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RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of July 11, 2018 No. 51

About approval of the Instruction about procedure for issue, the address and repayment of government bonds of the Republic of Belarus

(as amended on 19-07-2023)

Based on paragraphs two and the fifth Item 1 of the resolution of Council of Ministers of the Republic of Belarus of September 10, 2009 No. 1163 "About authority delegation to the Ministry of Finance", Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:

1. Approve the Instruction about procedure for issue, addresses and repayments of government bonds of the Republic of Belarus (are attached).

2. This resolution becomes effective after its official publication.

Minister

V. V. Amarin

It is approved

Chairman of the board of National Bank of the Republic of Belarus

July 4, 2018

 

P.V.Kallaur

 

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of July 11, 2018 No. 51

The instruction about procedure for issue, the address and repayment of government bonds of the Republic of Belarus

Chapter 1. General provisions

1. This Instruction determines procedure for issue, the address and repayment of government bonds (further, unless otherwise specified, – bonds).

2. For the purposes of this Instruction terms and their determinations are used:

auction – the mode of the biddings of Belarusian Currency and Stock Exchange open joint stock company (further if other is not established, – the exchange) in which the Ministry of Finance has the right to perform placement (additional placement) of bonds by open sale and other transactions determined by this Instruction;

time of submission of requests – the period of time established by the Ministry of Finance for input of requests (requests for the early redemption) by bidders which are carried out within placement (additional placement), early bond buyback by the Ministry of Finance in trade system;

the counter request for the early redemption – the offer determining intention of the Ministry of Finance to redeem bonds in trade system at the price specified in the request for the early redemption of the bidder who is taking part in the early redemption (further – the participant of the early redemption), submitted to the period of collection of requests;

date of placement – the start date of placement of bonds among the first owners established in the decision on bond issue;

the discount income – the income of the owner due to acquisition of the bond at the price below nominal value and bond redemption by the Ministry of Finance at par value;

the early redemption – acquisition by the Ministry of Finance of earlier placed bonds for the purpose of their subsequent sale or early repayment;

early repayment – repayment of all amount of bond issue or its part before the repayment date established in the decision on bond issue on current value;

the request – the offer determining intention of the participant of open sale to acquire bonds at the price or with rate of interest income and in amount, specified in the request;

the request for the early redemption – the offer determining intention of the participant of the early redemption to sell bonds to the Ministry of Finance in trade system at the price and in amount, specified in the request for the early redemption;

the request for sale – the offer determining intention of the Ministry of Finance to sell bonds at the prices specified in requests of participants of open sale, but not low price of cutting off (for auction of the prices), or nominal value and with rate of interest income, equal interest rate of cutting off (for auction of interest rates);

the notice on the early redemption – the document of the Ministry of Finance on the announcement of carrying out early bond buyback in trade system with indication of parameters of the early redemption;

clients – the legal and (or) physical persons making transactions with bonds through bidders based on the agreement;

lot – minimum admissible number of bonds which can be offered to purchase or sale. The number of bonds in lot is set by integer;

separate personal accounts – the accounts opened on balance of National Bank through which calculations for results of the biddings are perfromed;

the official notice – the document of the Ministry of Finance on the announcement of carrying out placement (additional placement) bonds by open sale in trade system with indication of parameters of its carrying out;

variable interest income – the interest income paid by the Ministry of Finance depending on change of the indicators used for determination of the income which values cannot change at the discretion of the Ministry of Finance;

permanent interest income – the interest income paid at the rate established by the Ministry of Finance or determined in case of placement of bonds at auction in the form of the fixed percent to nominal value of bonds. The Ministry of Finance has the right to establish rate of the income paid periodically, separately on every period of payment of the income;

interest rate of cutting off – the maximum interest rate of sale of bonds at auction established by the Ministry of Finance;

interest income – the income in percent type to nominal value of the bond paid to the owner periodically during the term of its address or one-timely in case of bond redemption;

