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Ministry of Justice

Republic of Uzbekistan

On November 30, 1998 No. 552

Approved by Board of the Central bank of the Republic of Uzbekistan of November 9, 1998 No. 218

Regulations on servicing and address of releases of state treasury bills

(as amended on 26-09-2017)

This Provision according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About the security market" and the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 26, 1996 No. 119 "About release of state treasury bills of the Republic of Uzbekistan" determines procedure for placement, the address and repayment of state treasury bills.

1. General provisions

1.1. In this Provision the following basic concepts are used:

state treasury bills (further - Bonds) - the government securities granting to their owners the right to nominal value in case of their repayment and the income in difference type between sales price (or redemption price) and purchase price;

The dealer - the member of the exchange, the contract with the Central bank of the Republic of Uzbekistan for accomplishment of functions which is bank or the legal entity, signed on servicing of transactions with bonds and acquired the participation right in the exchange biddings and the conclusion of stock exchange transactions;

the investor - any legal entity who is not the Dealer, acquiring Bonds on the property right or other corporeal right by engagement of services with the Dealer;

The Uzbek republican currency exchange (further - UZRVB) - the legal entity authorized based on the contract with the Central bank of the Republic of Uzbekistan creating conditions for trade in Bonds including provision of Trade system, by the organization and carrying out the public and public exchange biddings on the basis of statutory rules in in advance determined place and in certain time. UZRVB cannot perform functions of the Dealer and the investor;

trade system - the system of UZRVB performing the electronic biddings according to transactions with Bonds, providing registration of the accepted requests, the automatic conclusion of transactions, storage of Bonds and accounting of the rights to them, and also implementation of clearing and carrying out payment under transactions with Bonds, operational display of the current information on workplaces of bidders, recording of process of the biddings and forming of resulting exchange documents.

1.2. Bondholders have the right to own, use and dispose of the Bonds belonging to them according to the current legislation taking into account the restrictions imposed under contracts which are signed based on this provision.

1.3. The circulation of Bonds can be performed only as a result of the conclusion of the Agreement (transaction) of purchase and sale, and also pledge according to the procedure, determined by the current legislation and this Provision.

1.4. Relations between the Dealer and the Uzbek republican currency exchange are drawn up by the agreement.

The dealer can conclude bargains with Bonds on its own behalf and at own expense, and also at the request of the investor and at his expense.

Dealers have equal opportunities for input and execution of requests, receipt of information on the course of the biddings on Bonds in Trade system.

2. Procedure for bond issue

2.1. Bonds are issued from name and at the expense of means of the Ministry of Finance of the Republic of Uzbekistan in paperless form for up to one year.

2.2. Central Bank of the Republic of Uzbekistan performs agency functions on placement and repayment of bond issues.

2.3. Nominal value of the Bond is expressed in national currency of the Republic of Uzbekistan and makes 1000 bags.

2.4. For implementation of accounting of Bonds and registration of transactions the registration code is assigned for each Dealer and the Investor.

The procedure for forming of registration codes of Dealers and Investors is determined by Appendix 1 to this Provision.

2.5. The registration code assigned for the Dealer by the Central bank of the Republic of Uzbekistan is called code of the Dealer and is unique for each Dealer.

The specified code is fixed in the agreement signed between the Central bank of the Republic of Uzbekistan and the Dealer and it is specified in all operating rooms, registration and accounting documents connected with transactions of this Dealer on its own behalf in the bond market.

2.6. The registration code assigned for the Investor by the Dealer serving it is called code of the Investor and is unique for each Investor.

The specified code is fixed in the service agreement between the Dealer and the Investor and shall be specified in all operating rooms, registration and accounting documents connected with transactions of this Dealer at the request of this Investor in the bond market.

The register of registration codes of Investors is kept by the Dealer with which this Dealer signed service agreements.

3. Procedure for storage of Bonds and accounting of the rights to them

3.1. Storage of Bonds and account of the rights to them is kept on the account opened in UZRVB according to transactions with government securities (further - the account of "depot").

The rights to Bonds pass to the acquirer from the moment of money transfer to personal account of the seller and introduction of the corresponding receipt record on the account of "depot". The rights to Bonds are confirmed by the account statement of "depot".

3.2. The account of "depot" is opened for the Dealer based on the contract between UZRVB and the Dealer.

3.3. The account of "depot" is opened for the Investor on the basis - orders of "depot" of the Dealer with which at the Investor the service agreement is signed. The investor can have only one account of "depot" opened at the request of "depot" of one Dealer.

Several accounts of "depot" based on the service agreements signed with the corresponding Dealers can be opened for the investor.

3.4. The investor has the right without transaction of purchase and sale or the agreement of pledge to transfer Bonds from the account of "depot" opened based on the order of "depot" of one Dealer on the account of "depot" opened based on the order of "depot" of other Dealer. Transfer of Bonds is made based on orders of "depot" (Appendix 2 to this Provision).

3.5. Transfer of Bonds under agreements of pledge is made based on the corresponding orders of "depot" on blocking and unblocking of Bonds (Appendices 2a and 2b to this Provision).

3.6. Are not accepted to execution of the order of "depot" in which earlier completion date, than day of receipt of the order of "depot" is specified. By results of execution of the order of "depot" of UZRVB issues to the account holder of "depot" the corresponding statement.

3.7. Following the results of transactions delivery of Bonds is made by UZRVB by write-off of Bonds from accounts of Dealers (Investors) - sellers and transfer of Bonds into accounts of Dealers (Investors) - buyers.

3.8. UZRVB once a week (the last working day) provides in the Central bank of the Republic of Uzbekistan information in the amount determined by Appendix 3 to this Provision. Dealers once a month (in the last working day) provide in the Central bank of the Republic of Uzbekistan information in the amount determined by Appendix 4 to this Provision.

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