THE ORDER OF THE CEO OF THE CENTER FOR COORDINATION AND CONTROL OF FUNCTIONING OF THE SECURITY MARKET UNDER THE STATE PROPERTY COMMITTEE OF THE REPUBLIC OF UZBEKISTAN

of March 18, 2009 No. 2009-20

About approval of the Regulations on activities of associations (associations) of professional participants of the security market

According to the Civil code of the Republic of Uzbekistan, the Law of the Republic of Uzbekistan "About the security market" (Collection of the legislation of the Republic of Uzbekistan, 2008, Art. No. 29-30, 278), Item 2.9 of the Development program of the security market for 2006-2007 approved by the resolution of the President of the Republic of Uzbekistan of September 27, 2006 No. PP-475 "About measures for further market development of securities" (Collection of the legislation of the Republic of Uzbekistan, 2006, No. 39, the Art. 387, No. 51-52, the Art. 507), and also the Regulations on the Center for coordination and market development of securities in case of Goskomkonkurention of the Republic of Uzbekistan approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of March 30, 1996 No. 126 (Collection of the orders of the Government of the Republic of Uzbekistan, 1996, to No. 3, of the Art. 11), I order:

1. Approve Regulations on activities of associations (associations) of professional participants of the security market according to appendix.

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

Approved by the Order of the CEO of the Center for coordination and control of functioning of the security market under the State Property Committee of the Republic of Uzbekistan of March 18, 2009 No. 2009-20

Regulations on activities of associations (associations) of professional participants of the security market

This Provision according to the Civil code of the Republic of Uzbekistan, the Law of the Republic of Uzbekistan "About the security market" (Collection of the legislation of the Republic of Uzbekistan, 2008, Art. No. 29-30, 278), other acts of the legislation establishes procedure of activities of associations (associations) of professional participants of the security market.

I. General provisions

1. In this Provision the following basic concepts are used:

Consolidation (association) of professional participants of the security market (further - Consolidation) - the legal entity (non-profit organization) created by professional participants of the security market for the purpose of protection of their rights and interests in the security market;

the professional participant of the security market (further the professional participant) - the legal entity who performs professional activity in the security market;

authorized state body on regulation of the security market (further - authorized body) - the Ministry of Economics and finance of the Republic of Uzbekistan.

2. The name of Consolidation shall contain specifying on the main object of activity of his members, with inclusion of the word "association" or "association" or word specifying by sight Associations.  

II. Requirements to Consolidation activities implementation

3. The procedure for creation, reorganization and liquidation of Consolidation, and also the requirement to contents of constituent documents are established by the legislation.

4. Consolidation is created on the basis of voluntary membership of professional participants and performs the activities as non-state non-profit organization.

5. All income of Consolidation is used only for accomplishment of the tasks assigned to it and not distributed among his participants (members).

6. Consolidation has no right to perform professional activity in the security market or to be the member of the legal entity performing such activities.

III. Rights and obligations of Consolidation

7. Consolidation has the right:

participate according to the procedure, established by the legislation, as experts at meetings of the commissions of authorized body by consideration of the questions concerning activities of members of Consolidation;

request from authorized body information on availability of the violations of the law on the security market made by the professional participant who showed willingness to enter in members of Consolidation.

Consolidation can have also other rights according to the legislation.

8. Consolidation shall:

inform the members of the constituent and internal documents of Consolidation affecting their activities;

fulfill the requirements containing in the constituent and internal documents;

bring to the members information provided by authorized body - concerning activities of members of Consolidation.

Consolidation performs also other duties according to the legislation.

IV. Final provisions

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

10. Control of observance of requirements of this provision is exercised by authorized body.

11. This Provision is approved with the State committee of the Republic of Uzbekistan on management of state-owned property, the Ministry of Finance of the Republic of Uzbekistan, the Central bank of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on demonopolization, support of the competition and entrepreneurship.

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