MPROVING THE LEGAL REGULATION OF MAJOR TRANSACTIONS IN BUSINESS ENTITIES OF UZBEKISTAN: A COMPARATIVE LEGAL ANALYSIS AND REFORM PROPOSALS

Abstract

The article examines the legal regulation of major transactions in the corporate legislation of the Republic of Uzbekistan and conducts a comparative legal analysis with the legislation of the Russian Federation, the Republic of Kazakhstan, and the Republic of Belarus. Through an analysis of statutory provisions, regulatory acts, doctrinal approaches, and the limited practice of law enforcement, the key gaps of the Uzbek regulatory model have been identified. It has been established that these include the uncertainty of criteria for classifying transactions as part of ordinary business activities, the fragmented nature of approval procedures, the absence of a mechanism for subsequent consent (ratification), as well as the low predictability of judicial decisions. Within the framework of the comparative study, it has been found that in neighboring jurisdictions these issues are partially mitigated through clearer quantitative and functional criteria, more detailed corporate procedures, and more developed mechanisms for protecting the interests of the company and its participants. On this basis, directions for modernizing national legislation have been formulated, including the unification of corporate control procedures, the expansion of directors’ duties regarding information disclosure and the prevention of conflicts of interest, the introduction of the institution of ratification, and the formalization of the legal consequences of violating approval procedures. It has been assessed that the implementation of the proposed measures contributes to enhancing legal certainty, reducing corporate risks, and strengthening the effectiveness of corporate governance in Uzbekistan in the context of ongoing reforms of the national economy and the corporate sector.