Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

Are registered

Ministry of Justice

Republic of Uzbekistan

On December 1, 1999 No. 844

Approved by the Center for coordination and control of functioning of the security market of the Republic of Uzbekistan

Single rules (standards) of depositary accounting and reporting

(as amended on 10-04-2015)

I. General provisions

1. Coverage

1.1. These rules according to the Law of the Republic of Uzbekistan "About the security market" and other acts of the legislation establish the single principles of the organization and accounting of securities in depositaries of the Republic of Uzbekistan, procedure for accomplishment of depository operations, the organizations of document flow and internal control, and also determine amounts and procedure for creation of the reporting.

1.2. Ceased to be valid

1.3 These rules aim to provide:

proper storage, accounting and confirmation of the rights to securities of depositors;

correct accomplishment of depository operations;

timely and exact reflection of the made transactions in accounting registers of depositary;

proper execution of the reports coming from depositary;

the prevention of emergence of mistakes and making of illegal actions when carrying out depository operations with securities of depositors;

prevention of possibility of destruction, spoil, theft of securities and other documents and data of depositary;

possibility of implementation of the subsequent checks behind correctness of accomplishment of transactions.

1.4. These rules are obligatory for all depositaries of the Republic of Uzbekistan.

1.5. These rules extend to depository operations with the securities transferred to depositary by its depositors for storage and/or accounting of the rights to them.

2. Determinations

2.1. Legislation legislation of the Republic of Uzbekistan.

2.2. Authorized state body - the body authorized by the state to exercise regulation and control of functioning of the security market.

2.2-1. Central Securities Depository (further - the Central depositary) - the state depositary which provides uniform storage system, accounting of the rights and movement of issued securities on custody accounts in depositaries.

2.3. System of depositaries - storage system, accounting and transition of the rights to corporate securities in the territory of the Republic of Uzbekistan.

2.4. The depositor - person having the custody account in depositary.

2.5. The depositary agreement - the agreement signed in writing between depositary and the depositor, governing their relations connected with storage of securities and accounting of the rights to securities.

2.6. The custody account - set of entries in the accounting registers of depositary intended for storage of securities of the depositor and accounting of the rights to securities.

2.7. Depositary accounting - accounting of securities which performs depositary in case of accomplishment of depository activity. Depositary accounting provides analytical and synthetic accounting of securities.

2.8. Analytics - internal accounting of securities in cuts of their owners and storage locations, and also the actions made in case of accomplishment of depository operations.

2.9. The passive analytical custody account (the custody account of the depositor) the custody account intended for accounting of the rights to securities of the depositor.

2.10. The active analytical custody account (the accounts of the storage location) the custody account intended for accounting of securities on the storage location.

2.11. The mode of storage and accounting of securities - set of rules and storage conditions of certain part of securities on the custody account.

2.12. Balance of depot on securities - the report of depositary on condition of the issues of securities which are kept and considered in depositary.

2.13. The plan of synthetic accounts - set of the modes of storage and accounting of the securities intended for forming of balance of depot.

2.14. Synthetic accounting - the cumulative accounting of securities of each release by the modes of storage and accounting of the securities determined by the plan of synthetic accounts without breakdown by accounts of depositors and storage locations created based on data of analytics.

2.15. Passive synthetic accounts - possible conditions of securities on which passive part of balance of depot is created.

2.16. Active synthetic accounts - the possible modes of storage of securities on which active part of balance of depot is created.

2.17. The Section of the custody account - the accounting component of the analytical custody account intended for separate accounting of securities with which transactions are regulated by identical rules, conditions of execution and documents.

2.18. Personal account of depot - the set of records intended for the accounting of securities of one type and one issuer who are on one analytical custody account and having identical set of admissible depository operations. The personal account of depot is the minimum indivisible structural unit of depositary accounting.

2.19. The operator of the custody account (the Section of the custody account) - the legal entity, the right which is not the depositor, but having to dispose of deposit account on the basis and within the powers issued to it by the depositor. The legal entity authorized by the depositor according to the current legislation can be the operator of the custody account (the Section of the custody account).

