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Ministry of Justice

Republic of Uzbekistan

On December 2, 2008 No. 1876

THE RESOLUTION OF THE MINISTRY OF FINANCE 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 November 7, 2008 No. 106, No. 2008-31

About approval of the Regulations on procedure by insurers of professional activity in the security market as the investment intermediary

(as amended on 03-12-2013)

In pursuance of the resolution of the President of the Republic of Uzbekistan of May 21, 2008 No. PP-872 "About additional measures for further reforming and market development of insurance services" (2008, Art. No. 20-21, 172) the Ministry of Finance of the Republic of Uzbekistan and the Center for coordination and market development of securities in case of Goskomkonkurention of the Republic of Uzbekistan decide collection of the legislation of the Republic of Uzbekistan:

1. Approve the enclosed Regulations on procedure as insurers of professional activity in the security market as the investment intermediary.

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.

Minister of Finance

R. Azimov

CEO of the Center

on coordination and control

behind market functioning

securities under the State Property Committee

 

 

 

K. Tolipov

 

Approved by the resolution of the Ministry of Finance, Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan of November 7, 2008 No. 106, No. 2008-31

Regulations on procedure insurers of professional activity in the security market as the investment intermediary

This Provision according to the resolution of the President of the Republic of Uzbekistan of May 21, 2008 No. PP-872 "About additional measures for further reforming and market development of insurance services" (The collection of the legislation of the Republic of Uzbekistan, 2008, No. 20-21, of the Art. 172) determines procedure insurers of professional activity in the security market as the investment intermediary.

I. General provisions

1. The insurer has the right to perform professional activity in the security market as the investment intermediary from the moment of receipt of the license for implementation of insurance activity in the Ministry of Finance of the Republic of Uzbekistan. At the same time receipt by the insurer of the license for implementation of professional activity in the security market as the investment intermediary is not required.

II. Requirements to implementation of professional activity by insurers in the security market as the investment intermediary

2. The insurer performs professional activity in the security market as the investment intermediary with observance of the requirements established by the legislation and this Provision.

3. The insurer shall have in the structure department to which functions on implementation only of the transactions connected with implementation of professional activity by the insurer in the security market as the investment intermediary are assigned.

4. Employees of the above-stated department shall have the competence certificate on the right of making of transactions with securities issued by the Center for coordination and market development of securities in case of Goskomkonkurention of the Republic of Uzbekistan (further - authorized state body on regulation of the security market) according to the procedure established by the legislation. At the same time the worker who is the head of this department shall have the competence certificate I of category on the right of making of transactions with securities.

5. Documents of the insurer on its professional activity in the security market as the investment intermediary shall be signed (are vised) by the head of the above-stated department.

III. Disclosure of information by the insurer performing professional activity in the security market as the investment intermediary

6. Disclosure of information by the insurer performing professional activity in the security market as the investment intermediary is performed according to the procedure, established by the legislation.

7. Insurers when implementing professional activity in the security market as the investment intermediary shall observe requirements of the legislation on the mystery of insurance, and also, having information which is confidential according to the legislation on the security market have no right to use this information for the conclusion of transactions and to transfer this information for transactions to the third parties.

8. The authorized state body on regulation of the security market has the right to request and receive from the insurer performing professional activity in the security market as the investment intermediary, information on the transactions and security transactions made by it according to the procedure established by the legislation.

IV. Regulation and control of activities of the insurers performing professional activity in the security market as the investment intermediary

9. Regulation and control of activities of the insurers performing professional activity in the security market as the investment intermediary is performed by the Ministry of Finance of the Republic of Uzbekistan together with authorized state body on regulation of the security market.

10. In case of violation by the insurer performing professional activity in the security market as the investment intermediary, the legislation on the security market, the authorized state body on regulation of the security market has the right to apply to the insurer of measure, stipulated by the legislation, and also to transfer materials for acceptance of adequate measures to the Ministry of Finance of the Republic of Uzbekistan.

V. Final provisions

11. Control over the implementation of requirements of this provision is exercised by the Ministry of Finance of the Republic of Uzbekistan and authorized state body on regulation of the security market.

12. Persons guilty of violation of requirements of this provision bear responsibility according to the legislation.

 

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