«APPROVED»
by the protocol of the
Supervisory Board
of JSC RSE «Toshkent»
Regulation
on the QUOTATION LIST
of REPUBLICAN STOCK EXCHANGE «TOSHKENT»
(new edition)
(Unofficial translation from
Russian)
Tashkent - 2024
CONTENT
GENERAL PROVISIONS
QUOTATION LIST AND
ITS STRUCTURE
PROCEDURE FOR LISTING
SECURITIES
PROCESS OF CONCLUDING
AN AGREEMENT AND INCLUSION OF SECURITIES IN THE QUOTATION LIST
LISTING FEE FOR
INCLUSION AND PRESENCE OF SECURITIES IN THE QUOTATION
LIST
ORDER OF DISCLOSURE
OF INFORMATION BY ISSUERS, WHOSE SECURITIES INCLUDED IN THE QUOTATION
LIST
CONDITIONS FOR THE
PRESENCE OF SECURITIES IN THE QUOTATION LIST
DETERMINATION OF THE
LIQUIDITY LEVEL OF SECURITIES INCLUDED IN THE QUOTATION LIST OF THE RSE
«TOSHKENT»
DELISTING OF
SECURITIES
FINAL PROVISIONS
I. GENERAL PROVISIONS
1. This Regulation has been
developed in accordance with the Laws of the Republic of Uzbekistan «On Exchanges and
Exchange Activities», «On the Securities Market», and other
legislative acts in the field of the securities market, the Charter of the
Joint Stock Company Republican Stock Exchange «Toshkent» (hereinafter referred
to as RSE «Toshkent»), and defines the procedure for the inclusion and presence
of securities in the quotation list of RSE «Toshkent», as well as their
exclusion from the quotation list of RSE «Toshkent».
2. In this Regulation, the following key concepts are used:
Exchange - RSE «Toshkent»;
quotation list - a list of securities that have undergone the listing
procedure and have been admitted to trading on the stock exchange;
listing of securities - the procedure for including the issuer's
securities in the quotation list;
Initial public offering (IPO) - the offering of additional shares by a
joint-stock company (IPO initiator) to an unlimited number of investors on the
stock exchange;
Secondary public offering (SPO) -
the sale of shares
owned by a shareholder (SPO initiator) to an unlimited number of investors on
the stock exchange;
over-the-counter trading platform of RSE «Toshkent» - a
specialized module within the Unified software and hardware complex (USHC) that
facilitates trading in securities that are not included in the quotation list
of the RSE «Toshkent» within the electronic trading system;
government
securities - treasury obligations of the Republic of Uzbekistan and
bonds issued by the authority designated by the Cabinet of Ministers of the
Republic of Uzbekistan, bonds issued by local government authorities, as well
as bonds of the Central Bank of the Republic of Uzbekistan;
delisting of securities - a procedure for
excluding the issuer’s securities from the quotation list;
agreement - an agreement on the inclusion and presence of the
issuer's securities in the quotation list of the RSE «Toshkent»;
Unified software and hardware complex (USHC) is a trading platform that provides the right: 1) for
operations and trading with securities included to the quotation list of the RSE «Toshkent» and 2) to conduct transactions with securities
on the over-the-counter platform.
listed companies - issuers whose
securities are included in the quotation list;
listing commission - the Exchange
commission that carries out exchange listing and delisting of securities;
regulatory indicator values - a standard set by the Exchange for financial indicators
of issuers, defined in the relevant methodology, used to determine an issuer's
compliance with a specific category of the quotation list;
responsible division of the Exchange - a structural unit of the Exchange responsible for
working with listed companies;
sustainable development bonds (ESG Bonds)
- debt securities intended to finance environmental and other socially
significant projects aimed at sustainable development, including green bonds,
social bonds, and other instruments supporting sustainable development goals;
exchange-traded fund (ETF) - an exchange-traded fund that
holds a portfolio of liquid securities, gold, foreign currency, indices, and
other assets as underlying instruments;
issuer
- a legal entity that issues securities and assumes
obligations towards their holders;
authorized
government body for securities market regulation - the
authorized state body responsible for regulating the securities market of the
Republic of Uzbekistan, as determined by the President of the Republic of
Uzbekistan;
free float - the proportion of securities
that are freely tradable, including issued securities, excluding securities
that are:
-
owned by state, government, and local authorities;
-
owned by business entities with a state shareholding of 50% or more;
-
held by individuals who own more than 5% of the issuer's charter
capital individually;
-
held by members of the supervisory board and executive body;
-
securities under restricted circulation (securities under arrest,
pledge, or subject to a REPO agreement);
-
held in the issuer's account during the securities placement period.
issuer's credit rating - an opinion provided by a rating agency regarding the credit quality of
an issuer's debt obligations and its ability to fulfill financial commitments
fully and on time;
period of listing - the duration for which securities remain in the exchange listing, during
which the issuer pays the listing fee as specified in the invoice issued by the
Exchange.
