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May 6, 2016

The Law Needs to be Improved


The committees of the Legislative chamber of Oliy Majlis attach particular attention to the efficiency of adopted laws, introduction of concrete mechanisms for their unconditional observance, as well as to revealing and elimination of duplications and contradictions in legal acts.

The deputies had discussed the results of recently stock taking of laws at the plenary session of the Committee on budget and economic reforms of the lower chamber of Parliament. In particular, the practice of law enforcement in the execution of the Law “On the securities market” was reviewed at the meeting.

The parliamentarians found out that this legal act had not specified to sufficient extent the provisions regulating the procedure of trading the securities, which the organizers of bidding have to comply with. In certain cases the norms governing the information disclosure procedures by the Joint Stock companies could be interpreted in an ambiguous way in the securities markets.

As a result of discussion the Committee members had arrived to the conclusion on the need of further improvement of this law on the basis of advanced proposals, as well as introduction of changes and amendments aimed at bringing its separate norms in compliance with the Law “On stock exchanges and the stock exchange activities”. The introduction of those proposed amendments will create conditions for ensuring a unified enforcement practices in the securities market and in the activities of stock exchanges, the rights and interests of its stakeholders, including those of share holders and investors, as well as for integration of the national securities market into the global market.

A decision on preparation of changes and amendments into the Law “On the securities market” was passed on the results of the session.