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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of September 27, 2006 No. PP-475

About measures for further market development of securities

(as amended on 18-03-2020)

For the purpose of further market development of securities, ensuring its transparency and stability of functioning, implementation of modern information and communication technologies, activization of investment attraction by business entities, enhancement of corporate management in joint-stock companies and ensuring protection of shareholder rights:

1. Approve the Development program of the security market developed by the State Property Committee, the Ministry of Economics, the Ministry of Finance of the Republic of Uzbekistan together with joint stock companies and share structures for 2006 - 2007, according to appendix, providing measures on:

to further development of the primary security market due to complete privatization of the companies and creation of new joint-stock companies;

to the accelerated development and expansion of scales of the secondary security market;

to forming of modern infrastructure of the stock market and strengthening of its material and technical resources;

to enhancement of corporate management system in joint-stock companies;

to improvement of the organization of preparation and advanced training of personnel for the security market.

- contractors to provide to the State Property Committee of the Republic of Uzbekistan together with the ministries and departments unconditional accomplishment of actions of the Program at the scheduled time.

2. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 18.03.2020 No. UP-5968

3. Determine that:

the annual business plan of joint-stock company is subject to approval at meeting of the supervisory board no later than December 1 of prior financial year;

the supervisory boards of joint-stock companies annually report at general shareholder meetings on observance of the regulations of corporate management established by the legislation;

at the companies with book value of assets more than 1 billion sum, and in joint-stock companies with book value of assets of more hundred-thousandfold basic settlement size services of internal audit which are appointed are created and are accountable to the supervisory boards.

4. Extend to depositary services and services in the organization of the biddings by securities action of the procedure established by the Tax code according to which transactions on security circulation are exempted from the value added tax.

5. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 27.06.2019 No. UP-5755

6. To the State Property Committee of the Republic of Uzbekistan together with the Ministry of Economics, the Ministry of Finance and the Central bank of the Republic of Uzbekistan till January 1, 2007 to develop and introduce to the Cabinet of Ministers the bill of the Republic of Uzbekistan "About the security market", having provided in it unification and enhancement of provisions of the existing legal acts on the security market according to international standards.

7. To the Ministry of Justice together with the State Property Committee, the Ministry of Finance of the Republic of Uzbekistan, other interested ministries and departments in a month:

make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution;

provide reduction of regulations of the ministries and departments in compliance with this resolution.

8. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan Azimov of P.C.

President of the Republic of Uzbekistan

Islam Karimov

Appendix

to the Resolution of the President of the Republic of Uzbekistan of September 27, 2006 No. PP-475

The development program of the security market for 2006-2007

Name of actions

Realization form

Completion dates

Executives in charge

I. Further development of the primary security market due to complete privatization of the companies and creation of new joint-stock companies

1.1.

Development and approval of the regulatory legal acts which are in detail regulating the procedure of issue and state registration of the issues of securities establishing the transparent circle for profitable investment of capital of investors and preventing their risks

Standards of issue of securities and state registration of issues of securities

The IV quarter 2006

Center for coordination and control of functioning of the security market (Center), State Property Committee, Ministry of Finance, Central bank

1.2.

Development and approval of the Regulations on procedure for obligatory listing on the stock exchange of the joint-stock companies having the authorized capital over 500 million bags.

Provision

November, 2006

Center, State Property Committee

1.3.

Implementation of new types of financial instruments, including derivatives of securities, and simplification of access for investors to the stock market

Action plan

October, 2006

Center, State Property Committee, Ministry of Finance, Central bank

1.4.

Implementation of system of investment insurance in the security market

creation of Fund of investment insurance

The IV quarter 2007

Ministry of Finance, State Property Committee, Center

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