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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of May 4, 1997 No. 180

About approval of the Regulations on investment funds

(as amended of the Order of the Government RT of 01.09.2005 No. 337)

In pursuance of the order of the Government of the Republic of Tajikistan of August 23, 1995 No. 543 "About organizational measures for further deepening and expansion of processes of privatization of state-owned property", the Government of the Republic of Tajikistan decides:

1. Approve the enclosed Regulations on investment funds.

2. To the state Management committee state-owned property of the Republic of Tajikistan together with the Ministry of Finance of the Republic of Tajikistan to develop and approve:

it is excluded

procedure for issue of licenses for implementation of investing activities with vouchers.

 

Prime Minister

Republic of Tajikistan E.Rakhmonov

 

Approved by the Order of the Government of the Republic of Tajikistan of May 4, 1997 No. 180

Regulations on investment funds

1. General provisions

1.1. This Regulations on investment funds (further hereinafter is referred to as - the Provision) determine general procedure for organization and activities of all types investment funds in the Republic of Tajikistan, including also the check investment funds accumulating personalized vouchers of citizens of the Republic of Tajikistan.

1.2. Investment funds are created in the form of public joint stock companies which are engaged in investment, trade and ownership of securities.

Other legal entities performing investing activities according to the legislation of the Republic of Tajikistan acquire the status of investment fund after reduction of the constituent documents in compliance with this Provision. Consolidation with other types of activity is not allowed.

1.3. Banks which activities are regulated by the legislation of the Republic of Tajikistan on banks and banking activity and also insurance companies, do not join in number of investment funds. Any person who is engaged in the acquisition and the subsequent placement of securities issued by other issuer, security sale to buyers, or acting as the broker, or engaged only in one of the listed types of activity (which hereinafter are referred to as as the subscriber, the broker or the dealer) and whose basic income is usually taken generally from these activities and the related activities, is not considered investment fund.

1.4. The investment fund accumulating personalized vouchers of the Republic of Tajikistan and performing transactions with them is check investment fund.

1.5. The basic concepts applied in this Provision:

affiliated group of investment fund - investment fund, the managing director of investment fund, and also all affiliates of this investment fund and its managing director;

person - any physical person or legal entity, including joint-stock company, partnership, the state company;

the affiliate of physical person or legal entity (joint-stock company, partnership, the state company) his managing director, directors and officials, founders, and also shareholders who possess 25 and more percent of shares, or the company in which 25 and more percent of voting shares belong to this person. All investment funds which signed with him the agreement on management of investment fund are among affiliates of the managing director;

bank - the legal entity established and performed the activities according to the Law of the Republic of Tajikistan "About banks and banking activity in the Republic of Tajikistan";

depositary of investment fund - bank or other legal entity who is not the affiliate of investment fund, performing actions with securities, including with vouchers, and also money belonging to fund, recording movements of this property of fund and performing other functions according to the depositary agreement;

open-end investment fund - the investment fund emitting securities with the obligation of their redemption, that is granting to the owner of securities of this fund the right according to its requirement to receive in exchange for them sum of money or other property according to the fund charter;

the closed investment fund - investment fund which emits securities without obligation of their redemption the issuer;

investment securities - any securities, except for the securities issued by affiliated enterprises in which 50 and more percent of voting shares belong to the issuer;

control - capability to exert decisive impact on management of activities of physical person or legal entity, including on implementation of appropriate authority by it on enterprise management in which 25 and more percent of voting shares belong to this physical person or legal entity.

Control is not implementation by officials of the service duties;

the independent investment fund auditor - the auditing organization which is not the affiliate of this fund;

the limited organization, organization - any person who has no right to acquire property of the privatized state and utility companies; ministry, department, other state body; the company which is in property of public organizations (associations); Property Management Committee or fund of privatization; cross-industry national association, association, concern and other voluntary consolidation of the companies, including after reduction of their form of business in compliance with the legislation of the Republic of Tajikistan; other legal entities over whom persons stated above exercise control. The limited organization is not consolidation of the companies if the state possesses less than 25 percent of its authorized capital and less than 25 percent of the authorized capital of each of founders of consolidation;

the managing director of investment fund - any person with whom the agreement on management of investment fund is signed

check investment fund - the investment fund accepting personalized vouchers in exchange for own money.

2. Organization and registration of investment fund

2.1. The organization and registration of investment fund is performed according to the procedure, established by the legislation of the Republic of Tajikistan for joint-stock companies.

2.2. The investment fund is formed only in the form of public joint stock company.

2.3. The investment fund can have one or several founders. The number of founders of investment fund is not limited. Persons, including funds of privatization, except the limited organizations, organizations can be founders and shareholders of investment funds.

The decision on organization of investment fund is made by meeting of founders or the single founder.

The meeting of founders approves the Charter of investment fund drafted according to the approximate charter of investment fund, elects the President, Board of Directors of investment fund, approves drafts of the depositary agreement and the agreement with the investment fund managing on management, authorizes the official of fund on their conclusion.

2.4. In addition to requirements imposed by the legislation of the Republic of Tajikistan to content of charter of joint-stock company, the charter of investment fund shall contain following provisions:

determination of investment fund as public joint stock company;

the type of investment fund - opened, closed or check;

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