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LAW OF TURKMENISTAN

of March 1, 2014 No. 38-V

About the commodity and raw exchanges and exchange trade

(as amended on 05-06-2021)

This Law determines legal, organizational and economic basis of functioning of the commodity and raw exchanges, the organizations and carrying out the exchange biddings and is aimed at the development of the wholesale market of goods in Turkmenistan.

Chapter 1. General provisions

Article 1. Basic concepts

For the purposes of this Law the following basic concepts are used:

1) exchange day – day of carrying out the exchange biddings;

2) exchange collection – the payment for the organization and carrying out the exchange biddings levied by the exchange from participants of stock exchange trading;

3) the broker – person (the member of the exchange) performing intermediary services in case of transactions of purchase and sale at the exchange on its own behalf on behalf and at the expense of the client;

4) the dealer – person making stock exchange transactions at the exchange on its own behalf and at own expense;

5) the forward transaction – the transaction of purchase and sale of real goods with the delayed term of its delivery;

6) futures transaction – the transaction of purchase and sale of the standard contract on the transaction fixed at the time of the conclusion to the price with execution of delivery through certain period;

7) the commodity and raw exchange – the organization with the rights of the legal entity creating the wholesale market of goods by the organization and regulation of the stock exchange trading performed in the form of the public public auction held in in advance determined place and in certain time by the rules established by it;

8) option transaction – the transaction of purchase and sale of the rights to future purchase or sale on stated price of exchange goods and (or) the standard contract;

9) the standard contract – the agreement corresponding to the form approved according to the legislation of Turkmenistan the commodity and raw exchange, and providing purchase and sale of exchange goods with certain conditions of its transfer and other conditions of obligation fulfillment in the future.

Article 2. Legislation of Turkmenistan on the commodity and raw exchanges and exchange trade

1. The legislation of Turkmenistan on the commodity and raw exchanges and exchange trade is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.

2. If the international treaty of Turkmenistan establishes other rules than containing in this Law, then rules of the international treaty are applied.

Article 3. Coverage of this Law

1. Operation of this Law extends to the relations arising during creation and functioning of the commodity and raw exchanges, the organization and tendering at the exchange.

2. The relations connected with activities of the stock and currency exchanges, and also share and currency sections (departments, departments) of the commodity and raw exchanges (further – the exchange), are not regulated by this Law.

Article 4. Field of activity of the exchange

1. The exchange has the right to perform the activities which are directly connected with the organization and carrying out stock exchange trading.

2. The exchange cannot perform the trading, trade and intermediary and other activity which is directly not connected with the organization and carrying out stock exchange trading. This restriction does not extend to the legal entity and physical person which is the member of the exchange.

Article 5. Basic principles of exchange activities

The basic principles of exchange activities are:

1) publicity and publicity of carrying out the exchange biddings;

2) freedom of pricing at the exchange biddings;

3) voluntariness of the conclusion of stock exchange transactions;

4) equality of conditions of participation in the exchange biddings for participants of stock exchange trading.

Article 6. Exchange goods

1. The exchange goods are understood as goods of certain sort and quality, including products, raw materials, the standard contract (further – goods) allowed in accordance with the established procedure by the exchange to exchange trade.

2. Objects of cultural heritage and intellectual property, real estate, and also the property withdrawn from civil circulation according to the legislation of Turkmenistan cannot be exchange goods.

Article 7. Stock exchange transaction

1. Stock exchange transaction is the agreement (agreement) registered by the exchange signed by participants of stock exchange trading concerning exchange goods during the exchange biddings.

2. Registration and registration of stock exchange transactions are performed according to the procedure approved by the Cabinet of Ministers of Turkmenistan.

Article 8. Types of stock exchange transactions

By participants of stock exchange trading during the exchange biddings the following transactions can be made:

1) transactions of purchase and sale of real goods, including the transaction with immediate transfer or delivery of goods, or with document transfer on the property right to goods;

2) forward transactions;

3) futures transactions;

4) option transactions;

5) other transactions of purchase and sale of goods, contracts or the rights established by rules of stock exchange trading.

Article 9. Implementation of exchange mediation

1. Stock exchange trading is performed in the way:

1) making of stock exchange transactions by the exchange broker (broker activities);

2) making of stock exchange transactions by the stock dealer for the purpose of the subsequent resale at the exchange (dealer activities).

2. Intermediary activities in exchange trade are performed by exclusively exchange intermediaries (broker services of the exchange, independent brokers).

Chapter 2. State regulation of activities of the exchanges

Article 10. The bodies performing state regulation of activities of the exchanges

State regulation of activities of the exchanges is performed by the Cabinet of Ministers of Turkmenistan, authorized body in the field of state regulation of activities of the exchanges (further – authorized body).

Article 11. Competence of the Cabinet of Ministers of Turkmenistan in state regulation of activities of the exchanges

Cabinet of Ministers of Turkmenistan:

1) determines single state policy;

2) publishes regulatory legal acts of Turkmenistan in the field of exchange activities;

3) is determined by authorized body and approves Regulations on it;

4) is approved by procedure for registration and registration of stock exchange transactions;

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