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

of June 10, 2004 No. 2004-13

About approval of the Regulations on procedure of transactions of purchase and sale of securities in the organized curb market

According to the Regulations on the Center for coordination and market development of securities in case of Goskomkonkurention of the Republic of Uzbekistan approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 30, 1996 No. 126, I order:

1. Approve Regulations on procedure of transactions of purchase and sale of securities in the organized curb market, according to appendix.

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

Approved by the Order of the CEO of the Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan of June 10, 2004 No. 2004-13

Regulations on procedure of transactions of purchase and sale of securities in the organized curb market

This Provision according to the Law of the Republic of Uzbekistan "About the security market" and other regulatory legal acts about the security market is determined procedure of transactions of purchase and sale of shares, corporate bonds and derivative securities (further - securities) in the organized over-the-counter market.

Action of this provision extends to all transactions of purchase and sale of securities in the organized curb market.

§1. General provisions

1. For the purpose of this provision the following basic concepts are used:

the organized over-the-counter market - the sphere of security circulation in systems of the off-exchange biddings by securities (SVT) organized by professional participants of the security market;

the system of the off-exchange biddings (SOEB) - the electronic system of the off-exchange biddings by securities organized by professional participants of the security market, providing collection and satisfaction of purchasing requests and security sale;

the client - the physical person or legal entity (including foreign) which drew up the purchasing request or security sale in SVT;

the investment intermediary of the client - the investment intermediary rendering to the client broker and depositary services according to the signed agreement;

the organizer of the off-exchange biddings - the professional participant of the security market performing activities for the organization of curb trading by securities based on the corresponding license of authorized state body on regulation of the security market;

the organization of the off-exchange biddings by securities - activities for systematization of the arriving requests of buyers and sellers of securities, tendering between them, to registration of results of the held auction and registration of the concluded security transactions based on the corresponding license of authorized state body on regulation of the security market;

the partner of the organizer of the off-exchange biddings - the business entity who signed the contract on interaction with the organizer of the off-exchange biddings for the right of collection of purchasing requests and security sale from physical persons and legal entities and transfer of these requests in SVT;

the collection point for requests (CPR) - territorially separate division of the organizer of the off-exchange biddings or division of his partner performing acceptance, input and preprocessing of purchasing requests and security sale and their transfer to SVT;

the serving depositary - Central Securities Depository;

authorized state body on regulation of the security market - the Ministry of Economics and finance of the Republic of Uzbekistan;

rules of the organizer of the off-exchange biddings - the rules of the securities trading including regulations on procedures of the admission to the address and exceptions of security circulation, the quotation of the prices of securities;

procedure for the admission of participants organizer of the off-exchange biddings by securities, procedure for disclosure of information and other documents, stipulated by the legislation;

the request - the offer on the conclusion of the transaction of purchase/security sale containing all conditions necessary for the conclusion of the transaction according to requirements of the organizer of the off-exchange biddings;

the order - the order made by the organizer of the off-exchange biddings, depositary of the client, the serving depositary in the form of the paper or electronic document for carrying out transactions with securities in case of transactions of purchase and sale of securities in the organized over-the-counter market.

§2. The services provided by the organizer of the off-exchange biddings

2. The organizer of the off-exchange biddings provides the following services to the clients:

acceptance from legal entities and physical persons of purchasing requests and security sale and creation of conditions for their maximum satisfaction in accordance with the terms of requests;

organization of the biddings for purchase and sale of securities;

ensuring all necessary actions for registration of transition of the property rights to securities;

registration of transactions on purchase and sale of securities;

the security quotation, addressing to SVT;

determination and offsetting of cross liabilities on security transactions (clearing).

3. The organizer of the off-exchange biddings has no right to take part in quality of one of the parties of transactions at the biddings organized by it.

4. The organizer of the off-exchange biddings, observing all requirements of the current legislation and this provision, determines:

types and forms of purchasing requests and security sale;

the list of documents, the purchasing requests submitted for giving or security sale;

procedure, form and term of introduction of payments and carrying out payments;

term and procedure for delivery of securities.

5. The bargains concluded at the biddings in SVT are registered the organizer of the off-exchange biddings in the procedure established by the legislation in the form of the accounting register of off-exchange transactions on the basis of results of the held auction.

5-1. The securities which are not in exchange quoted leaf of stock exchange are admitted to trading in the organized curb market.

5-2. Making and registration of security transactions in the organized over-the-counter market are performed electronically without the need for their written (paper) registration.

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