Tajikistan and U.S. SEC expand cooperation on capital market development

Nigina Abdurahmonzoda, Director of the Agency for Securities and Special Registration under the Ministry of Finance of Tajikistan, held discussions with representatives of the U.S. Securities and Exchange Commission (SEC) in Washington on expanding cooperation in capital market development, ASIA-Plus reports.

The meeting took place at the SEC headquarters within the framework of the 32nd Annual International Institute for Securities Market Growth and Development, an event that brings together heads of capital market regulatory authorities from multiple countries. The U.S. delegation included SEC Commissioner Hester Peirce, Deputy Director of the Department of Economic Analysis and Risk Management Robert M. Fisher, and Counselor of the Office of International Relations Andrew M. Levchik.

The Tajik side noted that the engagement was conducted under the direction of Finance Minister Faiziddin Qahhorzoda and forms part of broader efforts aligned with instructions from President Emomali Rahmon to develop government and corporate securities markets, introduce new financial instruments, and improve transparency in the financial sector.

Discussions focused on the development of Tajikistan’s capital market and strengthening international cooperation in financial regulation. The parties reviewed approaches to implementing international practices in securities market infrastructure, including regulatory frameworks and supervisory mechanisms.

In the area of regulation and oversight, attention was given to adopting risk-based supervision models, strengthening investor protection measures, and increasing market transparency. The sides also examined the development of market infrastructure, including improvements in trading systems, clearing and settlement processes, and the digitalization of capital market operations.

Risk management and economic analysis were also addressed, including the use of data-driven tools and monitoring of systemic risks within financial markets. In addition, discussions covered the introduction of modern financial instruments, including government and corporate securities, as well as sustainable finance products such as green and ESG instruments.

The Tajik agency emphasized the relevance of the SEC’s regulatory experience for developing domestic market systems. Following the meeting, both sides expressed readiness to expand practical cooperation through technical assistance, joint initiatives, and the development of a roadmap for capital market development in Tajikistan.

According to the Ministry of Finance, these steps are intended to support the modernization of the country’s financial system and align it more closely with international standards.