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PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of May 11, 2017 No. 154

About financing of the commercial organizations under concession of the rights (requirements)

For the purpose of providing favorable conditions for development in the Republic of Belarus of the financial market, including expansion of sources of financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by bond emission or with the subsequent bond emission, I decide:

1. Approve the enclosed Regulations on financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by bond emission or with the subsequent bond emission.

2. Determine that control and supervision of activities of the special financial organizations, specialized depositaries of the allocated assets performs the republican state body performing state regulation of the security market.

3. To Council of Ministers of the Republic of Belarus, National Bank till January 1, 2018:

3.1. provide:

reduction of regulatory legal acts in compliance with this Decree;

entering in accordance with the established procedure into the House of Representatives of National assembly of the Republic of Belarus of the bill of the Republic of Belarus providing reduction of the Tax code of the Republic of Belarus, the Bank code of the Republic of Belarus and other laws of the Republic of Belarus in compliance with this Decree;

3.2. take other measures for realization of provisions of this Decree.

4. This Decree becomes effective in the following procedure:

Items 1 and 2 - since July 1, 2018;

other provisions of this Decree - after its official publication.

President of the Republic of Belarus

A. Lukashenko

Approved by the Presidential decree of the Republic of Belarus of May 11, 2017 No. 154

Regulations on financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by bond emission or with the subsequent bond emission

Chapter 1. General provisions

1. This Provision governs the relations arising in the course of financing of the commercial organizations under concession of the rights (requirements) at the expense of the funds raised by issue of bonds by the special financial organizations or with the subsequent issue of bonds by the special financial organizations.

2. In this Provision terms in the values determined by the legislation on securities and on economic societies and also the terms having the following values are used:

the allocated assets - the rights (requirement) for monetary commitments which types are established by the republican state body performing state regulation of the security market (further - the rights (requirements) acquired by the special financial organization at the initiator (initiators) for the agreement (agreements) of concession of the requirement in case of securitization, receipts of the special financial organization for the rights (requirements), the financial assets acquired by the special financial organization for acquisition account by the rights (requirements) and the acquired financial assets, receipts on the acquired financial assets and from alienation of such financial assets;

activities of specialized depositary of the allocated assets (further - specialized depositary) - rendering according to the legislation of services in accounting of the allocated assets, the rights to them, and also to their storage proceeding from nature of the allocated assets and requirements of the legislation (further - accounting and storage of the allocated assets);

the debtor - person having monetary commitment before the initiator;

the initiator - the commercial organization, announced in the charter (the foundation agreement - for the commercial organization acting only under the foundation agreement) which authorized capital is created, performing concession of the rights (requirements) of the special financial organization in case of securitization;

the bonds emitted by the special financial organization (further - bonds), - bonds on which obligation fulfillment is performed at the expense of the allocated assets and other sources according to Item 17 of this provision;

uniformity of the rights (requirements) - compliance of the rights (requirements) to the general objective criterions determined by the republican state body performing state regulation of the security market;

securitization transaction - issue of bonds by the special financial organization with simultaneous acquisition of rights by it at the initiator (initiators) of the rights (requirements), and also acquisition by the special financial organization at the initiator (initiators) of the rights (requirements) with the subsequent bond emission;

receipts by the rights (requirements) - receipts of the special financial organization of money from debtors by the rights (requirements) acquired at the initiator (initiators);

securitization - financing of the initiator (initiators) by the special financial organization under concession of the rights (requirements) at the expense of the funds raised by bond emission or with the subsequent bond emission;

specialized depositary - the depositary which passed according to the procedure and on the conditions established by Council of Ministers of the Republic of Belarus, the state accreditation on implementation of activities of specialized depositary;

the special financial organization - the joint-stock company created for implementation of transactions of securitization;

financial assets - money, securities and other objects of the civil laws which list is determined by the republican state body performing state regulation of the security market.

Chapter 2. Special financial organization

3. The name of the special financial organization shall include the words "special financial organization" or abbreviation of SFD.

4. The authorized capital of the special financial organization is created at the expense of money deposits of her founders. For increase in authorized capital of the special financial organization money of shareholders of the special financial organization, other persons and (or) equity of this special financial organization can be used.

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