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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of June 19, 2000 No. 258

About approval of the Development program of the security market in the Republic of Tajikistan

For the purpose of development in the Republic of Tajikistan of the security market and according to the Presidential decree of the Republic of Tajikistan of December 1, 1999 No. 3 "About measures for further development and increase in efficiency of economic reforms" and the Medium-term economic Program of the Government of the Republic of Tajikistan on 1998-2001 Government of the Republic of Tajikistan decides:

1. Approve the enclosed Development program of the security market in the Republic of Tajikistan.

2. To chairmen of the Gorno-Badakhshan Autonomous Region, Leninabad and Khatlon regions, cities and regions of the Republic of Tajikistan, ministries, departments. To the central stock exchange of the Republic of Tajikistan to accept to execution of action, provided by the Development program of the security market in the Republic of Tajikistan.

3. To the Ministry of Finance of the Republic of Tajikistan to expand and strengthen the relevant division dealing with issues of market development of securities within the approved number of staff of the ministry.

 

Chairman of the Governments

Republic of Tajikistan E.Rakhmonov

 

Approved by the Order of the Government of the Republic of Tajikistan of June 19, 2000 No. 258

The development program of the security market in the Republic of Tajikistan

I. Purpose and tasks of market development of securities

Main objective of market development of securities as integral part of new structure of economy is creation of the effective mechanism of investment attraction, accumulation and rational redistribution of the capital between industries of economy and business entities in the Republic of Tajikistan.

For achievement of the specified purpose it is necessary to solve the following problems:

1. Create the legislation, develop the regulations regulating processes of the organization and functioning of the security market and establishing rules of conduct of professional participants of the security market, and also regulating technology of the biddings in the exchange and off-exchange markets, types of transactions in the security market.

2. Develop the organizational structure of the security market including:

- body of state regulation and control;

- professional participants of the security market;

- issuers and buyers of securities;

- regulated organizations of professional participants, including stock exchanges and off-exchange quoted systems;

- depositaries, registrars.

3. Create the infrastructure of the security market providing process of primary securities placement and their address in the secondary market.

4. Create effective system of regulation of the security market.

5. Develop the mechanisms providing systematic training of qualified specialists of the security market.

6. Promote integration of the security market of the Republic of Tajikistan into system of the world market of securities.

The development program of the security market (further the Program) provides step-by-step accomplishment of planned activities and through system of state regulation of the security market shall become one of the main links of reforming of economy of Tajikistan.

The Ministry of Finance of the Republic of Tajikistan together with the interested ministries and departments will continue implementation of function of coordination of market development of securities, control over observance by his participants of the legislation of the Republic of Tajikistan on the security market, carrying out market analysis of securities and will take measures for implementation of this Program in 2000 and 2001.

II. Program implementation in 2000

The main objective in 2000 is completion of creation of complex of legislative regulations concerning activities in the security market and its state regulation, development of structure of the security market.

1. Forming of the legislation of the security market

To the Ministry of Finance of the Republic of Tajikistan, National Bank of Tajikistan together with the Ministry of Justice of the Republic of Tajikistan until the end of 2000 to make changes to the current legislation and to develop new legal acts regarding regulation of the security market, features of activities of subjects of the security market.

Among first-priority regulatory legal acts to the Ministry of Finance of the Republic of Tajikistan together with National Bank of Tajikistan until the end of 2000 to develop and provide for approval to the Government of the Republic of Tajikistan following provisions:

- "Provision on the central depositary of the Republic of Tajikistan";

- "Regulations on broker and dealer activities in the security market".

2. Creation of system of institutional investors

Institutional investors are created for the purpose of ensuring professionalism and stability when implementing investment into securities, increases in degree of trust of the population to them.

The main condition of stability of the security market is decrease in risk of capital investments in securities. Flexible regulation of activities of institutional investors is for this purpose performed.

As the main institutional investors in the Republic of Tajikistan the investment and pension funds, investment and insurance companies, and also commercial banks are created. For functioning of the investment banks solving functions similar to investment companies in the security market the potential of bank system of the republic is involved.

3. Creation of infrastructure of the security market

Priority task of implementation of this Program is creation and development of infrastructure of the security market of the Republic of Tajikistan which includes work in the following directions:

- forming of the automated systems of depositaries and registrars for servicing of security circulation, first of all shares of the privatized public industries, and confirmation of property rights of owners on them;

- forming of system of technologies of implementation of transactions on purchase and sale of securities, and also systems of implementation of calculations for transactions with securities;

- creation of service of information support of the security market.

In 2000 according to the specified directions to the Ministry of Finance together with National Bank of Tajikistan it is necessary to carry out work on realization of the following events:

1. Creation of the central depositary and system of its regional departments.

The central depositary performs functions of coordination and control of technical procedures of activities of subjects depositary registratorskoy systems, accounting of movement of securities between depositaries (departments of the Central depositary), assistance of professional education to the organizations in advanced training of specialists of subjects depositary registratorskoy systems, technical assistance to registrars.

2. Providing conditions for functioning of depositaries and registrars.

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