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Ministry of Justice

Republic of Uzbekistan

On February 13, 2008 No. 1766

THE RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN, BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN, THE CENTER FOR COORDINATION AND CONTROL OF FUNCTIONING OF THE SECURITY MARKET UNDER THE STATE PROPERTY COMMITTEE OF THE REPUBLIC OF UZBEKISTAN

of December 17, 2007 No. 104, on December 17, 2007 No. 297-B, 17 of December, 2007 No. 2007-13

About approval of the Regulations on requirements to activities of rating agencies in the financial markets

According to Item 2.6 of the Development program of the security market for 2006-2007 approved by the resolution of the President of the Republic of Uzbekistan of September 27, 2006 NPP-475 "About Measures for Further Market Development of Securities" (Collection of the legislation of the Republic of Uzbekistan, 2006, N 39, of the Art. 387, of Art. N51-52, 507), the Ministry of Finance, Board of the Central bank and the Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan decide:

1. Approve the enclosed Regulations on requirements to activities of rating agencies in the financial markets.

2. This resolution becomes effective after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Minister of Finance

Azimov R. S.

Chairman

Central Bank

 

Mullazhanov F. M.

CEO

Center for coordination and control

behind market functioning

securities under the State Property Committee

 

 

 

Tolipov K. F.

Approved by the Resolution of the Ministry of Finance, Board of the Central bank and Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan of December 17, 2008 No. No. 104, 297-B, 2007-13

Regulations on requirements to activities of rating agencies in the financial markets

This Provision according to the resolution of the President of the Republic of Uzbekistan of September 27, 2006 NPP-475 "About Measures for Further Market Development of Securities" (The collection of the legislation of the Republic of Uzbekistan, 2006, N 39, of the Art. 387, of Art. N51-52, 507) establishes requirements to activities of rating agencies in the financial markets.

I. General provisions

1. For the purpose of this provision the following basic concepts are used:

rating assessment - the opinion of rating agency in the form of the rating report expressed in standard symbolical (numerical and alphabetic) form with the corresponding explanations;

rating activities - the business activity of rating agency directed to implementation of rating assessment in the financial markets;

rating agency - the legal entity (the commercial organization) performing rating activities;

the client - the legal entity who signed with rating agency the contract for receipt of rating assessment according to the procedure, established by the legislation.

2. The purpose of rating assessment is expression of independent opinion concerning the level of credit and other risks, and also the client's capability on timely and full implementation of the obligations.

3. Objects of rating assessment is financial performance of the client, such as creditworthness, solvency, financial stability, corporate management, securities liquidity, etc.

4. State registration of rating agencies as legal entities is performed according to the procedure, established by the legislation.

II. Requirements to rating agency and rating activities in the financial markets

5. Rating agencies can be created in any form of business.

6. Rating agencies shall have "rating agency" in the name of the word and specify in constituent documents rating activities as core activity.

7. Rating agency when implementing rating assessment:

is based on the analysis of financial performance, including profitability, solvency, financial stability, liquidity, quality of assets, cash flow, and others;

carries out the analysis of corporate management of the client;

observes requirements of this provision and the technique of rating assessment approved by it;

publishes within five working days results of the appropriated rating assessment in mass media and on the websites of organizers of the biddings by securities, including any changes in earlier appropriated rating assessment;

specifies in publications that rating assessment does not contain recommendations about purchase, deduction or sale of any security;

provides confidentiality of information obtained from clients, except as specified, stipulated by the legislation;

in the activities does not allow unfair competition, including by guaranteeing assignment to the client of higher rating in comparison with other rating agencies;

ensures safety of the following documents for at least than three years:

copies of the agreements signed with clients;

the appropriated rating estimates, and also changes in earlier appropriated rating estimates;

other documents which obligation on storage is stipulated by the legislation.

8. The employees of rating agency involved in process of rating and monitoring shall have the higher education in the sphere of finance, accounts departments and economies, and also to have length of service on one of the specified specialties at least 3 years. For this purpose the rating agency develops the policy and procedures directed to education and training of the highly skilled analysts having independent, objective and reliable judgment.

9. The rating agency shall organize teams of rating analysts and the processes providing continuity and stability of rating process and training of the analysts. At the end of each calendar year the rating agency shall publish on the website in the Internet information on training programs and programs of advanced training which were passed by its analysts.

10. Rating agencies have no right to perform rating assessment of legal entities if:

they are founder (shareholder) of the client;

the client has share in authorized capital of this rating agency;

the employee of rating agency is part of governing bodies of the client.

11. The rating agency shall not assign scores to the associated or affiliated enterprises or their securities if the head or employees of rating agency at the same time participate in governing body of such company.

12. The employee of rating agency shall not participate or influence somehow determination of rating of the client if this worker:

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