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Ministry of Justice

Republic of Uzbekistan

On March 5, 2004 No. 1322

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

of December 30, 2003 No. 2003-19

About approval of the Regulations on procedure of payments of the size of own means and annual average cost of investment assets

(as amended on 20-01-2020)

In pursuance of the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of April 19, 2003 No. 189 "About measures for enhancement of corporate management by the privatized companies" and according to the Law of the Republic of Uzbekistan "About the security market" (Collection of the legislation of the Republic of Uzbekistan, 2008, 278) and Regulations on the Center for coordination and control of functioning of the security market under the State Property Committee 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, I order to Art. No. 29-30,:

1. Approve the enclosed Regulations on procedure of payments of the size of own means and annual average cost of investment assets.

2. Enact this order after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

CEO

M. S. Yunusmatov

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 on December 30, 2003 No. 2003-19

Regulations on procedure of payments of the size of own means and annual average cost of investment assets of the trustee investment assets

This Provision according to 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), the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of April 19, 2003 No. 189 "About measures for enhancement of corporate management by the privatized companies" (The collection of the legislation of the Republic of Uzbekistan, 2003, Art. No. 7-8, 63) regulates procedure for determination of the size of own means (further - own means) and the annual average cost of the investment assets which are in trust management of the trustee of investment assets.

Action of this provision does not extend to the commercial banks exercising trust management of investment assets according to the legislation.

§ 1. General provisions

1. For the purpose of this provision the following basic concepts are used:

investment assets - securities, money and other property recognized by investment assets according to the legislation;

the trustee investment assets (further - the trustee) - the legal entity exercising trust management of investment assets;

the founder of trust management - the party in the trust management agreement transferring for the term determined by the trust management agreement in management investment assets;

the beneficiary - the founder of trust management or other person determined in the trust management agreement having the right to require execution by the trustee of liabilities assumed by it;

authorized state body on regulation of the security market - Agency on market development of the capital of the Republic of Uzbekistan.

2. The trustee shall have own means in the amount of at least 5 percent from the annual average cost of the investment assets managed by him.

Compliance of own means of trustees to the specified requirements is controlled by authorized state body on regulation of the security market quarterly, according to the reports submitted by trustees according to this Provision.

3. Assessment and calculation of cost of investment assets is made for:

determinations of compliance of the sizes of own means of the trustee to the requirements established by the legislation;

determinations of annual average cost of the investment assets which are in trust management;

performance appraisals of the trustee;

other purposes which are not contradicting the current legislation.

4. The size of own means for the purposes of this provision is determined as the amount:

the authorized capital (less own shares (share, shares), acquired and (or) redeemed from shareholders (participants).

the added capital;

reserve capital;

retained earnings (uncovered loss);

target receipts;

reserves of the forthcoming expenses and payments.

5. The size of own means and cost of investment assets is expressed in monetary unit of the Republic of Uzbekistan - bags.

6. If the size of own means of the trustee does not conform stipulated in Item 2 this provision to requirements, the trustee in time no later than one month shall bring it into accord with the specified requirements.

In case of failure to carry out of the specified requirements, the trustee bears responsibility according to the procedure, established by the current legislation.

§ 2. Cost determination, assessment and revaluation of investment assets

7. The regular value assessment of investment assets of the trustee is carried out quarterly on the first, following the accounting period.

Results of regular assessment are reflected in the report on forming of investment assets of the trustee.

8. The founder of trust management and/or the beneficiary has the right to demand at own discretion from the trustee of carrying out additional value assessment of investment assets in terms and the conditions established by the agreement on trust management.

Results of estimates are brought by the trustee to the attention of the founder of management and/or the beneficiary in the terms established by the agreement on trust management.

9. In structure of investment assets whether considered determination of their cost join;

securities of business entities, including the securities which are at the time of the conclusion of the agreement on trust management of them in state-owned property;

shares (shares) of business entities which are at the time of the conclusion of the agreement on trust management of them in state-owned property;

the money intended for investment into securities;

the money and securities received as a result of execution by the trustee of the obligations under the agreement.

10. Acquisition of investment assets and results of their revaluation are reflected in financial accounting in accordance with the established procedure.

11. Securities which issuers are included in listing and quoted on trading floors of organizers of the exchange and off-exchange biddings shall be by the end of the reporting period overpriced to weighted average price on which these securities were on sale in this accounting period.

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