The Uzbek Capital Market Development Agency issued an advisory license to Deloitte representative office in Uzbekistan.
The investment advisory license will allow Deloitte 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 48 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.
Deloitte is a multinational professional services network, and one of the Big Four accounting organizations, along with KPMG , Ernst & Young (EY), and PricewaterhouseCoopers (PwC).