identification number – symbolical code which identifies specific bond issue;

circulation period – the period from the date of placement on date of the last bond redemption established in the decision on bond issue. For calculation of circulation period day of placement and day of the last bond redemption are considered in one afternoon;

current value – bond value for certain date in the period of its address;

the biddings – process of transactions of purchase and sale of bonds in trade system;

trade system – set of the program technical means of the exchange providing carrying out placement (additional placement), early bond buyback and other securities allowed to placement and (or) the address at the exchange;

the trader – the physical person having the competence certificate of the specialist of the security market issued by the republican state body performing state regulation of the security market, granting the right to its owner on implementation of all work types and services constituting professional and exchange activity on securities, as the head or the employee of the professional participant of the security market, stock exchange or granting the right to its owner on implementation of activities in the security market as the employee of the professional participant of the security market, stock exchange on one or several work types and services constituting professional and exchange activity on the securities specified in the competence certificate: broker activities, dealer activities, activities for trust management of securities;

the remote point-of-sale terminal – the automated workplace of the participant of open sale of bonds located out of trade floor of the exchange;

authorized depositary – the depositary having the right to perform functions on accounting of the rights to bonds, and also other functions determined by this Instruction and other acts of the legislation;

the authorized representative of the Ministry of Finance – the employee of the Ministry of Finance, the representative on making of the actions on behalf of the Ministry of Finance connected with carrying out placement (additional placement) and early bond buyback;

the participant of open sale – the bidder allowed to participation in the open sale of bonds which is carried out within their placement (additional placement) by the Ministry of Finance in trade system;

the bidder – the professional participant of the security market admitted to trading at the exchange according to the legislation and rules of the exchange;

the authorized employee of the exchange – the employee of the exchange who is on the staff of the exchange, acting on the basis of the power of attorney issued according to the procedure established by the legislation and the having competence certificate of the specialist of the security market issued by the republican state body performing state regulation of the security market and granting the right to its owner on implementation of all work types and services constituting professional and exchange activity on securities as the head or the worker of the professional participant of the security market, stock exchange;

stop-out price – the minimum selling price of bonds at auction established by the Ministry of Finance;

step of interest rate – minimum possible difference between the interest rates specified in requests established in the official notice. The interest rate specified in the request shall be multiple to step of interest rate;

price step – minimum possible difference between the prices specified in requests established in the official notice. The price specified in the request or the counter request for the early redemption shall be multiple to price step.

The term "system of remote bank servicing" is used in the value determined in the Instruction about bank transfer approved by the resolution of Board of National Bank of the Republic of Belarus of March 29, 2001 No. 66.

The terms "electronic document", "digital signature" are used in the values determined by the Law of the Republic of Belarus of December 28, 2009 No. 113-Z "About the electronic document and the digital signature".

Other terms are used in the values determined by the Law of the Republic of Belarus of January 5, 2015 No. 231-Z "About the security market".

Chapter 2. Issue of registered bonds

3. Issue of registered bonds is performed based on the decision of the Ministry of Finance on release of registered bonds (further – the decision on release).

4. On each release of registered bonds no later than date of placement of release the Ministry of Finance draws up the questionnaire of issue of securities and transfers her to the republican unitary enterprise "Republican Central Securities Depository" (further – the central depositary) no later than date of placement for implementation of centralized accounting of these securities in depositary system of the Republic of Belarus according to the procedure, established by the legislation on securities.

5. Identification number of registered bonds is assigned by the Ministry of Finance and consists of eleven categories: X1X2-X3X4-X5X6X7-X8X9X10X11. The two first the category (X1X2) – the letters MF (Ministry of Finance of the Republic of Belarus) designating that bond issuing institution is the Ministry of Finance, the third and fourth categories (X3X4) – code of the symbol specifying circulation period of bonds (SB – short-term bonds, LB – long-term bonds), the fifth or seventh categories (X5X6X 7) – alphabetic currency code of nominal value of bonds according to the nation-wide qualifier of the Republic of Belarus (to OKRB 016-99) approved by the resolution of the State committee on standardization, metrology and certification of the Republic of Belarus of June 16, 1999 No. 8, the eighth or eleventh categories (X8X9X10X 11) – sequence number of bond issue.

