of November 8, 2014 No. 139-V
About the security market
This Law governs the relations arising in case of issue and security circulation in Turkmenistan and is aimed at providing effective functioning of the security market, development of market economy of Turkmenistan.
1. In this Law the following basic concepts are used:
1) issue – issue of securities and their placement by the issuer to the first owners by the conclusion of the civil transaction;
2) issued securities – securities which are characterized by at the same time following signs:
a) affirm the property rights which are subject to the certificate, concession and realization with observance of form and procedure, established by this Law;
b) take place releases;
c) have equal amount and terms of realization of the rights in one release regardless of time of their acquisition;
3) the prospectus of the issue – the document containing information on the issuer, its financial condition, amount of issued securities and conditions of their release and also other data according to this Law;
4) securities – the documents certifying the property rights affirmed in them, concession and which realization are possible after their presentation. Securities can be nominal and to bearer;
Personalized securities - securities, transition of the rights to which and realization of the property rights affirmed by them require obligatory identification of the owner and registration of his name in the register of owners of securities;
Bearer securities – securities, transition of the rights to which and realization of the property rights affirmed by them do not require obligatory identification of the owner;
Investment (capital) security – the type of personalized security or the bearer security which is in circulation as means of investment and certifying property availability in the form of investment share, share or other interest in the capital of the legal entity;
5) the security market – set of the relations of the physical persons and legal entities connected with issue and security circulation;
6) security circulation – the conclusion of the civil transaction attracting transition of the property right to securities;
7) the owner of security – person to whom the security belongs on the property right or other corporeal right;
8) the documentary form of securities – form of securities in case of which property rights on securities are fixed on paper and the owner is established based on presentation of properly drawn up security or the certificate of security, or in case of deposition of the certificate, - based on record on the custody account;
9) paperless form of securities – the form of securities in case of which property rights on securities are fixed in the register of owners of securities and the owner is established based on entry in the specified register, or in case of deposition of security, - based on record on the custody account;
10) the certificate of securities – the document issued by the issuer to the owner of securities in confirmation of its rights to the number of securities specified in the certificate.
2. In this Law other concepts are used in the values determined by civil and other legislation of Turkmenistan, and also the relevant Articles of this Law.
1. The legislation of Turkmenistan on the security market is based on the Constitution of Turkmenistan and consists of this Law, other regulatory legal acts of Turkmenistan regulating questions of issue and security circulation and investing activities.
2. Issue and security circulation of joint-stock companies is performed according to the Law of Turkmenistan "About joint-stock companies" and this Law.
3. If the international treaty of Turkmenistan establishes other rules than provided by this Law, then rules of the international treaty are applied.
1. Operation of this Law extends to the relations arising in case of issue and market circulation of securities of the following securities:
3) bills of exchange;
4) translated bank deposit certificates;
5) the derivative securities which are traded on the securities market.
2. Other types of the securities provided to issue and market circulation of securities of Turkmenistan can be determined by the Cabinet of Ministers of Turkmenistan.
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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