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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of March 1, 2019 No. 186

About approval of the Regulations on procedure for realization of precious metals at the exchange biddings of JSC Uzbek Republican Commodity and Raw Exchange

(as amended of the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 31.12.2020 No. 834)

According to the resolution of the President of the Republic of Uzbekistan of January 17, 2019 "About the state order on production and delivery of precious metals in the Agency on precious metals under the Central bank of the Republic of Uzbekistan in 2019", for the purpose of further enhancement of the mechanism of realization at the exchange biddings of the precious metals used as raw materials for production of industrial output, jewelry and other products, the Cabinet of Ministers decides No. PP-4121:

1. Approve Regulations on procedure for realization of precious metals at the exchange biddings of JSC Uzbek Republican Commodity and Raw Exchange according to appendix.

2. To the Ministry of Economy and Industry of the Republic of Uzbekistan together with the Central bank and the Ministry of Finance of the Republic of Uzbekistan annually when forming forecast parameters of production and distribution of precious metals to provide amounts of release of precious metals for realization at the exchange biddings to producers of products of industrial function, jewelry and other products taking into account their requirements, by reasonable calculations.

3. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan - the Minister of Finance of the Republic of Uzbekistan D. A. Kuchkarov, the Minister of Economy and Industry of the Republic of Uzbekistan B. A. Hodzhayev and the Secretariat concerning development fuel and energy and key branches of the industry of the Cabinet of Ministers of the Republic of Uzbekistan.

Prime Minister of the Republic of Uzbekistan

Abdullah Aripov

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 1, 2019 No. 186

Regulations on procedure for realization of precious metals at the exchange biddings of JSC Uzbek Republican Commodity and Raw Exchange

Chapter 1. General provisions

1. This Provision determines procedure for realization of precious metals at the exchange biddings to producers of products of industrial function, jewelry and other products.

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

standard ingots (plates) - ingots (plates) of precious metals corresponding to regulating documents in the field of technical regulation of the Republic of Uzbekistan, the manufacturing state of ingots, and also to requirements of the commodity and raw exchanges (further - the exchanges), intended for realization at the exchange biddings as the raw materials used in case of production of jewelry and industrial output;

precious metals - the gold, silver and platinum in the form of ingots, plates, granules and powder corresponding to regulating documents in the field of technical regulation of the Republic of Uzbekistan, and also the manufacturing state;

granules of precious metals - the lumps of precious metal in the form of crystallized fusion of rounded shape made by the companies performing refining of precious metals, realized at the exchange biddings as initial raw materials to producers of jewelry and industrial output;

stock exchange transaction - the purchase and sale agreement of exchange goods registered by the exchange signed by the result of the exchange biddings fixed by the exchange;

members of the exchange - the legal entities who acquired in the procedure established by the exchange the participation right in the exchange biddings and the conclusion of stock exchange transactions as dealers and brokers;

electronic system of the exchange biddings - the global distributed information system including complex of the software and hardware allowing members of the exchange to participate in the exchange biddings in real time by means of remote access from any geographical point of the republic;

clearing house (further - RCP) - the structural division of the exchange providing carrying out clearing and settlement on stock exchange transactions;

advance payment - the sum granted by sellers and buyers of financial resources, including sales charge of the exchange, and also deposit of the parties;

fixing of the London association of the market of precious metals - the procedure of determination and the publication of the price of precious metals applied by the London association of the market of precious metals on the basis of the developed demand and supply.

3. The realization of precious metals at the exchange biddings is enabled by producers of precious metals or other participants of the exchange biddings according to the scheme according to appendix No. 1 to this Provision.

4. Producers of precious metals or other participants of the exchange biddings - suppliers of the exchange provide production of plates, ingots, granules from precious metals according to requirements of regulating documents and test.

Proceeding from the request and environment of the demand and supply in the market, producers issue measuring plates, ingots from precious metals single weight: from gold - on 5 grams, 20 grams, 50 grams, 100 grams, 250 grams, 500 grams and 1000 grams, and also from silver - on 100 grams, 250 grams, 500 grams and 1000 grams.

Standard plates and ingots of precious metals shall have the put trademark of the producer, specifying of composition of net precious metal and ligaturny weight on surface, to conform to requirements of regulating documents in the field of technical regulation, and also to requirements of the commodity and raw exchange.

Granules from precious metals shall be packed into weight packagings with the put corresponding texts specifying structure and product quality.

5. Buyers of precious metals at the exchange biddings are the producers of products of industrial function having capacities on their conversion and also legal entities and individual manufacturing entrepreneurs of jewelry and other products from precious metals.

For participation in the biddings producers of jewelry and other products need to provide to the exchange the license for the right of implementation of activities for production of jewelry and other products from precious metals and gemstones issued by the State assay chamber under the Ministry of Finance of the Republic of Uzbekistan.

For participation in the biddings producers of industrial output need to provide to the exchange the registration certificate issued by the State assay chamber.

6. The exchange auction is held daily (Monday through Friday) with use of electronic system of the exchange biddings.

7. The precious metals acquired at the exchange biddings are not subject to realization for export.

Chapter 2. Forming of amounts of precious metals, procedure for preparation and carrying out the exchange biddings

8. Exposure of precious metals to the exchange biddings by suppliers of the exchange is performed according to the approved production forecasts and consumption of precious metals.

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