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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 13, 2021 No. PP-5073

About measures for further enhancement of system of regulation of the capital market

For the purpose of further deepening of regulation of the security market and reforming of the sphere of corporate management, ensuring execution of the Presidential decree of the Republic of Uzbekistan of April 13, 2021 No. UP-6207 "About Measures for Further Market Development of the Capital", and also resolutions of April 3, 2021 No. PP-5053 "About optimization of structure and reducing number of established posts of state governing bodies":

1. Since May 1, 2021:

abolish Agency on market development of the capital;

transfer to the Ministry of Finance of task, function and power of the abolished Agency on market development of the capital on regulation of the security market, including organizers of the biddings by securities and Central Securities Depository, and also activities for development of corporate management and the organization of lotteries.

2. Assign to the Ministry of Finance the following tasks in the sphere of market development of the capital:

realization of single state policy in the field of forming, development, regulations, control and corporate management in the security market;

ensuring protection of the rights and legitimate interests of the investors who are engaged in practice of securities, and also owners of securities;

control of observance of acts of the legislation on the security market, about joint-stock companies and protection of shareholder rights;

informing investors and the public about condition of development of the domestic capital market and its professional participants;

regulation of activities of organizers of the biddings by securities and professional participants of the security market, and also bookmaker activities and activities for the organization of lotteries;

development of regulatory legal acts in the sphere of regulation of the security market, carrying out certification of specialists of professional participants and issue of competence certificates;

establishment of requirements to release and registration of securities, reporting under them, and also maintaining registers of owners of securities and register of accounting of security transactions;

establishment of obligatory standard rates of level of sufficiency of own means and indicators limiting risks on transactions with securities;

informing the public on market situation of securities and his participants, and also by means of ensuring publicity of data, stipulated by the legislation;

implementation of effective cooperation with foreign and international institutes concerning development and regulation of the capital market.

3. Form in structure of central office of the Ministry of Finance Department on market development of the capital with extreme number of managerial personnel of 54 units (including 16 units of the employees of central office performing activities in regions) at the expense of 110 established posts (including 90 units of managerial personnel) the abolished Agency on market development of the capital.

4. Determine that:

the employees of Department on market development of the capital performing the activities directly in regions under the terms of compensation are equated to employees of central office of the Ministry of Finance, the expenses of these workers connected with activities in regions are financed by the Ministry of Finance;

The Ministry of Finance is legal successor by all rights, obligations and agreements of the Agency on market development of the capital;

earlier issued documents and decisions made by Agency on market development of the capital keep the force, abolition of this body does not attract their cancellation or change;

since May 1, 2021 the documents which are in process of consideration in Agency on market development of the capital and its territorial administrations (licensing of the related activity, registration of issue of securities, the address and others), are transferred to the Ministry of Finance which draws up results of their consideration;

states of Department on market development of the capital are completed first of all at the expense of workers of system of the abolished Agency on market development of the capital.

5. Since May 1, 2021 to allocate the following funds in off-budget fund of the Ministry of Finance:

the collection paid by the seller in case of transactions with securities on the stock exchange;

collection in case of state registration of primary release of issued securities;

the collection paid by the issuer in case of increase in nominal value of issued securities within process of their consolidation;

collection for consideration of documents on state registration of issue of securities and (or) changes in earlier registered issue of securities;

the charges connected with regulation of activities for the organization of lotteries;

collection for carrying out certification (recertification) applicants (physical persons) for receipt of the competence certificate on the right of making of transactions in the security market;

collection for consideration of the application about licensing for implementation of activities of professional participants of the security market and organizers of the biddings by securities;

other charges levied by the Ministry of Finance in accordance with the established procedure.

6. To the deputy prime minister D. A. Kuchkarov, to the Ministry of Finance (T. A. Ishmetov) till May 1, 2021 to provide:

transfer in off-budget fund of the Ministry of Finance of balance of Fund of assistance to market development of the capital under Agency on market development of the capital and fund of development;

transfer to the Ministry of Finance of property of the Agency on market development of the capital.

7. Place Department on market development of the capital of the Ministry of Finance to the address: the city of Tashkent, Prospekt Mustakillik, 107, to assign to the Ministry of Finance the left wing of the first floor and the corresponding basement part of the specified building on the right of operational management.

To provide to Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas and the city of Tashkent accommodation of workers of territorial sectors of Department on market development of the capital of the Ministry of Finance in buildings (offices) according to the operating placement of territorial subdivisions of the abolished Agency on market development of the capital.

8. To the Ministry of Finance (T. A. Ishmetov) together with the interested ministries and departments in two-month time to bring in the Cabinet of Ministers:

the bill providing introduction of amendments to the Law of the Republic of Uzbekistan "About the Government budget of the Republic of Uzbekistan for 2021", following from this resolution;

offers on the changes and amendments in the legislation following from this resolution.

9. To impose control of execution of this resolution on the Prime Minister of the Republic of Uzbekistan A. N. Aripov.

President of the Republic of Uzbekistan

Sh. Mirziyoev

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

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