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Ministry of Justice

Republic of Uzbekistan

On June 28, 2024 No. 3523

ORDER OF THE DIRECTOR OF THE NATIONAL AGENCY OF PERSPECTIVE PROJECTS OF THE REPUBLIC OF UZBEKISTAN

of May 6, 2024 No. 4

About approval of the Regulations on payment procedure of the income on securities (dividends, percent) through JSC Central Securities Depository and (or) investment intermediaries

According to resolutions of the President of the Republic of Uzbekistan of July 27, 2017 "About the organization of activities of the National agency of perspective projects of the Republic of Uzbekistan" and of September 2, 2023 No. PP-291 "About additional measures for market development of the capital" I order to No. PP-3150:

1. Approve Regulations on payment procedure of the income on securities (dividends, percent) through JSC Central Securities Depository and (or) investment intermediaries according to appendix.

2. This order it is approved with the Central bank of the Republic of Uzbekistan.

3. This order becomes effective from the date of its official publication.

Director

D. Li

It is approved:

Chairman of the Central bank

April 29, 2024

 

M. Nurmuratov

 

Appendix

to the Order of the Director of the National agency of perspective projects of the Republic of Uzbekistan of May 6, 2024 No. 4

Regulations on payment procedure of the income on securities (dividends, percent) through JSC Central Securities Depository and (or) investment intermediaries

This Provision determines payment procedure of the income by securities (dividends, percent) and accounting of the unclaimed income (dividends, percent) through "Central Securities Depository" joint-stock company (further - the Central depositary) and (or) investment intermediaries.

Requirements of this provision extend to issued securities in the form of shares and bonds (further - securities), except for government securities.

Chapter 1. General provisions

1. In this Provision the following basic concepts are used:

income on securities - the means in the form of dividends or percent received directly as a result of ownership of securities;

the owner of securities - legal entity or physical person to which securities belong on the property right or other corporeal right;

the register of owners of securities - the list of owners of securities on whom the income on securities is paid, created by the Central depositary;

the issuer - the legal entity issuing issued securities and incurring obligations on them to their owners;

personal account - the account opened for owners of securities for accounting of the income on securities paid in the Central depositary;

The national agency of perspective projects of the Republic of Uzbekistan - authorized state body on regulation of the security market;

2. Dividend payout is performed by society according to charter of joint-stock company or the decision of general shareholder meeting.

The joint-stock company has the right to pay dividends through the Central depositary and (or) investment intermediaries according to the signed agreement.

3. The income on securities is paid to owners of securities by the Central depositary and (or) the investment intermediary based on the agreement (further - the agreement) signed between the issuer and the Central depositary and (or) the investment intermediary.

4. Payment of the income for the securities belonging to the foreign nominee holder, the investment intermediary and their clients is performed according to the agreement signed between the Central depositary and the foreign nominee holder and (or) the investment intermediary.

5. Personal accounts are opened for issuers and owners of securities in the Central depositary for payment of the income for securities.

6. Money recovery from personal accounts of the issuer or owners of securities according to obligations of the Central depositary and (or) the investment intermediary is forbidden.

7. The central depositary and (or) the investment intermediary has no right to use means on personal accounts in own purposes or for the benefit of the third parties.

8. Percent (awards) are not charged on balance on personal accounts of owners of securities.

Chapter 2. Payment procedure of the income on securities

9. Calculation and payment of the income for securities are performed based on the scheme according to appendix to this Provision.

10. The contract of rendering services between the issuer and the Central depositary and (or) the investment intermediary regarding implementation of dividend payout in shares shall be signed not later than 30 days before acceptance date by governing body of the issuer of the decision on dividend payout.

11. The central depositary creates the register of shareholders and submits it within three-day term to the issuer based on the order of the issuer.

The central depositary based on the order of the issuer transfers to the issuer the register of bondholders within three days after calculation of the interest income paid on bonds.

12. The governing body of the issuer shall send the letter to the Central depositary about forming of the shareholder register for calculation and dividend payout within ten days from the date of decision making about dividend payout.

13. The central depositary within two working days from the date of receipt of the letter of the issuer creates the shareholder register for calculation and dividend payout and represents it to the issuer for tax calculation for dividends.

14. For calculation and payment of the income by the central depositary for securities the basis for creation of the register of owners of securities are:

for share dividends the decision of governing body of the issuer on the size of the announced share dividends (minutes abstract of authorized body of management of the issuer);

for the bond the decision on issue of securities and the prospectus of issue of securities, in case of its availability.

15. Within 1 working day from the date of forming of the list of owners of securities the Central depositary sends to the persons included in it in the notification on the forthcoming payment of the income for securities in electronic form with use of information and communication technologies (personal office, e-mail, SMS, SWIFT) and posts it on the official site of the Central depositary.

In case of the conclusion of the contract on servicing of payment of the income for securities between the issuer and the investment intermediary, the Central depositary within one day provides to the investment intermediary the list of owners of securities and the investment intermediary performs the actions specified in part one of this Item.

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