6. The Ministry of Finance performs placement of registered bonds:

with interest income in the way:

open sale in trade system (further – open sale) at auctions (further – auction) in the form of auction of the prices or auction of interest rates;

open sale without holding the auction;

open sale with use of systems of remote bank servicing (further – remote sale);

the closed sale;

with the discount income in the way:

holding the auction of the prices;

the closed sale.

Chapter 3. Placement (additional placement) of registered bonds by open sale

7. The Ministry of Finance notifies the exchange on placement (additional placement) of registered bonds by open sale not later than one working day before carrying out open sale by means of the direction of the official notice constituted in form according to appendix 1.

8. The official notice on carrying out placement (additional placement) registered bonds by carrying out open sale is posted by the Ministry of Finance on the official site on the global computer Internet, and also brought by the exchange to the attention of bidders the general notice with use of information opportunities of trade system and posted by it on the official site on the global computer Internet.

9. Within separate release of registered bonds during the term of their address the Ministry of Finance can perform additional placement of bonds in trade system by open sale.

Within separate release of registered bonds after carrying out in the date of placement (the beginning of placement) established in the decision on release, open sale at the Ministry of Finance auction can make the decision on additional placement of bonds during the term of their address by open sale without holding the auction and (or) open sale at auction.

10. The participation right on open sale is granted only to bidders. Compulsory provisions of the admission of the bidder to participation in open sale are:

availability at the bidder of the account of "depot" in authorized depositary;

powers of attorney on all traders.

11. Participants of open sale can acquire bonds in trade system:

on its own behalf and at own expense on condition of availability of the license for implementation of professional and exchange activity on securities (the constituting works and services: dealer activities);

on its own behalf and for customer account on condition of availability of the license for implementation of professional and exchange activity on securities (the constituting works and services: broker activities) and registration of the client in trade system according to local legal acts of the exchange;

on its own behalf and for the benefit of the client (customer group), being effective as the trustee, on condition of availability of the license for implementation of professional and exchange activity on securities (the constituting works and services: activities for trust management of securities) and registration of the client (customer group) in trade system according to local legal acts of the exchange.

For receipt of the admission to participation in open sale for the account (in interests) the client (customer group) the participant of open sale needs availability of admission to trading by securities for the account (in interests) the client (customer group) according to local legal acts of the exchange, and also availability at the client (customer group) of the participant of open sale of the account of "depot" in authorized depositary for payment under bonds.

12. In day (days) of carrying out open sale during time of submission of requests the participant of open sale enters the request into trade system from the remote point-of-sale terminal.

13. Open sale is carried out in day (days) and periods of time specified in the official notice. Open sale consists of the period of collection of requests and the period of satisfaction of requests.

14. In case of delay of the beginning of open sale or its suspension in separate date (dates) the Ministry of Finance can make the decision on prolongation of the period of collection of requests and (or) the period of satisfaction of requests. This decision is transferred to the exchange no later than 10 minutes before the expiration of earlier fixed term of completion of the period of collection of requests and (or) the period of satisfaction of requests.

15. Upon termination of the period of collection of requests in trade system acceptance, removal and change of details of earlier entered requests stop and the exchange creates the summary register of requests of participants of open sale in form according to appendix 2 (for auction of the prices), to appendix 3 (for auction of interest rates), to appendix 4 (for open sale without holding the auction).

The summary register of requests of participants of open sale is created in the form of the electronic document, signed by means of the digital signature by the authorized employee of the exchange and the authorized representative of the Ministry of Finance.

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