II. QUOTATION LIST AND
ITS STRUCTURE
3. The quotation list is a list of certain types of securities that
do not require prior inspection, characterized by the constancy of qualitative
indicators and the regularity of concluding exchange transactions, admitted to
exchange trading.
4. The following securities, permitted by law for issuance, may be
included in the quotation list:
a) securities of
issuers, residents of the Republic of Uzbekistan, including:
shares (ordinary and
preferred) of joint-stock companies;
corporate and infrastructure bonds;
exchange bonds of
issuers whose shares are included in the highest category of the quotation
list;
derivative
securities;
deposit certificates;
b) government
securities, including:
treasury obligations
of the Republic of Uzbekistan;
bonds issued by an
authorized body of the Cabinet of Ministers of the Republic of Uzbekistan;
bonds of the Central
Bank of the Republic of Uzbekistan;
municipal bonds
issued by local government authorities in accordance with the legislation;
c) securities issued
by non-residents of the Republic of Uzbekistan in accordance with the
legislation:
depository receipts
issued within the quotas established by the Cabinet of Ministers of the
Republic of Uzbekistan;
securities of
international financial organizations;
securities of issuers
from member countries of the International Organization of Securities
Commissions (IOSCO).
5. Upon inclusion in the quotation list,
securities are displayed according to the structure of the USHC trading system
on the following segments (modules):
I.
Stock Market:
shares of residents of the Republic of Uzbekistan;
II.
Bond Market:
a) corporate bonds
b) sustainable development bonds;
c) infrastructure bonds;
d) exchange-traded bonds;
e) certificates of deposit;
f) bonds of international financial organizations;
III.
Government Securities Market:
a) government treasury obligations;
b) bonds issued by an authorized body of the Cabinet
of Ministers of the Republic of Uzbekistan;
c) bonds of the Central Bank of the Republic of
Uzbekistan;
d) municipal bonds;
IV. Derivatives Market:
a) futures;
b) options;
c) Uzbek depository receipts (UDR);
d) ETF;
e) other derivative securities not prohibited by the
legislation of the Republic of Uzbekistan.
6. Shares on the «Stock Market» depending on the
financial condition of the issuers of securities and other requirements
established by these Regulations, are divided into the main categories «Premium», «Standard», «Privatization»
and a special category «Transit».
The «Premium» category is the highest category of the
quotation list for shares, to which more stringent requirements apply compared
to the «Standard»
category.
The «Privatization»
category is designated for issuers whose shares are included in the quotation
list, provided that the state-owned stake in the issuer is subject to sale
through exchange trading by decision of the President of the Republic of
Uzbekistan and/or the Cabinet of Ministers of the Republic of Uzbekistan.
For inclusion in the quotation list under the «Privatization»
category, the issuance of an order for the sale of the state-owned stake
through public auctions, in accordance with the resolutions of the President of
the Republic of Uzbekistan and/or the Cabinet of Ministers of the Republic of
Uzbekistan, shall be sufficient.
The «Transit» category is a specialized category for
issuers’ shares, including shares of small and medium-sized enterprises, that
do not meet the requirements for inclusion and placement in the primary
categories of the quotation list.
III. PROCEDURE FOR LISTING
SECURITIES
8. The listing procedure for
securities can be either complete or simplified.
The simplified listing procedure
applies to the listing of government securities, bonds of international
financial organizations, derivative securities, as well as shares of
joint-stock companies where the state's share is to be sold in exchange trading
by decisions of the President of the Republic of Uzbekistan and/or the Cabinet
of Ministers of the Republic of Uzbekistan.
The complete procedure applies to the
listing of other types of securities.
9. The complete securities
listing procedure includes the following stages:
a) acceptance by the Exchange of
the issuer's statement for a preliminary conclusion on the inclusion of
securities in the quotation list and the documents defined by this Regulation;
b) consideration of the statement
and other documents of the issuer by the Exchange's listing department, with an
assessment of the financial condition of the issuer and the liquidity of the
securities;
c) consideration by the
Exchange's Listing Committee of the materials on the issuer's statement
prepared by the listing department and preparation of a conclusion for the
Exchange's Management Board with a recommendation on the inclusion or rejection
of the issuer's securities in the quotation list;
d) the decision of the Exchange's Management Board on the compliance of the
issuer's securities with the Exchange's listing requirements or the refusal to
include the issuer's securities in the quotation list, with justified reasons;
e) the inclusion of the issuer's
securities in the quotation list based on the decision of the Exchange's Board,
provided the requirements specified in paragraph 24 of this Regulation are met.
