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IT IS REGISTERED

Ministry of Justice

Republic of Uzbekistan

On December 2, 2008 No. 1874

THE RESOLUTION OF THE CENTER FOR COORDINATION AND CONTROL OF FUNCTIONING OF THE SECURITY MARKET UNDER THE STATE PROPERTY COMMITTEE OF THE REPUBLIC OF UZBEKISTAN, THE STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON MANAGEMENT OF THE STATE-OWNED PROPERTY, THE MINISTRIES OF FINANCE OF THE REPUBLIC OF UZBEKISTAN, BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of November 7, 2008 No. 2008-32, 7 of November, 2008 No. 01/KKBFMNKM-18/20, 7 of November, 2008 No. 102, on November 7, 2008 No. 306-B

About approval of the Regulations on professional standards of activities of institutional investors in the security market

In pursuance of the resolution of the President of the Republic of Uzbekistan of September 27, 2006 N PP-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 N 51-52, Art. 507), the Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan, the State Property Committee of the Republic of Uzbekistan, the Ministry of Finance of the Republic of Uzbekistan and Board of the Central bank of the Republic of Uzbekistan decide:

1. Approve the enclosed Regulations on professional standards of activities of institutional investors in the security market.

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

 

CEO

Center for coordination and

to control of functioning

the security market in case of

State Property Committee

 

 

 

 

Tolipov K. F.

Chairman State

management committee

state-owned property

 

 

Musayev D. About

Minister of Finance

Azimov R. S.

Chairman

Central Bank

 

Mullazhanov F. M.

Approved by the resolution of the Center for coordination and control of functioning of the security market under the State Property Committee, the State Property Committee, the Ministry of Finance and Board of the Central bank of the Republic of Uzbekistan

Regulations on professional standards of activities of institutional investors in the security market

This Provision according to the resolution of the President of the Republic of Uzbekistan of September 27, 2006 N PP-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 N 51-52, Art. 507) and other acts of the legislation establishes standards of professional activity of institutional investors in the security market.

I. General provisions

1. Institutional investor in the security market (the daleeinstitutsionalny investor) are investment funds, insurers and commercial banks.

2. Main objective of institutional investors is ensuring enhancement of the capital and preserving it in liquid form.

3. The main function of institutional investors is the active investment of money in securities.

II. Basic principles of activities of institutional investors

4. For the purpose of ensuring financial stability institutional investors shall invest the assets in securities on the principles of reliability, diversification, recoverability, profitability and liquidity.

5. Institutional investors shall observe the following basic principles when implementing investments in the security market:

professional investment management;

prevention of conflict of interest;

ensuring information transparency.

6. Professional investment management is provided with institutional investors in the way:

attraction if necessary, to process of investment of investment advisers, to process of management of investment assets of the specialists of the organization (the trustee investment assets) having the corresponding qualification, not being affiliates of the issuer whose securities are possible investment object;

developments and approvals of regulations on investment policy in which the main directions (policy) of investment are specified;

the organizations of investing activities in the security market (the analysis of investment objects, determination of proportions of distribution of the invested means between investment objects, periodic assessment of the received profitability).

7. For the purpose of the prevention of conflict of interest, founders and officials of the institutional investor shall inform the body making the decision on investment, on the affiliation with investment object before adoption of the relevant decision.

8. Ensuring information transparency is performed according to the Section IV of this provision.

III. Requirements to activities of institutional investors

9. Institutional investors when implementing investments in the security market shall:

a) observe requirements of the legislation on the security market and the antitrust law, and also this provision;

b) observe proper availability of financial, technical, information resources and skilled workers for implementation of adequate assessment of investment risks and adoption of effective investment solutions;

c) provide sufficiency and compliance of own means (capital) and other financial performance to the obligatory standard rates established by the legislation;

d) provide compliance of the workers to the qualification requirements established by the legislation.

10. The institutional investor during the implementing of the rights and fulfillment of duties shall observe interests of the clients.

11. Internal documents of the institutional investor may contain additional requirements to his workers when implementing of activities by them in the security market according to the procedure established by the legislation.

12. For the purpose of reduction of risk of losses on investment assets, institutional investors provide their diversification taking into account the normative requirements established by the legislation.

IV. Disclosure of information and the reporting of the institutional investor in the security market

13. Information transparency of institutional investors is provided by disclosure of information according to the procedure, established by the legislation.

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