of April 29, 2003 No. 196
About measures for further development of the secondary security market
For the purpose of further development of the secondary security market, enhancement of market infrastructure and attraction of foreign investments on the stock market of the republic the Cabinet of Ministers decides:
1. Determine that secondary market transactions on purchase and sale of shares of joint-stock companies are performed only in the exchange and organized over-the-counter markets, except for transactions on the redemption by joint-stock company of own shares upon the demand of shareholders, and also realization on "zero" redemption value of the state blocks of shares of the unprofitable, low-profitable and having the low level of capacity utilization companies in the sphere of the industry and construction with the state share in authorized fund (authorized capital) more than 50 percent.
The secondary market transactions on purchase and sale of shares of joint-stock companies concluded outside trade systems of stock exchanges and organizers of the off-exchange biddings by securities having the corresponding licenses reckon invalid, except for transactions on the redemption as joint-stock company of own shares upon the demand of shareholders, and also realization on "zero" redemption value of the state blocks of shares of the unprofitable, low-profitable and having the low level of capacity utilization companies in the sphere of the industry and construction with the state share in authorized fund (authorized capital) more than 50 percent".
2. Ceased to be valid
3. Exempt, according to the procedure of exception, Republican stock exchange "Toshkent" for a period of three years from the tax discharge on value added with the target direction of the released funds for development of its trade, information systems and acquisition of the equipment.
Regulations on clearing houses in the security market according to appendix No. 1;
Regulations on system of single base of depositors in depositary system of the Republic of Uzbekistan according to appendix No. 2.
5. To the center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan together with Republican stock exchange "Toshkent" to develop and implement information system on provision to potential investors of specification on financial and economic activities of joint-stock companies, the prices on their shares and about the paid dividends in a month.
6. To the Ministry of Justice, the State Property Committee of the Republic of Uzbekistan, the Center for coordination and control of functioning of the security market together with the interested ministries and departments to make in the Cabinet of Ministers offers on the changes and amendments in the legislation of the Republic of Uzbekistan following from this resolution in a month.
7. To impose control of execution of this resolution on the Deputy prime minister of the Republic of Uzbekistan Azimov R. S.
Chairman of the Cabinet of Ministers
Appendix No. 1
to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of April 29, 2003 No. 196
1. This Provision is developed according to the laws of the Republic of Uzbekistan "About the security market" and "About the exchanges and exchange activities", and also other acts of the legislation and determines general requirements to activities of clearing houses in the market of corporate securities.
2. For the purpose of this provision the following basic concepts are used:
clearing house (further - RCP) - the structural division of the organizer of the biddings performing settlement and clearing operations on transactions with securities;
the organizer of the biddings - the legal entity performing in accordance with the established procedure activities for the organization of stock or curb trading by securities;
the member of RCP - the professional participant of the security market who signed the contract with RCP on carrying out settlement and clearing transactions according to the transactions made by it in the security market;
bidders are the members of RCP or clients who are taking part at the organized biddings for the conclusion of security transactions on its own behalf and at own expense or for the clients;
the trading account - the set of entries in accounting registers of Central Securities Depository (further - the Central depositary) intended for storage of securities of the depositor and accounting of the rights to the securities exposed on the organized biddings;
personal account in RCP - the set of entries in accounting registers of RCP intended for the cash accounting of the client or the member of RCP, and also money of organizers of the biddings and the Central depositary;
delivery against payment - procedure for execution of security transactions in case of which transfer of securities and money is made only after check and the certificate (confirmation) of availability on accounts of participants of settlement and clearing transactions of enough the securities and money intended for execution of committed transactions;
authorized bank - the National Bank of foreign economic activity of the Republic of Uzbekistan rendering to RCP services in servicing of the on-demand deposit account of RCP intended for the conducting economic activity of RCP and (or) the secondary on-demand deposit account intended for accounting and storage of money of members and clients of RCP;
netting - clearing method by offsetting of all monetary claims of the client against all its monetary commitments.
3. Activities of RCP are performed according to Rules of carrying out settlement and clearing transactions and contracts signed with investment intermediaries with other bidders and members of RCP.
4. The main objectives of RCP are:
ensuring timely and complete carrying out settlement on security transactions in the stock market;
acceleration of turnover of securities in the exchange and off-exchange markets;
prevention of delays and non-payments in case of the conclusion of transactions in the security market;
operational generalization of results of the made transactions and informing members of the security market on current status of market situation.
5. The main functions of RCP are:
determination, refining, offsetting of the cross liabilities providing implementation of transactions on collection, reconciliation, adjustment of information on the transaction;
creation and the direction on execution of documents, being the basis for money transfer and delivery of securities following the results of the transaction;
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