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RESOLUTION OF THE NATIONAL COMMISSION ON SECURITIES

of March 22, 2001 No. 8/4

About approval of rules and standards of National association of the organizations for investment management

In pursuance of provisions of Art. 8 of the Law on the National commission on securities and Art. 51 of the Law on the security market the National commission on securities DECIDES:

Approve the following rules and standards of "National Association of the Organizations for Investment Management" self-regulatory organization (are applied):

+ Rules and standards (temporary) National association of the organizations for investment management;

+ Arbitral code;

+ Procedural and disciplinary code.

 

Chairman of the National commission

on securities George Kelky

National association of the organizations for investment management

Approved by the Resolution NKTsB of March 22, 2001, No. 8/4

The protocol No. 1 of November 30, 2000 is approved by Committee on meeting management

Arbitral code

Art. 1. The arbitral code, and also subsequent changes to it become effective after their approval by Committee on management of National association of the organizations for investment management (further - Association) and NKTsB.

Art. 2. This code provides consideration of the disputes, claims and disagreements which arose in the course of activities in the security market of members of Association including:

a) between members of Association;

b) between members of Association and their clients.

All disputes, claims and disagreements between members which arose in connection with their activities in the security market and which can be permitted in peace procedure by members can be submitted to arbitration according to this code.

All disputes, claims and disagreements between the members and clients or persons who are not members which arose in connection with their activities in the security market and which cannot be permitted by members can be submitted to arbitration if the parties signed the written agreement with the director of arbitration about representation of question for consideration in arbitration according to this code.

Art. 3. The committee on management of Association creates Arbitration commission (further - the Commission) which number and structure is established at its discretion and corresponds to interests of Association and its members. The Commission can include the specialists acting in the security market and other specialists. Members of the commission are elected for three-year term.

Commission sessions are held as necessary, but at least once a year.

Art. 4. The main objective of the Commission is permission of disagreements between the parties and only in case mutual understanding is not reached, the dispute is resolved according to this code.

Art. 5. The committee on management of Association appoints the director of arbitration which is effective according to this code and performs managerial functions. The director of arbitration is appointed to three-year term and annually submits to Committee on management activities reports of arbitration.

Art. 6. The structure of arbitration for consideration of each case separately affirms the director of arbitration according to this code.

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