KPMG received the license of an investment adviser in Uzbekistan and now will be able to work with enterprises as a licensed participant in the securities market of the country, the Capital Market Development Agency said.

Within the framework of the International Conference “The role of capital market in the development of the economy”, held on November 15, the Agency’s director Atabek Nazirov solemnly awarded the license to the managing partner of the KPMG representative office in Uzbekistan Nodir Vakhidov.

A license for an investment adviser will allow KPMG to advise joint-stock companies preparing to privatize or enter an IPO. When a company decides to enter the stock exchange, it turns to investment intermediaries (IPO underwriters), who, in turn, sell its shares to investors.

To date, 44 licensed investment advisers operate in Uzbekistan. The Capital Market Development Agency invites international investment intermediaries to open offices in Uzbekistan and notes that the opportunity to provide consulting services can be carried out only after obtaining the appropriate license.

“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 adviser license, the regulator will take tough measures,” Atabek Nazirov said. 

KPMG is one of the largest networks in the world providing professional services. It is also one of the Big Four audit firms along with Deloitte, Ernst & Young and PwC. The international headquarters is located in Amstelveen (Netherlands).