Approved by the Center for coordination and control of functioning of the security market of the Republic of Uzbekistan of March 1, 1999 No. 42

Regulations on certification (recertification) of physical persons on the right of making of transactions with securities

I. General provisions

1.1. This Provision according to the Law of the Republic of Uzbekistan "About the security market" and 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 on March 30, 1996 No. 126, determines procedure for certification (recertification) for physical persons on the right of making of transactions with securities, rendering services and (or) performance of works in the security market, and also procedure for issue, suspension of action and deprivation (cancellation) of competence certificates of specialists of the security market.

Requirements of this provision extend to the physical persons applying for work or working for professional participants of the security market (further - the professional participant), on the stock exchanges and share departments of the currency exchanges to which duties making from their name of transactions with securities, rendering services and (or) performance of works in the security market belongs.

Requirements of this provision extend to the physical persons applying for work or working for professional participants on the stock exchanges and share departments of other exchanges to which duties making from their name of transactions with securities, rendering services and (or) performance of works in the security market belongs.

1.2. In this Provision the following concepts are used:

authorized state body on certification (recertification) of physical persons (further - authorized body) - the Center for coordination and market development of securities in case of Goskomkonkurention of the Republic of Uzbekistan;

certification of physical persons (further - certification) - method of determination of readiness of the physical persons applying for receipt of the competence certificate of the specialist of the security market (further - the applicant), to making of transactions with securities and to rendering services and (or) performance of works in the security market;

the competence certificate of the specialist of the security market (further - the competence certificate) - the document issued to physical person by authorized body, with indication of the corresponding category and certifying the right to making of transactions with securities and rendering services and (or) performance of works in the security market on behalf of the professional participant, stock exchange (the currency exchange which created share department);

the competence certificate I of category - the category of the competence certificate issued to physical persons and granting the right to hold position of the head of Central Securities Depository and its structural divisions, the head of executive body of other professional participants, the head of executive body of stock exchange and its structural divisions, the head of share department of the currency exchanges;

the competence certificate II of category - the category of the competence certificate issued to physical persons and granting the right to work as specialists of professional participants, stock exchanges, share departments of the currency exchanges;

Certifying commission - collegiate organ on carrying out certification (recertification).

1.3. Except as specified, specified in item 1.31 of this provision, the following persons are subject to obligatory certification:

heads of Central Securities Depository and its structural divisions, heads of executive body of other professional participants, heads of executive body of stock exchanges and their structural divisions, heads of share department of the currency exchanges;

the specialists of professional participants, stock exchanges, share department of the currency exchanges who are directly participating in making of transactions with securities and rendering services and (or) performance of works in the security market.

In case of the termination of effective period of the competence certificate specified persons shall undergo obligatory certification no later than two months from the moment of the termination of effective period of the competence certificate in time.

During term, the specified in paragraph four of this Item, person which effective period of the competence certificate expired had the right to hold positions without the right of making of transactions with securities and rendering services and (or) performance of works in the security market.

The number of owners of the competence certificates working for professional participants on the stock exchanges, share departments of other exchanges, shall constitute at least two people.

The list of specified persons with indication of position, their tasks, functions and powers affirms the order of business entity.

In case of recognition of person not certified it has no right to hold the positions specified in paragraphs second and third this Item.

1.3-1. According to the procedure of exception, the graduate of higher educational institution of the Republic of Uzbekistan having the honors degree about the higher education in financial and economic or legal spheres, having the right to receive the competence certificate II of category without passing of certification and collection of the established collection provided that from date of issue of the diploma there passed no more than three years.

For receipt of the competence certificate of person, specified in paragraph one of this Item, shall provide to authorized body:

the statement in form according to appendix No. 1 to this Provision;

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