РЕСПУБЛИКАНСКАЯ ФОНДОВАЯ БИРЖА
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Законодательство

PROCEDURE FOR Admission to the Exchange Members, suspension, termination of the membership on the "Toshkent" Republican Stock Exchange

 

 

"APPROVED"

 

By the decision of the Supervisory Board

Of JSC "Toshkent" RSE

Protocol No. ____ under date of _____2015

 

Chairman of the Supervisory Board

________________ Abdukhakimov A. A.

 

 

 

 

 

 

 

 

 

PROCEDURE FOR

Admission to the Exchange Members, suspension, termination of the membership on the "Toshkent" Republican Stock Exchange

 

 

 

 

 

Content

 

Preamble

  • 1. Basic concepts
  • 2. Conditions and requirements for inclusion of legal entities in Exchange Members
  • 3. Registration of the Procedure for admission to the Exchange Members
  • 4. Membership fee
  • 5. Suspension of membership on the Exchange
  • 6. Termination of membership on the Exchange
  • 7. The procedure for making mutual settlements when expelling Exchange Members from the membership of "Toshkent" RSE.
  • 8. The entry of present Procedure into force and the introduction of amendments and additions thereto

 

 

 

 

 

 

 

 

 

 

 

 

Tashkent-2015

 

Preamble

 

Present Procedure was developed in accordance with the Laws of the Republic of Uzbekistan "On Exchanges and Exchange Activities" in a new wording approved by the Law of the Republic of Uzbekistan No. LRU-375 of September 12, 2014 (Collection of Legislative acts of the Republic of Uzbekistan, 2014 No. 38, Article 481), "On the Securities Market" dated 22.07.2008 N LRU-163 (Collection of Legislative acts of the Republic of Uzbekistan, 2008 No. 29-30, Article 278), other legislative acts, the Charter of the JSC “Toshkent” RSE  and other internal documents of JSC “Toshkent” RSE  and determines the procedure for admission to the Exchange members, suspension, termination Membership on “Toshkent” RSE.

 

  • 1. Basic concepts

 

  1. The following basic concepts are used in this Procedure:

Exchange  - "Toshkent" Republican Stock Exchange;

Professional securities market participant - a legal entity that carries out professional activities in the securities market;

The membership of the “Toshkent” RSE - a list of acting members of “Toshkent” RSE on a certain date;

Trader - an employee of the Exchange member who is an authorized representative of the Exchange member with the right to execute securities transactions  on behalf of the Exchange member who has the qualification certificate of a specialist in the securities market and is admitted by the Exchange to exchange trades in accordance with the applicable procedure;

The authorized state body for regulation of the securities market - the Center for Coordination and Development of the Securities Market under the State Committee on Competition of the Republic of Uzbekistan;

A member of the Exchange - a legal entity that received the right to participate in exchange trades and conclusion of exchange transactions as dealers, market makers and brokers in accordance with the procedure established by the Exchange.

 

  • 2. Conditions and requirements for inclusion of

legal entities in Exchange Members

 

  1. Legal entities having the right to submit an application for inclusion into the membership of the Exchange Members may be:

investment intermediaries having a corresponding license issued by the authorized state body for regulating the securities market;

trustees managing investment assets that have a corresponding license issued by the authorized state body for regulating the securities market;

commercial banks that have an appropriate license to conduct banking activities;

insurers who have an appropriate license for insurance activities.

  1. Bodies of state power and administration, their officials, and also the employees of the Exchange cannot sit on the Exchange.

 

  • 3. Registration of the Procedure for admission to the Exchange Members

 