11. Each issue of securities must undergo listing in
accordance with the above procedures, except in the cases specified in the
second paragraph of Clause 8 and the automatic inclusion of the issuer's
additional issue shares in the quotation list without undergoing the listing
procedure when previous issues of the issuer's shares are already in the
quotation list.
12. To include securities in the quotation list, the
issuer submits to the Exchange statement for the inclusion of its securities in
the quotation list according to Appendix №1 of this Regulation, along with the
necessary documents specified in Appendix №2 of this Regulation, depending on
the type of securities.
13. The submission of documents by the issuer
shall be carried out either in writing, bearing the official seal (if
available) and the signature of the relevant authorized person with the note «copy
is accurate», or in
electronic form.
14. The submission of the aforementioned
documents in electronic form must be accompanied by a cover letter signed using
a digital signature in accordance with the procedures established by law.
15. The issuer is responsible for the completeness and
accuracy of the information and documents provided by them.
In the event of incorrect and/or
incomplete submission of the required documents specified in Appendix №2 of
this Regulation, the Exchange shall not consider the submitted documents until
the issuer has rectified the identified deficiencies, of which the Exchange
shall notify the issuer in writing within 2 business days from the receipt of
the documents.
16. Within no more than 5 business days from the date of receipt
of the complete set of correctly prepared documents from the issuer for the
inclusion of its securities in the quotation list, the Listing Department of
the Exchange shall carry out the following procedures:
based on the submitted documents, assess the financial
and economic performance indicators of the issuer in accordance with the
established requirements for the inclusion of securities in the quotation list;
assess the liquidity of the securities in accordance
with the «Methodology for assessing the liquidity of securities for their
inclusion and presence in quotation list of the Republican Stock Exchange «Toshkent»;
verify the compliance of the issuer's indicators with
the listing requirements specified in Appendices №3, 3-1, 3-2, 3-3 to this
Regulation;
present a report on the results of the work carried out
to the Listing Commission of the Exchange.
17. The
Listing Commission, within 2 business days of reviewing the package of
documents prepared by the Listing Department of the Exchange, shall issue a
conclusion to the Management Board of the Exchange with a recommendation on
whether to include the issuer's securities in the quotation list, indicating
its segment and category (when including shares) or to refuse to include the
securities in the stock exchange listing.
The meeting of
the Listing Commission is documented in minutes, which are signed by all
members of the commission who participated in the meeting.
18. The
Management Board of the Exchange, within 2 business days from the date of the
meeting of the Listing Commission, shall make a decision on whether to include
the issuer's securities in the quotation list, indicating its segment and
category (when including shares) or to refuse to include the issuer's
securities in the stock exchange listing, which shall be sent to the issuer's
email address and legal address within 1 business day.
If the decision
is positive, the issuer shall also receive two copies of the Agreement to be
concluded with the issuer, along with an invoice for the payment of the fee for
the minimum period of presence of its securities in the quotation list, the
amount of which is determined in accordance with Appendix №5 to this
Regulation, depending on the type of security and listing category.
19. In the
simplified listing procedure, the Management Board of the Exchange, within 5
business days after receiving the complete set of correctly prepared documents
from the issuer for the inclusion of its securities in the quotation list,
shall make and electronically send to the issuer a decision on whether to
include the issuer's securities in the quotation list, indicating its segment
and category (when including shares), as well as two copies of the Agreement
along with an invoice for the payment of the listing fee.
IV. PROCESS OF
CONCLUDING AN AGREEMENT AND INCLUSION OF SECURITIES IN THE QUOTATION LIST
20. The Agreement defines the relationship between the Exchange and the
issuer, whose securities are included in the quotation list of the Exchange, as
established by this Regulation.
21. For each issuance of bonds included in the quotation list, a separate
Agreement shall be concluded between the issuer and the Republican Stock
Exchange «Toshkent».
22. The sent Agreement must be signed by the issuer of the
securities and submitted to the Exchange within 30 calendar days from the date
of receipt of the aforementioned Agreement.
23. In case of non-payment of the
listing fee for the period of presence and non-submission of the signed Agreement
by the issuer within the established deadlines, the issuer shall undergo the
listing procedure again.
