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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of August 20, 2014 No. 239

About approval of the Regulations on quotas and procedure for the admission to security circulation

(as amended of the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 23.09.2015 No. 274)

According to article 13 of the Law of the Republic of Uzbekistan "About the security market" and the Resolution of the President of the Republic of Uzbekistan of July 15, 2013 "About approval of plans of development of the normative and legal and other acts directed to realization of referential regulations of the laws" the Cabinet of Ministers decides No. PP-2003:

1. Approve Regulations on quotas and procedure for the admission to placement and security circulation according to appendix.

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

Prime Minister of the Republic of Uzbekistan

Sh. Mirziyoev

Appendix

to the Resolution of the Cabinet of Ministers of August 20, 2014 No. 239

Regulations on quotas and procedure for the admission to placement and security circulation

I. General provisions

1. This Provision according to article 13 of the Law of the Republic of Uzbekistan "About the security market" establishes quotas and determines procedure for the admission to placement and the address:

in the territory of the Republic of Uzbekistan of the securities issued by nonresidents of the Republic of Uzbekistan;

out of the territory of the Republic of Uzbekistan of the securities issued by residents of the Republic of Uzbekistan.

This Provision does not extend to cases of acquisition by the state of the securities issued by nonresidents of the Republic of Uzbekistan.

Features of placement and the address out of the territory of the Republic of Uzbekistan of the securities issued by resident banks of the Republic of Uzbekistan it is established by the legislation.

2. In this Provision the following basic concepts are applied:

the nominee holder of securities - the investment intermediary, Central Securities Depository performing accounting and the certificate of the rights to securities at the request of the owner of securities or person authorized by it without being their owners;

the represented securities of the nonresident - the shares and corporate bonds issued by the nonresident of the Republic of Uzbekistan, the property rights to which are confirmed by the depositary receipt;

the Uzbek depositary receipt (UDR) - the security derivative which does not have nominal value, certifying the property right to certain quantity of the represented securities of the nonresident and affirming the right of its owner to demand from her issuer of obtaining instead of the depositary receipt of the corresponding quantity of the represented securities of the nonresident and rendering the services connected with implementation by the owner of the depositary receipt of the rights affirmed by the represented securities of the nonresident;

authorized state body - the Center for coordination and market development of securities in case of Goskomkonkurention of the Republic of Uzbekistan;

securities of the nonresident - the issued securities in the form of shares and corporate bonds issued by the nonresident of the Republic of Uzbekistan;

securities of resident - the securities issued by resident of the Republic of Uzbekistan;

Central Securities Depository (The central depositary) - the state depositary which provides uniform storage system, accounting of the rights and movement of issued securities on custody accounts.

3. The central depositary according to the procedure, determined by this Provision, performs storage and accounting of the rights on:

the securities of nonresidents and UDR which are placed and addressing in the territory of the Republic of Uzbekistan;

the securities of residents which are placed and addressing out of the territory of the Republic of Uzbekistan.

II. Procedure for placement and the address in the territory of the Republic of Uzbekistan of securities of the nonresident

4. Placement and the address in the territory of the Republic of Uzbekistan of securities of the nonresident is allowed in case of simultaneous observance of the following conditions:

securities of the nonresident correspond to determinations of types of issued securities, stipulated by the legislation the Republic of Uzbekistan;

securities of the nonresident have the international code of identification of securities (ISI№) and the international code of qualification of financial instruments (CFI);

securities of the nonresident underwent the procedure of listing at the foreign exchange of country of source of their issuer and are included in exchange quoted leaf of the specified exchange;

issuer is the organization with the organization place in the state, being the full-fledged member of International Organization of Securities Commissions and Group of development of financial measures of anti-money laundering (FATF), and also is resident of the country in which there are diplomatic representations of the Republic of Uzbekistan;

issuer is not the organization with the organization place in the state and (or) the territory which is providing the preferential mode and (or) not providing disclosure and provision of information when carrying out financial transactions (offshore zones);

the issuer is not the financial organization according to the legislation of country of source of this issuer or the issuer is not considered as the financial organization according to the legislation of the Republic of Uzbekistan;

the term of activities of the issuer constitutes at least ten years from the date of its organization;

the issuer shall have the positive indicators of profitability, solvency, financial stability and liquidity confirmed with audit opinion for the last three years and also to have independent rating assessment of the international rating agencies;

availability of the contract on the organization of release of UDR between the Central depositary, the issuer and foreign depositary performing accounting of the rights to the represented securities of the nonresident.

5. In the territory of the Republic of Uzbekistan securities of the nonresident in the amount which is not exceeding 25 percent from total quantity of issued securities of this type (category, type), by release of UDR which represent these securities are allowed to placement. At the same time UDR are subject to state registration by authorized state body.

The Central depositary can be the issuer of UDR.

6. UDR can take place and address on the stock exchange without passing of the procedure of listing according to the procedure, determined by this Provision and stock exchange rules.

7. UDR of one release can certify the property right to the represented securities only of one issuer and one their type (category, type), and also in case of identical amounts of the rights to the represented securities and conditions of their release.

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