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Approved the State Property Committee of the Republic of Uzbekistan of March 29, 1999, No. 06

Regulations of control of activities of privatization investment funds

 

IT IS APPROVED

Center for coordination

and to control

behind market functioning

securities

On March 25, 1999 No. 1441

IT IS APPROVED

State Property Committee

Republic of Uzbekistan

March 26, 1999

IT IS APPROVED

joint-stock company

"National depositary "Vakt"

On March 25, 1999 No. 22/418

 

1. General provisions

1.1. These regulations N220 of 18.06.96 is developed according to resolutions of the Cabinet of Ministers of the Republic of Uzbekistan. "About measures for the organization of activities of investment funds" and N410 of 25.09.98. "About measures for enhancement of activities of investment and privatization investment funds" also determines technique of control and the analysis of activities of privatization investment funds, and also procedure for preparation and distribution of special information material.

1.2. For the purposes of these regulations the following concepts are used:

- the privatization investment fund (PIF) - the open joint stock company performing the activities consisting in attraction of financial resources due to issue of own shares, investment of own means into securities of the privatized companies including with attraction of special public credits in the form of payment deferral for shares of the privatized companies, government securities and the securities trading;

- the managing company (MC) - the legal entity of any pattern of ownership created according to the legislation of the Republic of Uzbekistan and performing at the request of mutual fund and from his name in accordance with the terms of the agreement (contract) signed with mutual fund: receipt of special public credits, trust management of the securities transferred to it to ownership, money intended for investment into securities, the money and securities received in process of management of securities; portfolio construction of securities of mutual fund and rendering services in diversification of this portfolio; and also functions of the adviser of mutual fund;

- The center - the Center for coordination and control of functioning of the security market and its territorial departments;

- management - management on control of activities of mutual funds of the State Property Committee of the Republic of Uzbekistan;

- depositary - National depositary "Vakt" and its territorial branches (or other representative the state depositary - the legal successor of National depositary "Vakt");

- authorized representatives of depositary are the staff of depositary appointed by the order of the CEO, who are carrying out the obligations according to the job descriptions approved by the CEO. The depositary bears complete responsibility for actions of the authorized persons according to contract obligations on servicing of mutual fund;

- authorized persons of UK - the staff of UK having the right of the second signature on payment documents of mutual fund and also the employees having right to sign on documents in case of transactions of purchase and sale of securities;

- The RBF - Republican stock exchange "Toshkent";

- ESVT - the electronic system of the off-exchange biddings organized by exclusively professional participants of the security market on the basis of the license of the Center;

- SPC - the State Property Committee of the Republic of Uzbekistan.

2. The control exercised under organization, licensing and registration of prospectuses of the issue of privatization investment funds

2.1. Compliance of constituent documents of mutual fund to the current legislation is controlled by the Ministry of Justice of the Republic of Uzbekistan and the Center during the licensing and registration of prospectuses of the issue.

2.2. In case of registration of the prospectus of the first issue and licensing by the Center (management of registration and licensing) the following is controlled:

2.2.1. The prospectus of the issue corresponds to the standard prospectus of the issue registered by the Ministry of Justice of the Republic of Uzbekistan.

2.2.2. Authorized capital of mutual fund at least 200 minimum sizes of the salary.

2.2.3. The mutual fund submits the payment documents confirming payment of the registration fee of the prospectus of the first issue (1 minimum size of the salary), the state fee (4 minimum sizes of the salary).

2.3. For receipt of the license and registration of the prospectus of the issue the mutual fund submits the following documents to the Center:

- statement;

- copies of payment documents about payment of collection for licensing and the state fee;

- certificate of judicial authorities on registration of mutual fund (copy);

- certificate of bodies of statistics (copy);

- foundation agreement (copy);

- charter (notarized copy);

- prospectus of the first issue (copy);

- contract of mutual fund with managing company on management of mutual fund (or notarized copy).

The documents submitted by mutual fund shall meet the following requirements:

- The mutual fund is registered by the Ministry of Justice of the Republic of Uzbekistan in the procedure established by the current legislation;

- number of founders at least two, both legal, and physical persons;

- the authorized capital is paid by founders of mutual fund no later than 30 days after registration in the Ministry of Justice only money. At the same time according to the copy of the statement from bank receipt date of money on the settlement account of mutual fund with registration date of Ministerstvom yustitsii Mutual Fund is verified. According to copies of payment orders payers and payment method are checked;

- the contract between mutual fund and managing company on management of fund is signed according to the standard contract registered by the Ministry of Justice of the Republic of Uzbekistan.

2.4. The mutual fund represents also copies listed in Item 2.3. documents except for the first two. Further these copies together with copies of the registered prospectus of the issue and the license are transferred by the Center to the control.

2.4.1. After receipt of the registered prospectus of the first issue the mutual fund shall register issue in depositary. Control of execution of this Item is exercised by the Center.

2.5. In case of the conclusion mutual fund of the contract with depositary on servicing of fund the depositary controls submission of the following documents:

- certificate of judicial authorities on registration of mutual fund (copy);

- certificate of bodies of statistics (copy);

- foundation agreement (copy);

- charter (copy);

- protocol on election of the chairman and members of the supervisory board of mutual fund;

- contract with managing company;

- the general power of attorney issued by the supervisory board of mutual fund;

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