RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of May 1, 2001 No. 198

About enhancement of system of the organization of wholesale and stock exchange trading

According to the Law of the Republic of Uzbekistan "About the exchanges and exchange activities", the Presidential decree of the Republic of Uzbekistan of April 27, 2001 No. UP-2836 "About Measures for Further Enhancement of Wholesale and Stock Exchange Trading" and for the purpose of further development and enhancement of the organization in the republic of wholesale and stock exchange trading, non-admission of unreasonable overestimate of the prices of the material Cabinet of Ministers resources decides:

1. Ceased to be valid

2. Ceased to be valid

3. Ceased to be valid

4. Ceased to be valid

5. To the State Property Committee of the Republic of Uzbekistan:

till September 1, 2001 together with the Ministry of Justice of the Republic of Uzbekistan it is deep to study results of privatization and creation of the organizations which were a part of the system of the liquidated Uzoptbirzhetorg association. In case of identification of violations of the law to take in accordance with the established procedure measures for their elimination, and perpetrators to make responsible;

in a month to create authorized capital of Uzulgurzhisavdo joint stock company at the expense of property value of the liquidated Uzoptbirzhetorg association and blocks of shares of the organizations specified in appendix No. 1 belonging to the state;

in two-month time to perform registration of the prospectus of the issue of shares of the Uzulgurzhisavdo company providing preserving in state-owned property of the block of shares in the amount of, not exceeding 25 percent, share of labor collective - to 10 percent from the created authorized capital of the company;

to carry out restructuring of authorized capitals of territorial joint-stock companies according to appendix No. to three-months time 3, with providing in state-owned property no more than 25 percent and shares of labor collective - to 10 percent from their authorized funds. To appoint in accordance with the established procedure in territorial joint-stock companies of trustees on competitive basis in coordination with Council of Ministers of the Republic of Karakalpakstan and khokimiyats of areas.

6. Accept offers:

shareholders of the territorial commodity and raw exchanges in the Republic of Karakalpakstan, areas and Tashkent about accession to the Uzbek republican commodity and raw exchange as its branches with their use as trading floors and introduction of single electronic system of the exchange biddings;

The Uzbek republican commodity and raw exchange about creation in case of it specialized trading floor on realization of metal products, forest products and construction materials.

7. Approve organizational structure of the Uzbek republican commodity and raw exchange according to appendix No. 4.

8. To the State Property Committee of the Republic of Uzbekistan:

till January 1, 2002 to perform necessary organizational measures for accession of the territorial commodity and raw exchanges to the Uzbek republican commodity and raw exchange and introduction of single electronic system of the exchange biddings;

in accordance with the established procedure to implement part of the state share in authorized capital of the Uzbek republican commodity and raw exchange to domestic and foreign investors, meaning preserving behind the state of share no more than 25 percent;

allocate to the Uzbek republican commodity and raw exchange necessary funds (at the expense of the general means arriving from privatization) for implementation at it single electronic system of the exchange biddings, with the subsequent transfer of buildings of territorial branches of the Uzbek republican commodity and raw exchange to the State Property Committee on account of allocated funds".

9. Determine that:

the means enlisted into the account of the nonresident seller in clearing houses of the commodity and raw exchange or fair under import contracts can be used only for payment of the export contracts signed at the exchange and exhibition and fair biddings, the customs duties, court costs and services which are directly connected with the conclusion and execution of exchange contracts (sales charges, broking commissions, transportation and other expenses according to the legislation);

the means received by nonresidents from sale of products on the open electronic tenderings of the commodity and raw exchanges can be used by exchange brokers based on the signed agreements with nonresidents for purchase (sale) of foreign currency in the domestic foreign exchange market through commercial banks of the Republic of Uzbekistan;

carrying out transactions on concession of monetary claim with use of the means which are on accounts in clearing houses of the exchanges and fairs is forbidden;

exchange brokers have the right to submit applications to commercial banks for purchase (sale) of foreign currency on behalf of the client - the nonresident at the expense of the means received from sale of products on the open electronic tenderings of the commodity and raw exchanges, and nonresidents - legal entities - to open accounts in commercial banks of the Republic of Uzbekistan and to perform purchase (sale) of foreign currency at the expense of the means received from sale of products on the open electronic tenderings of the commodity and raw exchanges;

The Uzbek republican commodity and raw exchange, including its branches, is exempted, according to the procedure of exception, from the tax discharge on property for a period of five years with the target direction of the released funds for strengthening of its material and technical resources, forming of single system of the electronic exchange biddings.

10. For the purpose of non-admission of artificial overestimate of prices for products, implemented through the exchange biddings to determine that the amount of commission assignments from participants of stock exchange trading established by the exchanges is subject to approval in financial bodies in accordance with the established procedure.

11. To provide to complex of construction, the industry of construction materials, transport and communication of the Cabinet of Ministers, the State Property Committee together with the Ministry of macroeconomic and statistics of the Republic of Uzbekistan, other interested ministries and departments:

forming of the stock exchange market of metal products, forest products, other construction materials with the wide range of the goods which are wrapped on it, including delivered from abroad;

broad attraction on the exchange biddings of products, best-selling at the companies of the republic and foreign suppliers of material resources.

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