24. After signing the
Agreement and fully receiving the listing fee for the period of presence, the
Management Board of the Exchange shall decide on the inclusion of the
securities in the quotation list.
25. According to the
decision of the Management Board on the inclusion of securities in the quotation
list, the Listing Department of the Exchange, no later than 1 business day,
shall enter the information about the securities included in the quotation list
into the USHC trading system.
The inclusion of securities in the quotation list is carried out after
their exclusion from the over-the-counter trading platform of the RSE
«Toshkent».
26. Securities included in the quotation list are assigned a unique
exchange ticker in accordance with Appendix №9 to this Regulation.
This exchange ticker is unique for each issuer and is used for
informational and analytical purposes.
27. Within two business days from the date of the decision by the
Management Board to include securities in the quotation list, the Exchange
notifies the issuer and publishes the relevant information on its official
website.
28. In case of refusal to include securities in the quotation list, the
issuer has the right to reapply for inclusion in the quotation list on general
terms.
29. For the inclusion and placement of securities in the quotation
list, issuers are charged a listing fee in the amounts specified in Appendix №5
to this Regulation.
The issuer of securities shall pay the listing fee for the inclusion of
securities in the quotation list as a one-time payment prior to their inclusion
in the quotation list. Payment is made based on the decision of the Management
Board regarding the possibility of including the issuer’s securities in the quotation
list and the corresponding Agreement.
For the payment of the listing fee for subsequent periods, the issuer is
offered the following options:
One-time payment - the
issuer makes a one-time payment of the listing fee in the amount specified in
Appendix №5 to this Regulation. In this case, any future changes in the Base
Calculation Value (BCV) do not affect the payment amount. Payment is made based
on an invoice issued by the Exchange.
Quarterly payment - the issuer makes the listing fee payment on a
quarterly basis. The amount of each quarterly payment is determined in
accordance with Appendix №5 to this Regulation. The calculation of payments
takes into account changes in the BCV effective as of the payment date. Payment
is made based on an invoice issued by the Exchange at the end of each quarter.
30. The listing fee charged for the inclusion of the issuer’s
securities in the quotation list is considered paid for the placement period
specified in the listing fee invoice.
31. Upon the expiration of the placement period of the issuer’s
securities in the quotation list, the Exchange issues an invoice for the
listing fee for the subsequent period.
if the issuer selects the one-time payment option, they are granted a
period of 30 calendar days from the
date of the invoice issuance to complete the payment. If the payment is not
made within the specified period, the Exchange considers this as the issuer
opting for the quarterly payment option.
if the quarterly payment option is chosen, the issuer must make the
payment within 10 calendar days from
the date of the invoice issuance, which is generated by the Exchange at the end
of each quarter. If payment is not made within the established period, it is
considered overdue, granting the Exchange the right to initiate the delisting
procedure for the issuer’s securities from the quotation list.
The Exchange issues an invoice for the listing fee for the subsequent
period at the beginning of the calendar year after determining the category of
shares for placement in the «Stock Market» segment of the quotation list.
For joint-stock companies whose business operations are seasonal, the
Exchange issues an invoice for the subsequent period in the fourth quarter of
the current year, including the following industries:
-
oil and fat
processing
-
cotton processing
-
grain processing
enterprises
32. In case of non-payment of the listing fee within the established
period, the Exchange reserves the right to consider the delisting of the
issuer’s securities from the quotation list.
33. If the issuer's shares are transferred from one category of the quotation
list to another, the listing fee is recalculated as the difference in tariffs
for the period from the date of transfer of the securities to another category
until the expiration of the concluded agreement.
The recalculation of the listing fee is carried out within one month
between the Exchange and the issuer based on a reconciliation statement signed
by both parties.
VI. ORDER OF DISCLOSURE OF
INFORMATION BY ISSUERS, WHOSE
SECURITIES INCLUDED IN THE QUOTATION LIST
35. Issuers whose securities are included in the quotation list are
required to:
1) Disclose on the official website of the Exchange by providing it
electronically:
information and essential facts as required by legislation within the
deadlines established by law;
information specified in Appendix №11 to this Regulation within the
deadlines set out in that appendix.
2) Provide the Exchange with information:
affecting the demand
and supply, as well as the quotations of the issuer's securities, if there is a
risk that the confidentiality of such information cannot be maintained until
the time of its public dissemination, which could violate the principle of equal
access to information for all participants in the securities market;
as requested by the
Exchange for the analysis of the issuer's activities within the timeframe
specified in the request.
