of February 26, 1997 No. 1117
About commodity exchanges
The parliament adopts this law.
This law regulates creation and activities of commodity exchanges, the rights and obligations of their members, the organization of stock exchange trading, protection of the rights and legitimate interests of her participants.
Operation of this law extends to all commodity exchanges which are created or will be created in the territory of the Republic of Moldova if other is not established by the legislation.
(1) Commodity exchange is the company for the organization of the stock exchange trading for standards or samples of goods which is carried out in in advance determined place (the exchange hall) and to certain time by the rules established at the exchange.
(2) Voided according to the Law of the Republic of Moldova of 30.03.2017 No. 53
(3) the Commodity exchange has the right to establish the branches and other separate divisions according to the legislation.
(1) On extent of participation of visitors in the exchange biddings commodity exchanges are subdivided on opened and closed.
(2) At open commodity exchanges bargains are concluded between exchange intermediaries and visitors of the exchange as independently, and through intermediaries.
(3) At the closed commodity exchanges bargains are concluded only between exchange intermediaries who represent the interests both members of the exchange, and one-time visitors and act from their name.
(4) On nature of activities commodity exchanges can be specialized and universal.
(5) Specialized commodity exchanges perform transactions with certain types of real goods.
(6) At universal commodity exchanges of transaction are made with all types of goods.
(1) Commodity exchanges has the right to unite on voluntary basis in associations and the unions if it does not contradict the purposes of their activities and requirements of the antitrust law.
(2) Associations and the unions of commodity exchanges has no right to perform exchange activities.
The main functions of commodity exchange are:
a) organization of the exchange biddings;
b) development of packet of standard contracts according to transactions of purchase and sale;
c) identification of the real demand and supply, and also the developed proportions of exchange of the goods realized or exchanged at the exchange;
d) creation of conditions for price stabilization and proportions of exchange of goods;
e) quotation of the prices of exchange goods;
f) the organization, taking into account the real demand and supply, goods exchange transactions on the basis of mutual advantage;
g) bringing to all participants of the exchange bidding, in case of need, data on partial loss by exchange goods of consumer qualities;
h) provision to participants of the exchange biddings and other interested physical persons and legal entities of information on exchange goods.
(1) the Commodity exchange has the right to perform the activities which are directly connected with the organization of stock exchange trading.
(2) the Actions of commodity exchange aiming or attracting elimination or restriction of the competition in exchange trade are recognized illegal, and the agreements signed at the same time - invalid.
(1) the exchange goods are understood as the goods of certain type and quality which are in circulation, including the standard contract and the bill of lading for the specified goods allowed in accordance with the established procedure by commodity exchange to exchange trade.
(2) the Exchange goods shall have high-quality uniformity, comparability of quality characteristics during the certain period of time and interchangeability of batches that allows to do business by it by description qualities or to samples.
(3) the exchange bears For quality and compliance to standards of the goods realized at the exchange biddings, responsibility. Upon the demand of the participant of trade the exchange shall organize examination of the goods quality realized by means of the exchange biddings.
(4) real estate, intellectual property items and property rights are not exchange goods.
(1) Stock exchange trading will be organized in the form of the public public bidding which is carried out for the purpose of rendering services to buyers and sellers in the course of purchase and sale (exchange) of exchange goods.
(2) Stock exchange trading is performed in the way:
a) making of stock exchange transactions by the exchange intermediary on behalf of the client and at his expense, on behalf of the client and at own expense or on its own behalf and for customer account (broker activities);
b) making of stock exchange transactions by the exchange intermediary on its own behalf and at own expense for the purpose of the subsequent sale of goods at the exchange (dealer activities).
(1) the Stock exchange transaction is the exchange contract registered by the exchange signed by participants of stock exchange trading concerning exchange goods during the exchange biddings. The order of registration and registrations of stock exchange transactions is established by the exchange.
(2) Operations on the stock exchange on acquisition and sale of goods are performed in the relation both the real-life, and planned to production goods. Goods availability at the exchange at the time of the conclusion of the transaction is not necessary condition.
(3) the transactions connected with can be made by Participants of stock exchange trading:
a) mutual assignment of rights and obligations concerning real goods (cache transaction);
b) mutual assignment of rights and obligations concerning real goods with the delayed term of its delivery (forward transactions);
c) mutual assignment of rights and obligations concerning standard contracts on delivery of exchange goods (futures transactions);
d) the condition included in stock exchange transaction for the term during which one of the parties is granted option between terms of transaction or changes of its initial conditions (option transactions);
e) the transactions aiming at income acquisition from resale of goods (contracts) on more beneficial prices (arbitrage transactions).
(4) also other transactions concerning exchange goods, contracts or the rights established by rules of stock exchange trading can be considered as Stock exchange transactions.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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