.
KPMG is a multinational professional services network, and one of the Big Four accounting organizations, along with Deloitte, Ernst & Young (EY), and PricewaterhouseCoopers (PwC).