2.20. The manager of the custody account - the physical person having the right to sign the documents initiating carrying out transactions with the custody account of the depositor. The depositor or the person which is acting on the basis of the power of attorney on behalf of the depositor or having such powers in the procedure established by the legislation can be the manager of the custody account. Authorized persons of the legal entity or the operator of the custody account (the Section of the custody account) are managers of the custody account.

2.21 Depository operations - the operations performed by depositaries in accounting registers according to standards of depository operations.

2.22. The initiator of depository operation - the person which signed the order on execution of depository operation or imposed requirement of execution of depository operation by other method provided by regulations of depositary. The depositor, the operator of the custody account, person, administration of depositary, and also the other persons specified in regulations of depositary and acting within the powers permitted by the legislation can be the initiator of transaction.

2.23. Object of depositary accounting - set of the data which are kept in depositary united by general sign. Custody accounts, securities, Sections of custody accounts and other objects belong to objects of depositary accounting.

2.24. The order - the document issued by the depositor (the operator of the custody account, the operator of the Section of the custody account), containing instructions to depositary and forming the basis for making of depository operations on the custody account. The order can be created in the form of the paper or electronic document.

2.25. Operational day of depositary - the period of the working day determined by Regulations of depositary during which the depositary carries out depository operations.

2.26. Clearing settlement on securities - method of the translation of the rights to securities by means of system of entries in accounting registers of depositary without physical delivery of securities.

2.27. The storage location - storage of depositary, external storage where certificates of cash securities are stored; the documents confirming release into the stream of commerce of non-cash securities.

2.28. External storage - the storage of bank or other depositary meeting the requirements for storage of money or especially important documents. The depositary on contractual lease term can lease external storage for storage of cash securities. All responsibility for safety of securities in external storages is born by depositary.

2.29. Outdoor (joint) storage of securities - method of storage and accounting of securities of the depositor without individual signs of securities, such as number, series and others. In case of return of orders on the securities which are in outdoor storage, the depositor does not specify individual signs of securities.

2.30. Indoor storage of securities - method of storage and accounting of securities of the depositor taking into account individual signs of securities, such as number, series and others.

2.31. Immobilization of securities - acceptance of cash securities in outdoor storage which accounting will be performed as non-cash securities. At the same time the depositor has no right to require issue of certificates of the immobilized securities.

2.32. Deposition of non-cash securities - delivery on storage in the Central depositary of the documents confirming release into the stream of commerce of non-cash securities.

2.33. Deposition of cash securities - delivery on storage in depositary of certificates of cash securities.

2.34. Encumbrance of securities by obligations - any restrictions on ownership, use or the order with securities connected with conditions of inheritance, loan, decisions or the court order and in other cases which are provided by the current legislation.

2.35. Regulations of depositary - the conditions of implementation of depository activity approved by depositary constituted according to the legislation and these rules.

2.36. Correspondence relations on securities - the relations between two depositaries regulating accounting treatment, the translation of the rights to the securities placed on storage in other depositary, performed through correspondent accounts of depositaries of LORO and NOSTRO.

2.37. The custody account of LORO - the passive analytical custody account intended for accounting of securities of the clients of depositary depositor who are stored and depositaries.

2.38. The custody account of NOSTRO - the active analytical custody account, the opened depositary in the system of accounting for accounting of the securities placed on storage in other depositary. The custody account of NOSTRO is reflection of the custody account of LORO.

2.39. Depositary supplier - depositary off which custody account of the client securities as a result of the interdepositary translation of securities are charged.

2.40. Depositary receiver - depositary into which custody account of the client securities as a result of the interdepositary translation of securities are enlisted.

2.41. The interdepositary order of depot on write-off of securities - the document issued by the depositor supplier of securities, containing the instruction to depositary supplier to perform write-off of the securities specified in the order from the account of the depositor supplier in depositary receiver in case of coincidence of parameters of the counter interdepositary order on transfer of securities into the account of the depositor receiver.

2.42. The interdepositary order of depot on transfer of securities - the document issued by the depositor receiver of securities, containing the instruction to depositary to perform transfer of the securities specified in the order, into the account of the depositor receiver, the parameters of the counter interdepositary order which are written off from depositary supplier in case of coincidence on write-off of securities from the account of the depositor supplier.

