RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of May 4, 2018 No. 32

About recognition of issue of issued securities unfair, and release (additional release) of issued securities invalid, suspension or prohibition of issue of issued securities

Based on the paragraph of the seventeenth of part one of article 8 of the Law of the Republic of Belarus of January 5, 2015 No. 231-Z "About the security market", Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:

1. Approve the Instruction about procedure for recognition of issue of issued securities unfair, and release (additional release) of issued securities invalid, suspensions or prohibitions of issue of issued securities it (is applied).

2. This resolution becomes effective in three months after its official publication.

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of May 4, 2018 No. 32

The instruction about procedure for recognition of issue of issued securities unfair, and release (additional release) of issued securities invalid, suspensions or prohibitions of issue of issued securities

1. This Instruction determines procedure for recognition of issue of issued securities unfair, and release (additional release) of issued securities invalid, procedure for suspension or prohibition of issue of issued securities.

2. Issue of issued securities is recognized unfair, and release (additional release) of issued securities invalid in the presence of the bases provided by part one of article 20 of the Law of the Republic of Belarus "About the security market" and also other cases established by legal acts.

Recognition of issue of issued securities unfair, and release (additional release) of issued securities invalid is the basis for suspension or prohibition of issue of issued securities.

Recognition of issue of issued securities unfair, and release (additional release) of issued securities invalid, suspension or prohibition of issue of issued securities are performed by the Ministry of Finance no later than one year from start date of placement of issued securities if other term is not established by the President of the Republic of Belarus.

3. In day of decision making about recognition of issue of issued securities unfair, and release (additional release) of issued securities invalid, suspension or prohibition of issue of issued securities the Ministry of Finance or if other is not established by legal acts, the Department on securities of the Ministry of Finance (further – Department on securities) stops making and (or) execution of transactions with issued securities in trade system of the organizer of the securities trading and (or) the circulation of issued securities in the unorganized market by pronouncement of the instruction about suspension of the biddings by certain issue of securities or all securities of the issuer or about the suspension of security circulation of certain release or all securities of the issuer according to the procedure established by the Instruction about procedure for issue (removal) for instructions in the security market the Republic of Belarus approved by the resolution of the Ministry of Finance of April 5, 2016 No. 19.

4. The Ministry of Finance makes the decision on suspension of issue of issued securities in case of identification of the violations of the procedure for issue of issued securities established by the legislation allowed by the issuer.

Issue of issued securities stops within the term of placement of issued securities before elimination by the issuer of the violations which entailed suspension of issue of issued securities, in time, established by the Ministry of Finance. Issue of issued securities stops from the date specified in the decision on suspension of issue of issued securities.

5. In day of decision making about suspension of issue of issued securities the Ministry of Finance in writing notifies the issuer on suspension of issue of issued securities, and in case of suspension of issue of exchange bonds as well the stock exchange which registered release of exchange bonds.

The notification on suspension of issue of issued securities shall contain:

the name of the body which made the decision on suspension of issue of issued securities;

decision date about suspension of issue of issued securities;

full name and location of the issuer of issued securities;

data on release (additional release) of issued securities (type of issued securities with indication of category and type (if availability of category and type follows respectively from type and category of issued security), nominal value of issued security, number of state registration of release of issued securities or the temporary state registration number assigned to release (additional release) of the shares placed by carrying out open sale or with use of foreign depositary receipts, either identification number of release of issued securities, or registration date of the prospectus of the issue of shares when carrying out open subscription);

date with which issue of issued securities stops;

the bases which entailed decision making about suspension of issue of issued securities with indication of the detailed description of violations;

the term of elimination of the revealed violations. At the same time term for elimination of the revealed violations cannot come to an end after the term of placement of issued securities.

No later than two working days following behind day of receipt of the notification on suspension of issue of issued securities, the issuer opens information on suspension of issue of issued securities by methods and according to the procedure, determined by the issuer in the decision on issue of securities and in the prospectus of the issue for disclosure of information on issue.

6. The issuer in writing notifies the Ministry of Finance on elimination of the violations which entailed decision making about suspension of issue of issued securities, with application of documents, these violations confirming elimination.

The notification specified in part one of this Item shall be directed by the issuer no later than the last day of the term established for elimination of the revealed violations.

7. After elimination by the issuer of the violations which were the basis for suspension of issue of issued securities no later than five working days from the date of receipt of the notification specified in part one of Item 6 of this Instruction, the Ministry of Finance makes the decision on renewal of issue of issued securities.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info