October 28, 2026

The procedure for maintaining the rating of securities issuers has been established

From December 18, 2026, the Order of the Director of the National Agency for Prospective Projects of the Republic of Uzbekistan dated September 17, 2026, reg. № 3941 “On Approval of the Regulation on the Procedure for Maintaining the Rating of Securities Issuers” (hereinafter – Order) comes into force.

Determination of the rating

Pursuant to the Regulation “On the Procedure for Maintaining the Rating of Securities Issuers” (Annex to the Order; hereinafter – Regulation), the rating of securities issuers is maintained by the National Agency for Perspective Projects (hereinafter – Agency) at the end of each quarter and published publicly on the Unified Corporate Information Portal. The rating results are published during the first ten days of the second month following the reporting quarter, and issuers are notified thereof through their personal accounts.

The rating of securities issuers is determined through the information system (the module of the Unified Corporate Information Portal displaying issuer ratings) based on the total number of points assigned for deficiencies identified in respect of seven criteria, in accordance with the following procedure (the total score shall not exceed 100 points):

No.	Criteria	Calculation procedure	Maximum number of points
1.	Failure to submit quarterly and annual reports on the Unified Corporate Information Portal within the prescribed deadlines.	If the report has not been published on the Unified Corporate Information Portal as of the date on which the rating score is determined.	15 points
2.	Non-publication of important facts on the Unified Corporate Information Portal	From 5 to 15 points shall be assigned for each material event that has not been disclosed on the Unified Corporate Information Portal in the relevant report	15 points
3.	Failure to fulfil obligations to pay income on securities	From 5 to 10 points shall be assigned for each instance of failure to fulfil obligations to pay dividends and/or coupons on securities during the reporting quarter	10 points
4.	Provision of false or misleading information	From 5 to 10 points shall be assigned for each instance in which the issuer provides false or misleading information during the reporting quarter, whether in a report, a material event disclosure, or any other information	10 points
5.	Violation of corporate law requirements	The convening and holding of meetings of management bodies, the preparation of documents following such meetings, and any identified violation of other corporate law requirements shall each be assigned a score ranging from 5 to 10 points	10 points
6.	Existence of application reviewed by the Agency and found to concern by the issuer of securities market legislation	Number of applications found to concern violations of securities market legislation by the issuer: 1-3 applications – 5 points; 4 or more applications – 10 points	10 points
7.	Failure to comply with the instructions or decisions of the Agency	Failure or refusal to comply with the Agency’s instructions and decisions to remedy violations	30 points

Based on the quarterly results, the issuer is assigned one of the following categories:

Category A – 0-10 points;

Category B – 15-25 points;

Category C – 30-60 points;

Category D – 65-100 points.

Consequences

Pursuant to the regulation, enforcement measures may be applied:

1. automatically through the Unified Corporate Information Portal, based on the issuer’s rating results; or
2. by decision of the Agency.

The decision to apply enforcement measures must be made within one month from the date of publication of the rating results.

Taking into account the nature and frequency of the identified deficiencies and the potential level of harm to investors, the Agency may apply the following enforcement measures to issuers in accordance with the categories set out in the issuer rating scale:

• For Category B issuers: implementation of preventive measures by sending notifications through their personal accounts.
• For Category C issuers:
• restriction of corporate actions (submission of reports and disclosure of material events and publication of information) on the Unified Corporate Information Portal until the identified deficiencies are remedied (for issuers that have committed violations under Criterion 1 and/or Criterion 2). However, the issuer shall retain the ability to disclose information that constitutes an identified deficiency and has not been publicly disclosed;
• refusal to register a securities issue.
• For Category D issuers:

In addition to the enforcement measures provided for in paragraph 2 above:

• requirement for early redemption of corporate bonds within thirty days and payment of interest (coupon payments) thereon;
• suspension of trading in the issuer’s securities in accordance with the procedure established by law, while permitting the second stage of repo transactions.

Safeguards for Issuers’ Rights

Pursuant to the Regulation, an issuer has the right to file a complaint with the Agency through its personal account within five business days from the date of announcement of the rating results. The Agency shall review such complaints within ten business days. If a complaint is found to be justified, the rating points shall be revised; otherwise, the rating points shall remain unchanged. The issuer also has the right to challenge in court, in accordance with the procedure established by law, the rating results and the decisions on the application of enforcement measures announced by the Agency.