2.43. The interdepositary order of depot on the translation of securities - the document issued by the depositor supplier of securities, containing the instruction to depositary supplier to make transfer of the securities specified in the order from the account of the depositor supplier into the account of the depositor receiver in the depositary receiver forming the basis for making of the interdepositary translation of securities.

2.44. The interdepositary notification - the notification of one depositary sent to other depositary concerning execution or non-execution of the translation of securities.

2.45. The tripartite scheme of the organization of the interdepositary translations of securities - implementation of the translations of securities between two depositaries through their correspondent accounts LORO in the third depositary - The central depositary, in case of the storage condition of securities in the Central depositary. According to the tripartite scheme the transfer of securities which is kept in the Central depositary between depositors of depositaries of depositary system of the Republic of Uzbekistan is made. Depositaries of depositary system do not perfrom direct calculations for the securities which are kept in the Central depositary.

2.46. The bilateral scheme of the organization of the interdepositary translations of securities - the translations of securities between two depositaries, one of which performs storage of securities, and another performs accounting of the rights to these securities. According to this scheme transfer of the securities between depositors of the Central depositary which are not depositaries and depositors of other depositaries is made.

2.47. The interdepositary translation of securities - write-off from accounting of securities in one depositary and their transfer on accounting in other depositary.

2.48. Interdepositary transfer of securities with reconciliation the interdepositary translation of securities made based on two interdepositary orders: the interdepositary order of the depot on write-off of securities given by the depositor supplier to depositary supplier and the interdepositary order of the depot on transfer of securities given by the depositor receiver to depositary receiver on condition of coincidence of parameters of both orders.

2.49. The direct interdepositary transfer of securities the interdepositary translation of securities initiated by the depositor supplier of securities based on the interdepositary order of depot on the translation of securities.

2.50. The electronic interdepositary order is document which is created based on the corresponding paper interdepositary order of depot, being its exact copy and valid the original.

2.51. Office orders - the orders of depot created by depositary for write-off or transfer of securities on correspondent accounts of depositary for settlement of discrepancies of remaining balance of securities on correspondent accounts of depositary, the order of clearing house in case of cancellation of results of the biddings, results of clearing, availability of mistakes in the corresponding orders which are earlier provided in the Central depositary.

2.52. The office interdepositary order of depot - the document, the created depositary for write-off or transfer of securities on correspondent accounts of depositary for settlement of remaining balance of securities on correspondent accounts of depositary.

2.53. Depositary issuer - depositary with which the issuer signed the contract of the issued custody account for servicing of issue in the course of its placement.

2.54. Regulations of interaction of depositaries - operations procedure of the Central depositary and depositaries of depositary system when implementing the interdepositary translations of securities, reconciliations and the settlements of remaining balance of securities on correspondent accounts of depositaries approved in accordance with the established procedure.

2.55. Day of payment under securities - operational day in which securities shall be charged off account of the depositor supplier and are enlisted into the account of the depositor receiver.

2.56. Ceased to be valid

2.57. Ceased to be valid

2.58. Corporate actions - the actions of the issuer performed concerning all issue of securities, connected with realization of the rights affirmed by securities, or other actions infringing on interests of owners.

2.59. Obligatory (unconditional) corporate actions - the actions obligatory for execution by all owners of securities and performed according to the decision of general shareholder meeting or the issuer, in the cases established by the legislation.

2.60. Optional (voluntary) corporate actions - the actions performed by the depositor in accordance with the terms of issue of securities.

2.61. Global transaction is called the depository operation changing condition of all or considerable part of the accounting registers of depositary connected with certain issue of securities. Global transactions are performed by depositary when carrying out corporate actions by the issuer.

2.62. Cancellation of issue of securities - action for the termination of all rights which are granted by securities, in the procedure established by the legislation.

2.63. Repayment - set of actions of the issuer for the termination of security circulation and their cancellation in accordance with the terms of release.

2.64. Trade system - the organization providing the procedure of the conclusion of transactions of purchase and sale of securities according to the legislation.

2.65. The transit issued account - the custody account opened in the Central depositary, intended for accounting of non-cash securities of the new releases accepted on storage in the Central depositary before their write-off from accounting in accordance with the established procedure into accounts of depositors, including correspondent accounts of depositaries and also for accounting of the securities which are subject to cancellation.

