Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

IT IS REGISTERED

Ministry of Justice

Republic of Uzbekistan

On April 23, 2002 No. 1130

THE ORDER OF THE CENTER FOR COORDINATION AND CONTROL OF FUNCTIONING OF THE SECURITY MARKET UNDER THE STATE PROPERTY COMMITTEE OF THE REPUBLIC OF UZBEKISTAN

of March 13, 2002 No. 2002-02

About approval of the Regulations on operations procedure in case of suspension and the termination of activities of depositary

(as amended on on November 18, 2008)

According to the Law of the Republic of Uzbekistan "About the security market" and based on Regulations on the Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 30, 1996 N 126, I order:

1. Approve the enclosed Regulations on operations procedure in case of suspension and the termination of activities of depositary.

2. Enact this order after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

3. From the moment of enforcement of this order to declare invalid the Operations procedure of depositary in case of suspension and the termination of depository activity approved by the Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan of November 29, 1999 (reg. N 847 of December 10, 1999), and also changes N 1 to the Operations procedure of depositary in case of suspension and the termination of depository activity, approved by the Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan of August 14, 2001 (reg. N 847-1 of September 5, 2001).

 

CEO

Yunusmatov M. S.

Approved by the order of the CEO of the Center for coordination to control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan of March 13, 2002 No. 2002-02

Regulations on operations procedure in case of suspension and the termination of activities of depositary

This Provision according to the laws of the Republic of Uzbekistan "About the security market" and "About licensing of separate types of activity" establishes operations procedure in case of suspension and the termination of activities of depositary.

§ 1. General provisions

1. Suspension and the termination of activities of depositary is performed in the cases provided by articles 22-24 of the Law of the Republic of Uzbekistan "About licensing of separate types of activity".

2. By reorganization, activities of depositary stop only in case of the termination of activities of the reorganized legal entity having license for activities of depositary.

3. Suspension of operations of depositary is performed based on the decision of authorized state body on regulation of the security market about suspension of action of license for activities of depositary.

4. The termination of activities of depositary is performed based on the decision of authorized state body on regulation of the security market about the termination (cancellation) of action of license for activities of depositary.

5. In case of decision making about the termination (cancellation) of action of license for activities of depositary the authorized state body on regulation of the security market appoints the special commission on the termination of activities of depositary (daleekomissiya).

The Commissions are included representatives of authorized state body on regulation of the security market, Central Securities Depository and depositary which activities stop, and also specialists of other depositaries can be included, experts of certain directions are involved.

§ 2. Actions the decisions on suspension (the termination, cancellation) of action of license for activities of depositary passed by depositary after obtaining

6. The depositary from the moment of receipt of the decision on suspension of the license shall:

a) suspend execution of all depository operations, except the transactions specified in Item 10 of this provision and if other is not established in the decision on suspension of operations of depositary;

b) take necessary measures for elimination of the circumstances which entailed suspension of operations of depositary.

7. The depositary from the moment of receipt of the decision of authorized state body on regulation of the security market about the termination (cancellation) of action of license for activities of depositary, appointment of the Commission and term of its work shall:

a) stop execution of all depository operations, except the transactions specified in Item 10 of this provision and if other is not established in the decision on the termination (cancellation) of activities of depositary;

b) create balance of securities on start date of work of the Commission;

c) prepare the statement with NOSTRO the invoices of depositary for carrying out reconciliation of remaining balance of securities on correspondent accounts of depositary;

d) get separate register of depository operations from the moment of the beginning of work of the Commission;

e) to submit within three-day term within Central Securities Depository card with specimen signatures of authorized persons of depositary and the commission chairman;

e) create account statements of depositors with which contracts for depositary servicing are signed and to send them to depositors together with the termination letter of activities of depositary the letter or by other method provided by the agreement to the terms established by the Commission.

The depositary also has the right to publish in mass media the message on the termination of activities by depositary with short specifying of procedure for the translation (withdrawal) of securities by owners and preliminary date of completion of work of the Commission;

g) in ten-day time to return to authorized state body on regulation of the security market the original (duplicate) of license for activities of depositary;

i) in ten-day time to inform issuers whose custody accounts of members of labor collectives are served based on the contract with the issuer on issue servicing, on need of the translation of the securities belonging to members of labor collectives in other depositary chosen as the issuer.

8. The notification sent to depositors according to the subitem "e" of Item 7 of this provision shall contain:

message on the termination of activities of depositary;

term of work of the Commission;

the offer to transfer securities of the depositor to the depositary chosen by it;

the warning that in case of absence of the depositor in the specified time, its securities will be transferred to Central Securities Depository to provisional accounts of depositors before their claiming;

applicable fares of Central Securities Depository for servicing on storage of securities.

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