RESOLUTION OF THE NATIONAL COMMISSION ON SECURITIES OF THE REPUBLIC OF MOLDOVA

of December 18, 2003 No. 31/10

About approval of Regulations about the organization and accomplishment of transactions with single packets of securities

According to provisions of Art. 3 of the item b) the Law N192-XIV of 12.11.1998 on the National commission on securities, Art. 47 of the item (2) the Law N199 - XIV of 18.11.1998 about the security market, the National commission on securities DECIDES:

Approve the Regulations about the organization and accomplishment of transactions with single packets of securities approved by Council of Stock exchange of Moldova (protocols N 13/02 of 24.10.2002, N01/03 of 24.01.2003, N02/03 of 21.03.2003 and N 12/03 of 21.11.2003) it (is applied).

Regulations about the organization and accomplishment of transactions with single packets of securities

This regulations on the organization and accomplishment of transactions with single packets of securities (further - provision) were developed on the basis of the Stock exchange rules of Moldova approved by the National commission on securities (further - NKTsB) (The resolution N 17/5 of May 19, 2000 - the Official Monitor of July 13, 2000, N 81-83, part III, the Art. 259, with subsequent changes) and Resolutions NKTsB N 27/3 of July 24, 2002. "About suspension of application of some rules of carrying out stock exchange transactions of Moldova".

1. GENERAL CONCEPTS

1.1. This provision is the main regulation regulating procedure for carrying out transactions with single packets on the Stock exchange of Moldova (further - FBM) and it is obligatory for execution by all participants of the exchange biddings.

1.2. This provision is accepted by Council of FBM and NKTsB affirms.

1.3. This provision does not regulate:

- procedure for carrying out transactions with shares of the state on the Stock exchange of Moldova.

1.4. The concepts used in this provision have the following value:

Single packet - the securities realized by the principle: sell-purchase everything or nothing.

Execution of the transaction - obligation fulfillment on delivery of securities by the seller and payment of money by the buyer.

Bidders are the members of FBM who are carrying out regulations of this provision and Rules FBM.

The broker - conducts auction and registers the agreement of the parties on the conclusion of transactions.

Day And - day of holding the auction.

Voice auction - tendering form single packets based on the principles of publicity, transparency and equality of all participants.

The principle of auction - to sell for maximum price.

Blocking - blocking of securities in National securities depository (further - NDTsB) and if securities are not allowed in NDTsB, at the independent registrar.

1.5. For the purpose of this provision all temporary periods specified in him are considered as the working days.

2. BIDDERS WITH SINGLE PACKETS

2.1. Bidders with single packets are the members of FBM concluding bargains on its own behalf and for customer account or on its own behalf and at own expense.

2.2. Members of FBM will participate in transactions by means of accredited stock exchange agents.

3. PREPARATION OF THE AUCTION

3.1. Stock exchange agents shall submit the application for participation in auctions for FBM not earlier than A-30 and no later than 12:00 in the afternoon A-3. Also stock exchange agents represent on FBM the information message electronically in case of exposure to security sale from portfolios of investment funds in the course of liquidation.

3.2. In the request date of auction and term of its action, but is specified no more than 10 working days. Confirmation about blocking of the securities offered for sale is applied to the request.

3.3. Based on the submitted requests FBM constitutes preliminary plans of the biddings. With preliminary plans of the biddings it is possible to examine and receive in the working days from 10:00 till 16:00 in the relevant department of FBM.

3.4. Based on the data containing in the preliminary plan of the biddings the final plan of the biddings for sale for each auction with observance of chronological order of registration of requests for sale of single packets on the basis of number of registration is constituted.

3.5. Members of FBM can study the final plan of the biddings in the exchange hall in the automated integrated FBM trade system in the option "open line items on single packets" and/or receive it in the relevant department of FBM. The final plan of the biddings exposed in SAIT FBM does not include data on securities from portfolios of investment funds in the course of liquidation.

3.6. Requests for sale are registered in registers of plans of the biddings for the corresponding date. Registers are kept in manual form and contain information specified in the request and also:

- date of application;

- single registration requisition number.

3.7. After inclusion in the plan of the biddings one copy of the request returns to the member of FBM with the signature of person which registered the request, and one copy remains on FBM.

3.8. For registration of the request FBM the registration fee in the amount of 50 lei is levied. And for single packets from portfolios of investment funds in the course of liquidation the registration fee in the amount of 50 lei for the packet offered for sale and sold 10 lei - for the packet offered for sale and not sold, but at least 1000 lei - for registration of all accumulated portfolios of funds is levied.

3.9. The request can be withdrawn no later than 12:00 in the afternoon A-3.

3.10. Offers for sale are represented by filling of the order form (the appendix N 1 to this provision). If in the request are absent any of required data or there are other discrepancies, registration of the request can be refused.

4. TENDERING

4.1. The venue of the biddings by single packets is the trade floor of FBM. Time of holding auctions - since 10:00 daily, except for the days off and official holidays. If necessary time of holding auctions can be extended by the order of the president of FBM.

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