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IT IS REGISTERED

Ministry of Justice

Republic of Uzbekistan

On December 20, 1995 No. 199

Approved as the Deputy prime minister on November 29, 1995 No. 106

 

IT IS APPROVED

Chairman of the board

Central Bank

Mullazhanov F. M.

On November 9, 1995 N 01-51

Chairman State

Tax Committee

Gataulin Sh. K.

On November 20, 1995 N 09-5078

Deputy minister

finance - the chairman

State commission on valuable

to papers and share

to the exchanges under the Ministry of Finance

Abdukadirov A. M.

On November 20, 1995 N 08-03-02/1739

 

Regulations on procedure for the admission, registration and securities placement of foreign issuers in the territory of the Republic of Uzbekistan and the Uzbek issuers abroad

I General provisions

1.1. This Provision regulates procedure for the admission, registration and securities placement of foreign issuers in the territory of the Republic of Uzbekistan, and also procedure for securities placement of the issuers who are under jurisdiction of the Republic of Uzbekistan, abroad according to the Laws of the Republic of Uzbekistan "About securities and stock exchange" "About tax on transactions with securities", "About foreign investments and guarantees of activities of foreign investors" and the admission, registration and placement of deposit certificates and bills of exchange of foreign issuers in the territory of the Republic of Uzbekistan does not extend much.

1.2. Features of procedure for the admission in the circulation of deposit certificates and bills of exchange of foreign issuers in the territory of the Republic of Uzbekistan, and also the Uzbek issuers are abroad determined by the Central bank of the Republic of Uzbekistan in coordination with State commission by securities and stock exchanges under the Ministry of Finance of the Republic of Uzbekistan (further State commission).

1.3. The foreign issuer of securities is understood as the foreign legal entity and/or state body, the international organization placing securities in the territory of the Republic of Uzbekistan and incurring on its own behalf obligations on them to resident investors of the Republic of Uzbekistan according to legislative and regulations of the Republic of Uzbekistan, international law.

1.4. Securities placement is understood as security sale to legal entities and physical persons.

1.5. The Uzbek investor is understood as legal entity or physical person - resident of the Republic of Uzbekistan, acquiring securities of foreign issuers on its own behalf and at own expense.

1.6. Security circulation is understood as their purchase and sale, and also other actions provided by the current legislation, leading to change of the owner of securities.

Owner of security is person having right of possession, uses and orders of security according to the Law of the Republic of Uzbekistan "About property".

1.7. In the security market of the Republic of Uzbekistan the foreign issuers who signed contracts with investment institute - resident of the Republic of Uzbekistan on release and placement of derivative securities and having quota of the Cabinet of Ministers of the Republic of Uzbekistan have rights of securities placement.

II. Procedure for the admission of securities of foreign issuers to placement in the territory of the Republic of Uzbekistan and issue of quota of the Cabinet of Ministers

2.1. The admission to securities placement of foreign issuers in the territory of the Republic of Uzbekistan is performed based on the annual quota allocated by the Cabinet of Ministers of the Republic of Uzbekistan.

2.2. The application for issue of quota is submitted by the foreign issuer to General economic department of the Cabinet of Ministers of the Republic of Uzbekistan. The following documents are enclosed to the application:

- notarized copies of constituent documents of the foreign issuer and investment institute - the resident of the Republic of Uzbekistan making securities placement of the foreign issuer in the territory of the Republic of Uzbekistan;

- letter of the guarantor of the foreign issuer;

- the copy of the registration certificate of issue of securities of the foreign issuer in its country;

- the copy of the balance statement signed and certified by auditing organization of the country of the issuer for the last three complete financial years or for each complete period from the moment of education if this term less than three years;

- the document confirming listing of securities of the foreign issuer on the stock exchange in the country of this issuer;

- the notarized copy of the contract of the foreign issuer with investment institute - resident of the Republic of Uzbekistan on securities placement of the foreign issuer in the territory of the Republic of Uzbekistan;

- the copy of the license of investment institute issued by authorized body of the Republic of Uzbekistan on the right of implementation of activities as investment institute;

- the prospectus of release of the derivative security of the foreign issuer within required quota, prepared by investment institute;

- samples of securities of the foreign issuer and derivative securities on two copies.

2.3. The general economic department of the Cabinet of Ministers sends the document package provided by the foreign issuer for examination to State commission and the Central bank of the Republic of Uzbekistan. The last no later than 10 days represent the expert opinions to General economic department of the Cabinet of Ministers. On the basis of the received expert opinions and considering the developed market situation of securities of Uzbekistan the Cabinet of Ministers makes the decision on issue (lack of distribution) of quota. Aggregate term of consideration of question of allocation of quota to the foreign issuer shall not exceed 20 working days from the date of representation properly the processed documents.

2.4. The Cabinet of Ministers has the right to refuse issue of quota to the foreign issuer in representation cases in an inadequate way of the processed documents, and also discrepancies to their requirements of the current legislation and to this Provision. The decision on refusal in issue of quota shall be motivated and go to the applicant in writing. In case of renewal of documents by the applicant their de novo review is performed in 5-day time.

2.5. The quota is issued for a period of one year. At motivated request of the applicant the quota can be extended for the same term. Prolongation of quota proves to be true in writing.

2.6. The quota for securities placement of the foreign issuer can be withdrawn by the Cabinet of Ministers on representation by State commission in cases:

a) if it is revealed that the materials provided for receipt of quota contained data which are not true;

b) if the foreign issuer (or the investment institute issuing and placing derivative securities of the foreign issuer) does not observe amount and effective period of quota;

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