2.66. Registration of issue of securities - the description in Central Securities Depository of new release with assignment of unique code by it and opening to the issuer of the transit issued custody account.

2.67. The Single Base of Depositors (SBD) is single databank about depositors of depositaries of the Republic of Uzbekistan which forming, maintaining and support performs the Central depositary.

3. Responsibility

3.1. Responsibility of depositaries to the depositors is provided in part two of article 54 of the Law of the Republic of Uzbekistan "About the security market".

3.2. The depositary bears responsibility to the depositors in the procedure established by the legislation:

for safety, completeness and correctness of entries in accounting registers of depositary on the securities accepted on storage and/or accounting;

for safety and proper storage of certificates of securities in storage of depositary;

for safety and proper storage of certificates of the securities transferred by depositary to storage to the third parties;

for safety and proper document storage, the accounting registers of depositary which are the basis for change upon transition of the rights to securities of depositors;

for safety and proper storage of office orders, notifications and other documents;

for non-execution, the wrong or untimely execution of orders of depositors which entailed restriction or impossibility of proper implementation of the rights of the depositor on security;

for disclosure of confidential information;

for timely and correct execution of office orders;

for actions or failure to act of depositary which resulted in impossibility of implementation by the depositor of the rights, with the securities belonging to it, paying the depositor damages, including lost profit in full.

3.3. The depositary does not bear responsibility:

for misstatement of entries in accounting registers of depositary in cases of execution of properly drawn up orders of the depositors containing wrong data for impossibility of use by the depositor of the rights in case of corporate actions;

the issuer in case of failure to provide or untimely provision by the depositor to depositary of the relevant information on the intentions, for misstatement of entries in accounting registers of depositary in cases of execution of office orders, for non-execution of orders of depositors if the impossibility of performance arose owing to force majeur circumstances.

4. Confidentiality of information

4.1. According to article 25 of the Law of the Republic of Uzbekistan "About the security market" depositaries shall provide confidentiality of information.

4.2. The depositary guarantees complete confidentiality of the following information:

- data on depositors;

- data on current status of accounts of depositors;

- data on transactions with accounts of depositors;

- information in the documents which are the basis for carrying out account transactions of depositors;

- information which confidentiality it was in writing specified by the depositor;

- other information which became known about the depositor and its transactions in connection with implementation of depository activity;

- the data which became known to depositary in case of execution of office orders;

- information obtained by depositary from the issuer for transfer to depositors which confidentiality it was specified by the issuer.

4.3. The confidential information relating to the custody account of physical person is provided:

- only to the depositor;

- to the nominee holder of securities;

- to legal representatives of the depositor;

- to courts, bodies of inquiry and investigation of the cases which are in their production, and cases when the securities of the depositor which are on its custody account it can be seized collection is turned or confiscation is applied;

- in case of death of the depositor - to the heirs or persons specified by the depositor, to notary offices on the heritable cases which are in their production concerning foreign citizens - to foreign consular establishments.

4.4. The confidential information relating to the custody account of the legal entity is provided only to the depositor, the prosecutor, courts, and in the presence of the brought criminal case - to bodies of inquiry and investigation.

4.5. For receipt of confidential information by court, body of inquiry or the investigation, the prosecutor representatives of relevant organs shall provide the following documents in depositary:

- official request;

- the documents confirming legitimacy of request for receipt of confidential information (office investigation, initiation of legal proceedings, legal proceedings and other).

4.6. In case of reorganization of the legal entity confidential information can be provided to the legal successor by provision of the documents confirming successorship.

II. Functions of depositary. Depository operations

5. Functions of depositary

5.1. The main functions of depositary when implementing of activities by depositary are:

storage of securities;

accounting and confirmation of the rights to cash and non-cash securities with issue of the appropriate certificate;

accounting of the facts of encumbrance of securities by obligations, and also their terminations.

