The National Agency for Prospective Projects (NAPP) in Uzbekistan has made amendments to the regulations governing the issuance of securities, particularly focusing on the issuance of green bonds, as it was published on Lex.uz on June 7.
The newly issued document outlines the criteria for issuing corporate bonds specifically designated for projects contributing to the development of a green economy. As the regulatory body overseeing the securities market, NAPP is tasked with approving a methodological manual detailing the issuance and circulation of these bonds.
One of the key requirements for companies seeking to issue green bonds is the explicit declaration of the intended use of the raised funds, aligning with the criteria set forth in the National Green Taxonomy or equivalent classifications. Additionally, issuers must delineate Key Performance Indicators (KPIs) to track and measure the impact of their projects.
Applicants are mandated to submit a comprehensive package of documents, including a certificate confirming the alignment of the fund usage with green taxonomy standards. This certificate must bear the signatures of the issuing company's management and chief accountant. Furthermore, the submission must include a framework program outlining the bond issuance plan and a copy of the conclusion certifying compliance with "green" standards.
To ensure credibility and adherence to internationally recognized standards, the specialized organization issuing the compliance certificate must possess authorization from the International Capital Markets Association (ICMA), approval from the Climate Bonds Initiative (CBI), and registration with the European Securities and Markets Authority (ESMA).
In a related development, NAPP introduced a draft regulation in May concerning the issuance and circulation of green bonds. This regulatory framework delineates eligible project types for green bond financing and stipulates conditions for their issuance.
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