of April 1, 2008 No. 169
About approval of the Development strategy of the security market in the Republic of Tajikistan
For the purpose of implementation of the National strategy of development for the Republic of Tajikistan for the period till 2015, the Government of the Republic of Tajikistan decides forming of infrastructure of the security market, development of professional activity in securities and ensuring protection of shareholder rights:
1. Approve the Development strategy of the security market in the Republic of Tajikistan for 2008 - 2012.
2. To the Ministry of Finance of the Republic of Tajikistan together with the relevant ministries and departments of the republic to take necessary measures for strategy implementation of market development of securities.
Republic of Tajikistan
Approved by the Order of the Government of the Republic of Tajikistan of April 1, 2008 No. 169
For the purpose of execution of the National Strategy of development for the Republic of Tajikistan for the period till 2015 accepted and approved by the order of the Government of the Republic of Tajikistan of April 3, 2007 No. 166, and approved by the Resolution of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan No. 704 of June 26, 2007, Strategy it is prepared by the Ministry of Finance of the Republic of Tajikistan.
The development strategy of the security market in the Republic of Tajikistan for 2008-2012 (further - Strategy) is created proceeding from priority tasks and action for improvement of activities in the security market and to creation of favorable climate of overflow of free financial resources in real production sector by means of active use of free circulation of issued securities.
The solution of tasks of market development of securities in the Republic of Tajikistan, will allow to achieve certain results in enhancement of corporate management, ensuring transparency in the security market, improvements of regulation of issue of securities, development of share infrastructure and financial instruments of the security market. Also certain work on enhancement of conditions of investment and protection of the rights of investors will be carried out, measures for strengthening and expansion of international cooperation concerning development of the stock market are taken.
This Strategy reflects main objectives and tasks of activization of further market development of securities and state policy in relation to all stock market participants - issuers, professional participants of the security market, investors.
Strategy determines the priority directions, ways of goal achievement and specific actions for implementation of the tasks. The main directions of state policy are, first of all, creation of competitive institutes of the stock market, creation of the legislation of forming of new financial instruments of the stock market and strengthening of the legislation on protection of the rights of investors.
According to the current legislation about joint-stock companies professional participants of the security market are engaged in process of accounting of securities, accounting of the rights and transition of the rights to securities and maintaining the register of security holders. But the number of such participants is limited and in this direction there are some barriers, including lack of regulations of technical functioning of depository activity, non-use in practice of the organizations of achievements of world practice and international standards. The main measures for enhancement of this system are creation of the central depositary and the transaction, including transactions with cash in the security market, to perform so that all transactions in this market were carried out on the central depositary.
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