Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of March 19, 2012 No. PP-1727

About measures for further development of the stock market

(as amended on 28-04-2015)

For the purpose of further development of the stock market of the republic, implementation of modern technologies and methods of the organization of the securities trading, expansion of access for investors to the security market:

1. Take into consideration that:

between the State Property Committee of the Republic of Uzbekistan and the Korea stock exchange are signed the Memorandum of understanding on market development of securities of December 28, 2010 and the General agreement on upgrade of the security market of the Republic of Uzbekistan of August 23, 2011;

within the General agreement on upgrade of the security market of the Republic of Uzbekistan the Korea stock exchange shall provide delivery and implementation until the end of 2016 on a turnkey basis of the Single program technical complex for the stock market of the Republic of Uzbekistan a minimum of 6 million US dollars including the software, the server and telecommunication hardware, training of local specialists and guarantee maintenance during 1 year.

2. Agree with offers of the State Property Committee, Ministry of Finance of the Republic of Uzbekistan and shareholders of JSC Republican Stock Exchange Toshkent:

about increase in authorized capital of the RBF "Toshkent" up to 45 billion bags and payment of in addition issued shares for the transfer account by the State Property Committee of the Republic of Uzbekistan to Republican stock exchange of property complex in type SUE Directorate on Operation of the Republican Exchange Center, at the address: Tashkent, st. Bukhara 10, for forming of share of the State Property Committee in authorized capital of the RBF "Toshkent";

about transfer by the State Property Committee of the Republic of Uzbekistan to the Korea stock exchange of the block of shares of the RBF "Toshkent" in the amount of 25 percent minus one share in exchange for delivery and implementation of the Single software and hardware complex for the stock market for the total amount at least 6 million US dollars;

about organization based on the delivered Single software and hardware complex of the State unitary enterprise "Fund Bozorining Akhborot-Markaza Resource" under the State Property Committee of the Republic of Uzbekistan, having determined its main objective servicing of the organizations of the stock market of the republic.

3. To the State Property Committee of the Republic of Uzbekistan:

in accordance with the established procedure to sign the corresponding delivery agreement and implementation of the Single software and hardware complex by the Korea stock exchange in exchange for the block of shares of the RBF "Toshkent" in the amount of 25 percent minus one share, having provided that the ownership to the specified block of shares will be transferred to the Korea stock exchange after acceptance of the turnkey Complex;

together with the Ministry of Economics, the Ministry of Finance and the Central bank of the Republic of Uzbekistan in two-month time to make in the Cabinet of Ministers of the Republic of Uzbekistan suggestions for improvement of the legislation, taking into account the recommendations about upgrade of the security market of Uzbekistan provided by the Korea stock exchange.

4. Determine that:

as shareholders of the RBF "Toshkent" one share, the Korea stock exchange from shares 25 percent minus one share, and also commercial banks of the republic - National Bank of foreign economic activity, State and commercial People's Bank, GAKB "Usak-bank", OAKB "Uzpromstroybank" can act Goskomkonkurention of the Republic of Uzbekistan from shares in authorized fund in the amount of 50 percent plus;

The Korea stock exchange from the moment of acquisition of property right to the block of shares of the RBF "Toshkent" has the right to realize it to the third parties in coordination with Goskomkonkurention of the Republic of Uzbekistan.

5. Determine that till January 1, 2016:

The RBF "Toshkent" is exempted from the tax discharge on property regarding the property complex in type SUE Directorate on Operation of the Republican Exchange Center received as contribution to authorized capital for forming of share of the State Property Committee of the Republic of Uzbekistan;

income of the RBF "Toshkent" and the professional participants of the security market received from activities in the security market is exempted from the tax discharge on profit of legal entities and single tax payment, with the target direction of the released funds for strengthening of their material and technical resources, development of trade and information systems, and also advertizing of the services in the security market.

6. Exempt till January 1, 2015:

from customs payments (except charges for customs clearance) - the software delivered by the Korea stock exchange within the General agreement on upgrade of the security market of the Republic of Uzbekistan, the server and telecommunication hardware and spare parts to them according to the lists approved by the Cabinet of Ministers of the Republic of Uzbekistan;

from the value added tax - service in training of local specialists and guarantee maintenance of the delivered and implemented Single software and hardware complex.

Determine that the amount of the means released as a result of provision of the specified privileges is contribution of the Republic of Uzbekistan to authorized capital SUE Fund Bozorining Markaza Akhborot-resource.

7. National broadcasting company of Uzbekistan to provide allocation on a grant basis to the RBF "Toshkent" at least two times in week of broadcasting time at the prime time on teleradio channels of "O'zbekiston" and "Yoshlar" for the special transfers devoted to promotion of the stock market, publicizing of the held exchange auction and security quotations of national issuers.

8. To the State Property Committee together with the Ministry of Justice of the Republic of Uzbekistan, other interested ministries and departments to make in the Cabinet of Ministers of the Republic of Uzbekistan offers on the changes and amendments in the legislation following from this resolution in a month.

9. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan Azimov R. S.

President of the Republic of Uzbekistan

I. Karimov

 

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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