PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of June 4, 2015 No. 231

About implementation of activities in the Forex curb market

For the purpose of regulation of activities of legal entities for making of the transactions initiated by physical persons and legal entities with non-deliverable off-exchange financial instruments (activities in the Forex curb market):

1. Determine that in the Republic of Belarus activities for making of the transactions initiated by physical persons and legal entities with non-deliverable off-exchange financial instruments (activities in the Forex curb market) have the right to perform:

the legal entities registered in the Republic of Belarus whose authorized capital is created taking into account requirements of this Decree in the amount of at least 200 thousand Belarusian rubles, and included National Bank in the register in Forex companies (further - Forex company);

National Forex center;

banks;

non-bank credit and financial organizations.

Making of the transactions initiated by physical persons and legal entities with non-deliverable off-exchange financial instruments by the individual entrepreneurs and legal entities who are not specified in part one of this Item is illegal and is forbidden.

2. Transaction with the non-deliverable off-exchange financial instrument is the off-exchange transaction, consists of two parts - opening and position closing, does not provide the rights and does not establish obligations of the Parties on purchase (sale) of underlying asset, but creates obligation to pay (the right to receive) difference amount between the price of underlying asset at the time of position opening and at the price of underlying asset at the time of position closing.

Position opening is made by the legal entity or physical person which signed the agreement on making of transactions with non-deliverable off-exchange financial instruments about Forex company National Forex center, bank, the non-bank credit and financial organization (further - the client), by the direction of the order about fixing of the price of underlying asset.

Position closing is made by the client by the direction Forex company, National Forex center, to bank, the non-bank credit and financial organization with which the agreement on making of transactions with non-deliverable off-exchange financial instruments is signed (further - the agreement), orders about fixing of the price of underlying asset. Position closing can be made Forex company, National Forex center, by bank, the non-bank credit and financial organization according to the procedure, established by the agreement, way of independent fixing of the price of underlying asset, if the foreign currency cash brought by the client for opening and (or) maintenance of the open line item (further - marginal providing), there is not enough for maintenance of the open line item.

As underlying assets on transactions with non-deliverable off-exchange financial instruments the foreign currency, precious metals, securities, oil, and also other underlying assets determined by Council of Ministers of the Republic of Belarus together with National Bank can act.

Transaction with non-deliverable off-exchange financial instruments can be performed concerning set of underlying assets.

3. Transactions with non-deliverable off-exchange financial instruments are made Forex company, National Forex center, by bank, the non-bank credit and financial organization based on the agreements signed with clients. National Forex center only Forex company, banks, the non-bank credit and financial organizations performing conclusion of cumulative open line item of the clients (the amount of open line items of clients) on separate underlying asset on National Forex center can be clients.

Under the terms of the agreement Forex company, National Forex center, bank, the non-bank credit and financial organization assume liabilities to make on its own behalf and at own expense by means of communication with the client through the global computer Internet and (or) with use of other technical means the transactions initiated by the client with non-deliverable off-exchange financial instruments.

Essential terms of agreement are:

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