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Ministry of Justice

Republic of Uzbekistan

On May 11, 2004 N 1352

RESOLUTION OF THE MINISTRY OF ECONOMICS OF THE REPUBLIC OF UZBEKISTAN, STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON MANAGEMENT OF THE STATE-OWNED PROPERTY AND SUPPORT OF THE ENTREPRENEURSHIP, MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN, APO UZMETKOMBINAT OF JSC UZRTSB

of April 8, 2004 No. 28, No. 01/24-20, No. 58, No. 01-1/74, No. 42-01/172

About approval of Provisional regulations for procedure for realization of hire of ferrous metals at the exchange biddings

According to the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 2004 N 57 "About further implementation of market mechanisms of realization of highly liquid types of products, raw materials and materials" we decide:

1. Approve the enclosed Provisional regulations for procedure for realization of hire of ferrous metals at the exchange biddings.

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

 

Minister of Economic Affairs

R. Azimov

Chairman of the State Property Committee

M. Askarov

Minister of Finance

M. Nurmuratov

CEO of APO

Uzmetkombinat

 

A. Pharmanov

Chairman of the board

JSC UZRTSB

 

T. Tokhtabayev

Approved by the resolution of the Ministry of Economics, State Property Committee, Ministry of Finance of the Republic of Uzbekistan, APO "Uzmetkombinat", JSC UZRTSB of April 8, 2004 No. 28, No. 01/24-20, No. 58, No. 01-1/74, No. 42-01/172

Provisional regulations for procedure for realization of hire of ferrous metals at the exchange biddings

I. General provisions

These Provisional regulations are developed according to the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 2004 N 57 "About further implementation of market mechanisms of realization of highly liquid types of products, raw materials and materials" and determine the main requirements to preparation, the organization and carrying out the exchange auction by realization of hire of the ferrous metals held by the commodity and raw exchanges.

1. This Provision extends to domestic enterprises and the organizations of the Republic of Uzbekistan, irrespective of pattern of ownership, making, delivering and using hire of ferrous metals.

2. The hire of ferrous metals which was purchased at the exchange biddings is used only in the territory of the republic and is not subject to delivery to export.

3. Hire of ferrous metals is implemented at the exchange auction held by the commodity raw exchanges in real time with use of electronic trading systems of the exchanges.

II. Main terms and concepts

4. In this Provision the following main terms and concepts are used:

products - hire of ferrous metals which according to the approved balance of production and use is implemented to consumers at the exchange biddings;

electronic trading system - the software and hardware complex of the exchange providing carrying out the all-republican exchange biddings in real time;

territorial trading floor of the exchange - the regional branches of the exchanges in Tashkent, the Republic of Karakalpakstan and areas providing to bidders of condition for participation in the exchange biddings through electronic trading system and registering transactions following the results of tendering;

the seller - APO "Uzmetkombinat" enabling exposure and product sales at the exchange biddings;

the buyer - the republican consumers using products for own needs;

the protocol of the transaction - the document issued to the buyer and the seller following the results of carrying out the exchange biddings signed by the representative of the seller, the buyer and the broker of the exchange obliging the parties to sign at the scheduled time the purchase and sale agreement of products in the amount acquired by results of the exchange biddings at the price of the demand and supply;

the quotation of the prices - the average price on products determined by results of the held exchange sessions for day of the exchange biddings;

weighted average price - the average price on products determined by results of the exchange biddings in week and published in mass media.

III. Forming of amounts of hire of ferrous metals, procedure for preparation and carrying out the exchange biddings

5. Monthly sales amounts of products at the exchange biddings by its types are determined by the seller within 7 days after receipt of the approved balance of production and use of hire of ferrous metals and brings them to the exchanges.

6. The seller once in year signs with the exchanges cooperation agreements in which conditions of participation of the seller at the exchange biddings, amounts of products which are monthly exposed by types, and also lots offered to realization, the rights, obligations and responsibility of the parties which signed the agreement are determined.

7. The exchange gratuitously provides to the sellers wishing to participate independently in the exchange biddings, broker places. In case of exposure and product sales at the exchange biddings the seller is exempted from payment of exchange charges.

8. According to cooperation agreements with the exchanges the seller guarantees permanent exposure of all product assortment to the exchange biddings.

9. For independent participation at the exchange biddings representatives of the buyer and the seller shall receive in accordance with the established procedure from state body on regulation of exchange activities the certificate of the professional participant of stock exchange trading and have skills of work on the computer terminal of electronic trading system of the exchange.

10. The exchanges render assistance to representatives of buyers and the seller in mastering skills of work on the computer terminal connected to electronic trading system and the organization of their training in the certified training centers in training of professional participants of stock exchange trading or in educational institutions in "exchange case".

11. The buyer provides on the exchange the statement in which the name, form of business, legal address, the RCBO, TIN code and the certificate of authorized bank of solvency is specified.

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