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IT IS APPROVED

Government of Republican share

Toshkent exchanges

August 14, 1997.

 

Approved the State Property Committee by the Center for coordination and control of functioning of the security market of August 15, 1997

Provisional regulations for the state inspector on control of exchange activities

I. General provisions

1.1. This Provision is developed according to the Provision "About the Center for Coordination and Control of Functioning of the Security Market under the State Property Committee of the Republic of Uzbekistan" (approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan N126 of March 30, 1996), the law of the Republic of Uzbekistan "About the mechanism of functioning of the security market", domestic situations and rules of the exchange, and also others legislative and regulations on the security market, and determines procedure for use of powers of the state inspector in the security market.

1.2. For the purposes of this provision the following concepts are used:

the state inspector - the authorized representative of the Center for coordination and control of functioning of the security market exercising control of exchange activities;

stock exchange trading - the process of purchase and sale of securities made on the stock exchange (share departments of the exchanges), according to the procedure and on the conditions determined by the exchange according to the legislation;

the stock official listing - the list of the companies issuers which securities are allowed on the exchange biddings by results of examination of the special exchange commission;

the chief broker - the representative of the exchange having the right to carry out (to conduct) the exchange biddings in any section and to control correctness of execution by brokers of their obligations;

brokers are the representatives of the exchange performing functions on the organization of the course of the biddings in sections of the exchange and registering transactions;

exchange documentation - all types of the forms, forms, reports, agreements, registration cards, statements, requests, notifications, guarantees, protocols, orders, contracts, powers of attorney and other documents in paper or paperless form used in case of the conclusion of transactions and servicing of the exchange biddings;

share values - the securities and broker places exposed on the exchange biddings

participants of the exchange biddings are the representatives of investment institutes allowed on the exchange biddings according to the rules established by the exchange and the current legislation;

the exchange - Republican stock exchange "Toshkent";

The center - the Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan and its territorial departments.

II. Appointment of the state inspector

2.1. The state inspector is appointed by the order of the CEO of the Center.

2.2. Appointment of the inspector is made for a period of 1 year with the right of the subsequent reassignment.

2.2. The state inspector can have 2 assistants in the central trade floor, and also on the 1st assistant in each regional branch of the exchange, appointed, on representation of the inspector, the order of the CEO of the Center.

III. Main objectives and functions of the inspector

3.1. The main objectives of the state inspector are:

control of legality of actions of participants of the exchange biddings for exposure and implementation of securities according to the current legislation;

providing equal conditions of transactions for all participants of the exchange biddings;

verification of the transactions made with securities regarding availability of restrictions of the Cabinet of Ministers of the Republic of Uzbekistan.

3.2. Being guided by requirements of the current legislation, the state inspector performs the following functions:

exercises control over the implementation by all participants of the exchange biddings of the established exchange rules and the corresponding legal acts;

checks exchange documentation regarding correctness of registration and compliance to the established standards and forms of account;

monitors providing equal conditions of transactions for all participants of the exchange biddings having the right to the conclusion of transactions;

participates in development of single requirements to implementation of professional activity with securities, rules of transactions with securities, standards of accounting and the reporting of carrying out transactions with securities.

IV. Rights of the state inspector

4.1. In the course of implementation of the activities the inspector has the right:

be present at meetings of exchange councils of stock exchanges (share departments of other exchanges);

demand from any person, the participant of the exchange biddings, and also from stock exchanges of submission of copies of the rules, charters, regulations, instructions, standard documents obligatory to creation according to the legislation of the Republic of Uzbekistan;

perform exchange documentation of participants of the exchange biddings regarding accuracy of the information about securities and transactions with them;

consider claims of participants of the exchange biddings on abuses of regulations of conducting stock exchange trading and implementation of security transactions in the stock exchange market, to perform the facts of violation of the current legislation during the exchange biddings;

stop before complete clarification of circumstances process of the exchange biddings and carrying out payment under transactions, in case of identification of violations of the current legislation;

transfer materials on the elicited facts of violations of the law about securities to the Center;

in cases of numerous or gross violation by members of the security market of the legislation of the Republic of Uzbekistan on securities to petition before the Center for suspension or cancellation of the license granted on the right of implementation of activities in the security market as investment institutes;

not admit representatives of investment institutes to exchange trading in case of violation of established procedure of document creation by them for admission to trading;

debar from the biddings of employees of the services of the exchange participating in ensuring the biddings for non-compliance with procedures of preparation for the exchange biddings by them or in case of inadequate accomplishment of the functional obligations by them;

exclude the requests included in listing in case of identification of violations of the established procedure of passing of listing;

stop the exchange biddings in case of identification of the facts of violations by bidders or defects of electronic system of the biddings, and also in other cases violating regulations of tendering with indication of following the results of the biddings to the chief broker of the reasons in writing;

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