  1. Reception of legal entities into the Exchange Members is carried out by the Exchange Board. The number of Exchange members is regulated in accordance with the legislation.
  2. To be included in the Exchange Members, legal entities must submit the appropriate predication in the standard form with attachment of all the necessary documents to the Exchange office or in electronic form in PDF format, certified by EDS, addressed to the Chairman of the Exchange Board, namely:
  3. a) a copy of the certificate of state registration of the organization;
  4. b) a copy of the license for performing activities as a professional securities market participant (for banks - license of the Central Bank of the Republic of Uzbekistan, for insurers - license of the Ministry of Finance of the Republic of Uzbekistan).
  5. c) copies of the certificates of at least two employees of a professional securities market participant;
  6. d) a copy of the order for the enrollment of employees indicated in subparagraph c) to the professional securities market participant staff at the main place of work.
  7. The application shall be registered in the Exchange office and with the visa of the Chairman of the Board or, in his absence, the Deputy Chairman of the Exchange Board, then it shall be submitted for execution to the responsible subdivision exchange of the Exchange, which within three days shall submit a conclusion on the legality of including the applicant in the membership of the Exchange Members, or on denying his membership in the Exchange with an indication of the reasons.
  8. Based on the opinion of the Exchange's responsible division, the Exchange's Management Board makes a decision to include the applicant in the Exchange membership or to refuse the Exchange membership with the indication of the reasons.
  9. A copy of the relevant decision of a candidate to the Exchange Members adopted by the Exchange Board shall be sent to the applicant within three days.
  10. After receiving a copy of the decision to include him in the Exchange Members, the applicant must conclude an "Agreement on the provision of services related to securities transactions on the "Toshkent" RSE" (hereinafter referred to as the "Contract") in accordance with the standard form approved by the Exchange Board.
  11. The Contract is concluded for the current calendar year or for a period covering both the current calendar year and the subsequent calendar period. After the expiry of the Agreement, it is subject to renewal or prolongation.
  12. The Contract is made in two copies. The Contract must be signed within 10 working days and submitted to the Exchange. If within 10 working days the Contract is not submitted to the Stock Exchange, the Exchange shall cancel its membership on the Exchange, canceling its decision to include the applicant in the Exchange Membership.
  13. After the Exchange member has furnished two copies of the Agreement with his signature, the Exchange within three days passes to him a copy of the Agreement signed by the Parties and the Certificate of inclusion in the Exchange members of the "Toshkent" RSE.
  14. Upon receipt of one copy of the Agreement, the Exchange member shall accredit the brokerage office on the Exchange in accordance with the Rules of Exchange Trading in Securities at the "Toshkent" RSE.

 

  • 4. Membership fee

 

  1. In order to develop exchange technologies, information and telecommunication systems and equipment for workplaces of traders of Exchange Members in the trading floor, cover the costs of the Exchange in emergency situations, the Exchange Board may decide to impose membership fees on the Members of the Exchange.
  2. The Exchange Board has the right in accordance with this Procedure:

to establish the size of membership fees;

to grant Exchange Members a remission of membership fees to improve their performance and reduce costs;

to cancel membership fees collection (if prior to this, the procedure for collecting membership dues) during the current year to stimulate the activity of Exchange Members and attract new members of the Exchange.

  1. The amount of membership fees is determined:

either by the size of the minimum wage established by the decision of the President of the Republic of Uzbekistan;

or as an absolute value in the national currency of the Republic of Uzbekistan.

  1. Membership fees, depending on the periodicity, can be:

regular;

irregular.

  1. Regular membership fees include contributions paid by a member of the Exchange at regular intervals, namely: each calendar month or quarter.
  2. Irregular membership fees are of a one-time nature and are intended to cover the costs of the Exchange in emergency financial situations.
  3. Regular membership fees are paid for each upcoming period not later than the 10th day of the specified period.
  4. Members of the Exchange are obliged to pay regular membership fees at regular intervals, if the necessity to pay such is established by the Exchange Board.
  5. The size of irregular membership fees is established by the Exchange Board as may be agreed with the Supervisory Board.
  6. Irregular membership fees are paid at the stated time based on the relevant decision of the Exchange Board.

 

  • 5. Suspension of membership on the Exchange

 

  1. The Exchange may suspend membership on the Exchange of a professional securities market participant in the following cases:
  2. a) failure of the Exchange member to fulfill the terms of the Agreement;
  3. b) one-time non-payment of membership fees;
  4. c) suspension of the license granting the right of professional activity on the securities market
  5. d) at the instruction of the authorized state body for regulation of the securities market, the requirements of the Central Bank of the Republic of Uzbekistan and the Ministry of Finance of the Republic of Uzbekistan;
  6. e) by a court decision.
  7. Suspension of membership on the Exchange of a professional securities market participant on the grounds specified in paragraph 24 of this Procedure shall be formalized by the relevant decision of the Exchange Board, a copy of which shall be delivered to the Exchange Member.
  8. Restoration of membership on the Exchange of a professional securities market participant is carried out after elimination of the reasons specified in subparagraphs a), b), c) of paragraph 24 of this Procedure, as well as by a court decision.