5.2. During implementation of depository activity, the depositary can also provide the following services:

inclusion of depositary as the nominee holder in the register of owners of personalized securities, on the securities which are kept in depositary;

creation of lists of holders, owners of securities according to which the depositary is nominee holder;

immobilization of securities;

participation in ensuring target use of money by privatization investment funds before repayment of the obtained public credit by them;

input, servicing and support of the computerized systems on conducting depositary accounting.

5.3. Before repayment of the obtained public credit by them only the Central depositary can be engaged in storage of non-cash securities, immobilization of securities and participation in ensuring target use of money by privatization investment funds.

6. Depository operations

6.1. Depository operations are subdivided into the following types:

administrative transactions;

accounting transactions;

information transactions.

6.2. Administrative transactions - the Depository operations on opening, change of details, closing of objects of depositary accounting, and also other data in accounting registers of depositary which are not leading to change of remaining balance on personal accounts of depot.

6.3. Accounting transactions - the Depository operations changing remaining balance of securities on personal accounts of depot.

6.4. Each accounting transaction changes remaining balance of securities on two personal accounts of depot on the debit of one and on the credit of other personal account of depot according to the principle of the double entry accounting of securities. Increase in remaining balance of securities according to active accounts is called debiting, and reduction is called crediting. Increase in remaining balance of securities according to passive accounts is called crediting, and reduction is called debiting.

6.5. Accounting transactions are subdivided into four types:

Receipt. In case of accomplishment of this transaction the active account of depot is debited and the passive account of depot is credited. The number of securities on balance of depot increases. This transaction is carried out in case of acceptance of securities on storage or accounting.

Movement. In case of accomplishment of this transaction the account of the new storage location is debited and the account of the old storage location is credited. In case of such transaction the number of securities on balance of depot does not change. This transaction is carried out when moving securities from one storage location in another or in case of change of method of storage of securities.

Translation. In case of accomplishment of this transaction one passive account of depot is debited and other passive account of depot is credited. In case of such transaction the number of securities on balance of depot does not change. This transaction is carried out in case of the translation of securities from the custody account of one depositor into the custody account of other depositor, in case of the translation of securities within one custody account.

Expense. In case of accomplishment of this transaction the passive account of depot is debited and the active account of depot is credited. The total quantity of securities on balance of depot decreases. This transaction is carried out in case of withdrawal of securities from storage or in case of removal of securities from accounting.

6.6. Information transactions - the depository operations connected with creation of status reports of custody accounts, personal accounts of depot and other data on accounting registers of depositary.

6.7. Complex depository operations - the transactions including as various types constituting transactions administrative, accounting, information.

6.8. For ensuring storage, accounting of the rights to securities and servicing of security circulation the depositary performs the following transactions:

acceptance of securities on storage;

acceptance of securities on accounting;

storage of securities;

accounting of the rights to securities;

confirmation of the rights to securities;

accounting of encumbrance of securities by obligations;

movement of certificates of securities;

withdrawal of securities from storage;

verification of securities on authenticity;

securities inventory;

other transactions on storage and accounting of securities.

6.9. The depositary serves the following transactions of the issuer of the securities which are rather issued by it:

placement of issue of securities;

acquisition by the issuer of the securities issued by it for their further resale, distribution among members of labor collective, cancellation or repayment;

crushing of issue of securities;

consolidation of issue of securities;

converting of securities;

cancellation of securities;

repayment of issue of securities;

the transactions connected with change of the size of authorized capital of joint-stock company;

calculation of the income for the securities issued by it;

the transactions connected with reorganization of the issuer;

other transactions connected with carrying out corporate actions by the issuer.

III. Acceptable securities

7. The securities allowed to storage and accounting in depositaries

7.1. These rules do not extend to conducting storage and accounting of depository operations with the following types of securities: bills of exchange, checks, deposit and savings certificates.

7.2. Item 7.2 ceased to be valid according to the Order of the CEO of the Center for coordination and market development of securities in case of Goskomkonkurention of the Republic of Uzbekistan registered by the Ministry of Justice of 03.07.2014 No. 844-7.

7.3. In depositary system the following types of securities can be stored and be considered:

shares of joint-stock companies, taking into account the features of their address established by the legislation;

corporate bonds;

government securities if other is not established by the legislation;

derivatives of securities.

