of December 29, 2000 No. 501
About approval of the Regulations on the Central depositary
In pursuance of the Presidential decree of the Republic of Tajikistan of December 1, 1999 No. 3 "About measures for further development and increase in efficiency of economic reforms" for the purpose of development in the Republic of Tajikistan of the Government of the Republic of Tajikistan security market decides:
Approve the enclosed Regulations on the Central depositary.
Republic of Tajikistan E.Rakhmonov
Approved by the Order of the Government of the Republic of Tajikistan of December 29, 2000 No. 501
The central Depositary is urged to assist market development of securities and creation of system of protection of the rights of his participants, valuable interests of owners of securities in interaction with other professional participants of the security market.
1. The central Depositary (further - Depositary), is created by professional participants of the security market as the specialized organization which functions consist in storage of securities and maintenance of transactions and transactions with these securities in the form of accounting and registration of movement. The security holders who are owners and nominee holders of securities act as participants of transactions.
2. The nominee holder as the contractor of transactions with securities, performs fixing of the property right to securities, fixing of changes of these rights, and also other legal acts concerning securities on the conditions determined by the owner of these securities.
Professional participants of the security market act as nominee holders of securities. The nominee holder guarantees availability of securities and possibility of making of transactions with them which are established by their owner and acts only for the benefit of owners whose securities are transferred to nominal continence.
Transfer of securities in nominal continence is not transfer of property on these securities to the nominee holder.
3. Depository activity - specialized activities of the professional participant of the security market for storage of securities and maintenance of transactions with these papers, and also, in the presence of the corresponding license, clearing activities.
The securities allowed to market circulation of securities of the Republic of Tajikistan are objects of depository activity.
The depositary and depositors are subjects of depository activity.
Depositors are clients of Depositary and as professional participants of the security market, use its services according to Rules of Depositary.
4. Functions of Depositary:
a) functions of the nominee holder of securities of depositors;
b) execution of security transactions;
c) rights to securities of depositors and their clients, and also issue of confirmations of these rights;
d) interaction with professional participants of the security market;
e) translation of securities;
e) creation transfer agents - branches of Depositary, the performing functions on acceptance and transfer of orders of depositors to Depositary on implementation of transactions with securities and approval of procedures and rules of their activities;
g) settlement and clearing activities;
h) the consulting, information and other types of service provided by Rules of Depositary.
5. Transfer agents perform the following functions:
a) acceptance, registration and transfer of orders as voleizjyavlyayushchy document of depositors to Depositary;
b) transfer of confirmation of execution of transactions by Depositary to the depositor;
c) information transfer from the issuer to the depositor.
6. The depositary is created by professional participants of the security market in the form of closed joint stock company and is legal entity.
The Depositary performs the activities independently according to the procedure, the provided this Provision. The procedure for education and registration of Depositary is made according to the procedure, established by the current legislation of the Republic of Tajikistan
7. Members of Depositary are the professional participants of the security market fulfilling requirements of the Charter and Rules of Depositary.
Membership in Depositary is voluntary. Members of depositary keep the legal and economic independence.
The depositary does not answer for obligations the members, as well as members do not answer for obligations Depositary.
Procedure for admission to membership of Depositary their number and procedure for the termination of membership are established by the charter of Depositary.
8. The income of Depositary is used for compensation of the costs connected with implementation of the functions by it and also for technical and social development of Depositary.
Means of Depositary are created for the account:
- sales of shares of Depositary, granting the right to enter in her members;
- sales charges for the services represented by Depositary;
- the means received for rendering the information, consulting and other services provided by Rules of Depositary and this Provision.
9. Governing bodies of Depositary, their function and competence, procedure for forming and adoption of decisions by them, are determined according to the legislation of the Republic of Tajikistan and the charter of Depositary. Transfer agents as branches of Depositary, are created for the purpose of implementation of function on acceptance, registration and transfer of orders of depositors on implementation of transactions with securities to Depositary and transfer of other information. Education and registration transfer agents, their relations with Depositary is made according to the procedure, stipulated by the legislation the Republic of Tajikistan and the charter of Depositary.
10. Rules of Depositary (further - Rules) - the document determining relations of Depositary with professional participants of the security market and establishing the principles and procedure for execution of security transactions.
Observance of the specified Rules is obligatory for all subjects performing transactions on means of Depositary.
Rules of Depositary are accepted on general meeting of members of Depositary and affirm the Ministry of Finance.
11. Rules contains following provisions:
a) functions of Depositary, membership in Depositary, rights and obligations of Depositary and its members;
b) rules of implementation and execution of transactions;
c) responsibility of Depositary and its members for non-compliance with requirements of Rules;
d) size and payment procedure of services of Depositary;
e) form of frequency of the reporting of Depositary before the depositor;
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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