 

  • 6. Termination of membership on the Exchange

 

  1. The Exchange may terminate membership on the Exchange of a professional securities market participant in the following cases:
  2. a) plea of the Exchange Member (on a voluntary basis);
  3. b) gross violation of the terms of the Agreement by the Exchange member;
  4. c) systematic non-payment of membership fees (more than twice in succession);
  5. d) termination or cancellation of the validity of a license granting the right to conduct professional activities in the securities market;
  6. e) by a court decision.
  7. Termination of membership in the Exchange of a professional securities market participant on the grounds specified in paragraph 32 of this Procedure shall be formalized by the relevant decision of the Exchange Board on exclusion from the membership of the Exchange.
  8. On the basis of the "Report on reconciliation of mutual settlements for liabilities of the Parties" mutual settlements are to be performed with the professional securities market participant excluded from the membership of the Exchange.
  9. Restoration of membership on the Exchange of a professional securities market participant, previously excluded from the membership of the Exchange Members, is carried out only under the court decision.
  10. The following documents shall be sent to the expelled Exchange member within 5 working days:

a copy of the Exchange Board decision to exclude from the membership of the Exchange;

official notification of exclusion from the membership of the Exchange;

Report on reconciliation of mutual settlements on the liabilities of the Parties in two copies;

official "Notice of termination of the Contract for the provision of services for securities transactions  in the "Toshkent" RSE".

  1. If the expelled Exchange member does not fulfill liabilities to the Exchange within the specified period, the Exchange takes measures to recover debts in accordance with the legislation.

 

  • 7. The procedure for making mutual settlements when expelling Exchange Members from the membership of “Toshkent” RSE

 

  1. If the Exchange Member is excluded from the Exchange Members, two copies of the "Report on reconciliation of mutual settlements on the liabilities of the Parties (hereinafter referred to as the "Reconciliation Report") shall be sent to him, which includes the following payments:

commission fees on securities operations;

membership fees (if applicable);

fines;

penalties and forfeits;

other payments for services and works established by the Exchange.

  1. Within 10 working days the ex-member of the Exchange returns the signed two copies of the Reconciliation Act to the Stock Exchange. In the event that the Reconciliation Act is not returned, the Exchange shall consider the liabilities of the former Exchange Member as binding on his part.
  2. After signing the Reconciliation Act on the part of the Exchange, one copy of the Reconciliation Act shall be returned to the former Exchange Member within 5 working days.
  3. A former Exchange member executes all liabilities on the basis of the Reconciliation Act within the period established by law.
  4. If the former Exchange member does not fulfill his liabilities to the Exchange, the Exchange has the right to collect unfulfilled liabilities in accordance with the legislation.
  5. If the Exchange has liabilities to the former Exchange member on the basis of the Reconciliation Act, the Exchange executes them within the period established by law.
  6. In the event of mutual non-fulfillment of their monetary obligations, the Parties have the right to collect amounts of debt from the debtor in the judicial procedure prescribed by law.

 

  • 8. The entry of present Procedure into force and the introduction of amendments and additions thereto

 

  1. This Procedure comes into force after approval of the Exchange Supervisory Board in accordance with the applicable procedure.
  2. All changes and additions are made by the decision of the Exchange Supervisory Board and approved by it in accordance with the applicable procedure.
  3. Entry of this Procedure into force and familiarization of Exchange Members are carried out by the Exchange Board on the basis of the relevant decision.
  4. All changes and additions to this Procedure shall come into force 10 calendar days after their approval, unless another period is established upon approval.
  5. With the adoption of this Procedure, the "Regulations on Members of the "Toshkent" Republican Stock Exchange" No. 35, approved by the decision of Exchange Board on April 8, 2010, becomes invalid.

 

 

 

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