7.4. In depositary system the securities issued as in cash form, and non-cash forms can be stored and be considered.

7.5. All types of securities specified in Item 7. 3, released in non-cash type, are subject to obligatory storage in the Central depositary. The documents confirming release into the stream of commerce of non-cash securities are kept in the Central depositary.

7.6. Cash securities of the razgosudarstvlenny and privatized objects, the securities issued and belonging to privatization investment funds are kept in the Central depositary to the redemption.

7.7. The cash securities specified in Item 7. 3, also registrations in the Central depositary in accordance with the established procedure are accepted on storage and accounting in depositary only after their registration in authorized state body.

7.8 The non-cash securities specified in Item 7. 3, also registrations in the Central depositary in accordance with the established procedure are accepted on accounting in depositary only after their registration in authorized state body.

8. The securities addressing in trade systems

8.1. All securities considered in depositary system before their exposure in trade systems shall be deposited with the Central depositary (in the main or external storage) into trading accounts of participants of trade systems and their clients for confirmation of availability and authenticity of the securities put up for sale in trade systems.

8.2. Delivery of securities as a result of the bargains concluded in trade systems is performed into trading accounts of participants of trade systems and their clients in the Central depositary.

8.3. Write-off of securities from trading accounts of participants of trade systems and their clients from the Central depositary into accounts of depositors of other depositaries is performed according to procedure for accomplishment of the interdepositary translations of securities.

8.4. The cash withdrawal of securities from trading accounts of participants and their clients is made according to procedure for withdrawal of securities.

IV. Storage of securities

9. General requirements

9.1. Securities in depositary can be in open or in indoor storage. Methods of storage of securities which the depositary can provide shall be described in regulations of depositary and are stipulated with the depositor in the depositary agreement.

9.2. Non-cash securities can be only in outdoor storage.

9.3. Cash securities can be both in open, and in indoor storage.

9.4. Storage of securities which is not followed by their accounting on custody accounts does not belong to depository activity and is performed according to the current legislation.

9.5. In depositary certificates of cash securities which execution does not correspond to the main typographical sizes and which have no adequate protection against falsifications cannot be accepted.

9.6. The depositary shall apply all necessary measures provided by these rules and the current legislation to ensuring storage of cash securities.

9.7. The certificates of cash securities and documents confirming release into the stream of commerce of non-cash securities shall be stored in the procedure established by the legislation.

10. Outdoor storage of securities

10.1. In case of open method of storage of securities the depositary performs joint storage of securities of depositors. The share of the depositor in joint fund of securities is determined according to remaining balance of these securities on its personal account depot.

10.2. In case of outdoor storage of securities the depositor has the right to give to depositary of the order only in relation to certain number of securities without instructions of their individual signs, such as number, series and others.

11. Indoor storage of securities

11.1. In case of the closed method of storage of securities the depositary shall record securities taking into account their individual signs, such as number and series of the certificate of securities.

11.2. The securities which are in indoor storage cannot participate in the address in trade systems because of need of carrying out transactions with specific certificates of securities.

V. Depositors. Order of interaction of depositary and depositor

12. Depositors

12.1. Owners of papers, issuers of securities, depositaries, trustees, the investment institutes which are engaged in purchase and sale of securities can be depositors of depositary.

12.2. Can be depositors of the Central depositary:

12.2.1. The legal entities registered according to the legislation of the Republic of Uzbekistan:

- Depositaries

- The bodies for accounting or the securities management authorized by the state - the state assets

- The legal entities having the admission as participants of trade systems including the investment institutes which are engaged in purchase and sale of securities

- Banks

- Privatization investment funds before repayment of public credit by them

- Other legal entities, in the cases permitted by the legislation.

12.2.2. Foreign legal entities:

- Central depositaries of foreign states

- International settlement and clearing organizations

- The foreign legal entities who are engaged in depository activity

- The foreign legal entities who are engaged in purchase and sale of securities

- Other foreign legal entities having according to the legislation of the Republic of Uzbekistan the right to implementation of professional activity in the security market.

12.2.3. Citizens of the Republic of Uzbekistan or other states, in cases:

- if they have the admission as participants of transactions in trade systems;

- are shareholders of privatization investment funds;

- in other cases, stipulated by the legislation.

