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LAW OF THE REPUBLIC OF UZBEKISTAN

of July 2, 1992 No. 625-XII

About the exchanges and exchange activities

(as amended on 15-01-2019)
Article 1. Purpose of this Law

The purpose of this Law is regulation of the relations connected with the organization and activities of the exchanges.

Article 2. Legislation on the exchanges and exchange activities

The legislation on the exchanges and exchange activities consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about the exchanges and exchange activities then are applied rules of the international treaty.

Article 3. Exchange

The exchange - the legal entity who is the organizer of the exchange biddings on the basis of statutory rules in in advance determined place and in certain time.

The exchanges are created only in the form of joint-stock companies.

The exchanges perform the activities in the form of the commodity and raw, stock and currency exchange.

The trade name of the exchange shall contain the word "exchange".

The legal entity who is not meeting the requirements of this Law having no right to use in the trade name the word "exchange", words, derivative of it, and combinations to it, except as specified, stipulated by the legislation.

The exchanges acquire the right to implementation of exchange activities after receipt of the license in accordance with the established procedure.

Article 4. Charter of the exchange

The charter of the exchange shall contain the following data:

the complete and reduced trade name, the location (postal address), the e-mail address of the exchange;

size of authorized fund (authorized capital) of the exchange;

quantity, nominal value, types (simple, exclusive) the shares issued by the exchange;

management structure of the exchange, number of members of the supervisory board, audit committee and executive body of the exchange, procedure for their forming, power of these bodies.

The charter of the exchange may contain also other data according to the legislation.

Article 5. Governing bodies of the exchange

Governing bodies of the exchange are general shareholder meeting, the supervisory board and executive body of the exchange.

General meeting of shareholders of the exchange elects the supervisory board of the exchange (further - exchange council).

Treat powers of exchange council:

determination of the main directions of development of the exchange;

approval of rules of stock exchange trading;

approval of procedure for admission to membership of the exchange, suspension, membership termination;

control of activities of the exchange;

establishment of the sizes of penalties for abuse of regulations of stock exchange trading and procedure for their collection;

establishment of the size of the membership fees and payment for the services rendered by the exchange;

approval of procedure for forming and use of fund on ensuring execution of the concluded stock exchange transactions.

Exchange council can perform also other powers according to the legislation and the charter of the exchange.

Management of the current activities is performed of executive body of the exchange which powers are determined by the charter of the exchange.

Article 6. Rights and obligations of the exchange

The exchange has the right:

create quoted, arbitral, listing, control and other exchange commissions;

stop the exchange biddings if quotations (price) of exchange goods are rejected more than on the size determined by the limiting exchange;

organize and hold the competitive, auction, exhibition and fair auction, the public and corporate procurements according to the legislation;

issue exchange bulletins, reference books and other information and promotional materials.

The exchange can have and other rights according to the legislation.

The exchange shall:

organize the exchange biddings;

perform quoting (determination of the price) of exchange goods on the basis of ratio of their demand and supply;

to timely inform members of the exchange on the place and time of carrying out the exchange biddings on trading floors and in sections;

create conditions for ensuring execution of the concluded stock exchange transactions;

perform determination, refining and offsetting of cross liabilities of members of the exchange and their customers (clearing), and also settlement between them through the special accounts opened in bank;

keep the separate cash accounting of the exchange, members of the exchange and their clients;

regularly (at least once a week) to post on the official website of the quotation (price) of exchange goods, and also to inform members of the exchange on results of each exchange bidding.

The exchange can perform also other duties according to the legislation.

Article 7. Concept of exchange activities

The activities directed to the organization and streamlining of the market of exchange goods and forming on it of the prices of exchange goods on the basis of the demand and supply are exchange.

Article 8. Basic principles of exchange activities

The basic principles of exchange activities are:

publicity and publicity of carrying out the exchange biddings;

freedom of pricing at the exchange biddings;

voluntariness of the conclusion of stock exchange transactions;

equality of conditions of participation in the exchange biddings for all members of the exchange;

ensuring execution of the concluded stock exchange transactions.

Article 9. Regulation of activities of the exchanges

Regulation of activities of commodity and raw and stock exchanges is performed by authorized body according to the procedure, established by the Cabinet of Ministers of the Republic of Uzbekistan.

Regulation of activities of the currency exchange is performed by the Central bank of the Republic of Uzbekistan.

Article 10. Exchange goods

The goods of certain sort and quality, including derivative financial instruments (derivatives) admitted in accordance with the established procedure to exchange trading are exchange.

The earth, its subsoil, waters, other natural resources, objects of cultural heritage and intellectual property, work and service, individual and certain things, real estate, and also the property withdrawn from civil circulation according to the legislation cannot be exchange goods.

Article 11. Exchange biddings

The exchange biddings - the biddings by exchange goods organized by the exchange according to rules of stock exchange trading.

The exchange auction is held on a centralized basis electronically at the exchange with provision of opportunity to all members of the exchange of simultaneous participation in these biddings.

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