13. Depositary agreement

13.1. Legal relations between the depositor and depositary on storage and/or accounting of the rights to securities of the depositor, and also on provision of other services provided by these rules are established by the depositary agreement.

13.2. Subject of the depositary agreement is provision by depositary to the depositor of services in storage and/or accounting of the rights to securities by opening and maintaining the custody account by depositary, implementation of transactions on this custody account. Subject of the depositary agreement is also rendering by depositary the services promoting implementation of securities of the rights by owners on the securities belonging to them.

13.3. Depositary agreements it is subdivided into the following types:

Agreement of the custody account

Agreement of correspondent account of depot

Agreement of the issued custody account

Depositary service agreement of the participant of trade system

Agreement of the custody account of the trustee.

13.4. The depositary agreement shall be signed in writing.

13.5. The depositary agreement shall contain the following conditions:

- unambiguous determination of the subject of the agreement;

- rights, obligations and responsibility of the parties of the agreement;

- procedure for transfer by the depositor to depositary of orders about the order securities of the depositor which are stored and (or) it is right on which are considered in depositary;

- obligations of depositary on accomplishment of orders of the depositor;

- procedure for rendering by depositary of the services connected with assistance in implementation by owners of securities of the rights on securities including by transfer of the relevant information and documents from the owner to the issuer and from the issuer to the owner;

- duration of the agreement, bases and procedure for its change and termination;

- procedure and form of the reporting of depositary before the depositor;

- size and payment procedure of services of depositary.

13.6. In addition to above-mentioned conditions the Depositary agreement may contain also other conditions which are not contradicting the legislation of the Republic of Uzbekistan and these rules.

13.7. Integral part of the depositary agreement are the Regulations of depositary approved by depositary.

13.8. If depositor is other depositary, the Depositary contract between them is called the Agreement of correspondent account of depot.

13.9. If depositor is the investment institute, in total or separately considering the securities of the clients connected with transactions in trade systems in depositary, depositary agreement is called the Service agreement of the participant of trade system. The investment institute shall consider the securities of the clients connected with their address in trade systems only in the Central depositary.

13:10. If depositor is the issuer for whom the depositary provides services in storage and/or accounting of issues of securities of the issuer in the course of their placement, the depositary agreement is called the Agreement of the issued custody account.

13:11. If depositor is person performing confidential management valuable papers of the clients, the depositary agreement is called the Agreement of the custody account of the trustee.

13:12. The agreement of correspondent account of depot shall provide obligations of the Parties to perform regular reconciliation of remaining balance of securities on correspondent accounts of depot.

13:13. In case of the conclusion of the depositary agreement from the depositor immediate deposition of securities is not required.

14. Order custody account. Operator of the custody account

14.1. The depositor has the right to dispose independently of the custody account or to appoint the operator on the custody account. From the moment of appointment of the operator of the account all powers according to the order pass with the custody account to the operator of the custody account, except as specified, provided by the depositary agreement.

14.2. In the cases established by the legislation, the operator of the custody account can be appointed without coordination with the depositor.

14.3. Only the legal entity can be the operator of the custody account. In the cases established by the legislation as the operator of the custody account state governing bodies, guardianship or custody or other persons can be appointed.

14.4. The depositor (or the operator of the custody account) can appoint according to separate Sections of the custody account of different operators of the Section of the custody account. In these cases all orders according to the Section of the custody account are made by the operator of the Section of the custody account.

14.5. The relations between depositary and the operator of the custody account (the operator of the Section of the custody account) are determined by the Agreement of the operator of the custody account or other document establishing their relations according to the order the accounts of depositors.

14.6. The operator of the custody account shall deliver timely in depositary messages on deposit account. The operator of the custody account is responsible for correctness of creation of orders on deposit account.

14.6.1. In case of specifying of the wrong code of the trading account of depot of the client by the operator at the time of the conclusion of the transaction such transaction shall be recognized as invalid and is subject to cancellation according to the procedure, established by rules of the organizer of the biddings.

14.7. The operator of the custody account shall transfer to the depositor reports of depositary on the transactions made on deposit accounts and the documents certifying the rights of the depositor to securities issued by depositary.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

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

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.