36. The
disclosure and provision of information as required by this chapter shall be
made in Uzbek or Russian.
Non-resident issuers
of the Republic of Uzbekistan may disclose and provide information to the
Exchange in English, simultaneously attaching a translation of this information
into Uzbek or Russian.
37. When shares are
listed under the «Premium» category of the quotation list, the
information subject to disclosure in accordance with the requirements of this
chapter must be accompanied by a translation into English.
38. The translation of information exceeding 10,000 characters,
which is subject to disclosure in accordance with the requirements of this
chapter, may be provided to the Exchange later than the original information,
provided that the delay does not exceed 10 business days.
The accuracy of the translation of the specified information shall be
certified by the issuer of the securities.
39. Other resident issuers of the Republic of Uzbekistan whose
securities are not included in the «Premium» category of the «Stock Market» module
have the right to disclose information in English, provided that they comply
with the requirements set out in clause 40 of this Regulation.
40. If necessary, the issuer has the right to replace previously
disclosed information with new information by submitting a corresponding
notification indicating the reason for the replacement.
41. The issuer is obligated to notify the Exchange in writing of
each case where it is unable (or expects to be unable) to provide the
information required for disclosure in accordance with this chapter within the
timeframes established by this Regulation. The notification must specify the
reasons for the delay, as well as the measures taken to address the issue and
prevent similar occurrences in the future.
42. If securities included in the Exchange's quotation list or
other securities of the issuer are admitted to trading on another exchange, the
disclosure requirements of which differ from those established by this
Regulation, the issuer must provide the Exchange with any information submitted
by it or another party representing the issuer's interests on another exchange,
which differs from the information provided to the Exchange under the
requirements of this Regulation, in the same volume and in the same form as
this information is submitted to another stock exchange, ensuring a translation
into Uzbek or Russian.
43. Each
individual case of failure to disclose (concealment of) information subject to
disclosure in accordance with the requirements of legislation and this Regulation,
and/or the untimely disclosure of such information within the timeframes
established by legislation and this Regulation, shall be regarded as a single
violation of disclosure requirements.
44. If the
issuer commits five violations of disclosure requirements within the last 12
calendar months, the issuer shall pay a penalty to the Exchange in the amount
of 10 Base Calculation Values (BCVs).
If the issuer commits
ten or more violations of disclosure requirements within the last 12 calendar
months, such circumstances shall be considered a systematic violation of
disclosure requirements, and the issue of delisting the issuer’s securities
shall be submitted for consideration by the Listing Committee.
45. Information
received by the Exchange from issuers in accordance with the requirements of
this Regulation shall be used and disseminated by the Exchange in accordance
with the internal documents of the Exchange.
46. The conditions for the
presence of securities in the quotation list are the requirements specified in
Appendices №4 and 4-1 to this Regulation.
47. In the event of
non-compliance with the requirements set forth in Appendices №4 and 4-1 within a calendar year, the Exchange reserves the right to
consider the transfer of the issuer’s securities to another category or their
exclusion from the quotation list.
48. The Exchange transfers
the shares of listed companies from one category to another if their parameters
change and no longer meet the listing requirements established for the
respective category in which the shares are currently placed.
49. The transfer from one
category to another within the quotation list is carried out based on the
corresponding decision of the Exchange’s Management Board, adopted on the basis
of the conclusion of the Listing Committee, with notification to the issuer.
50. A notification regarding
the transfer of a listed company’s securities from one category to another
within the quotation list shall be sent to the issuer no later than two (2)
business days from the date of the decision by the Exchange’s Management Board.
VIII. DETERMINATION OF THE LIQUIDITY LEVEL OF SECURITIES
INCLUDED IN THE QUOTATION LIST OF THE RSE «TOSHKENT»
51. The quotation of securities included in the quotation
list is carried out automatically by the Exchange based on the results of
transactions conducted in the main section of the Exchange «Main Board» for
each trading day.
However, the quotation of shares included in the
quotation list may depend on their level of liquidity, and the quotation of
other securities included in the quotation list is based on the results of
exchange trades, where the quotation price may serve as the closing price of
the traded security for the trading day (closing price).
52. The levels of liquidity for shares included
in the quotation list are divided into the following categories:
highly liquid;
medium liquid;
low liquid.
53. The Listing Department conducts a monthly
assessment of the liquidity level of shares included in the quotation list
based on the results of transactions conducted in the reporting month. For each
type of shares, specifically common and preferred shares, the level of
liquidity is determined separately.
54. To assess the liquidity level of shares included
in the quotation list, statistical data on the following indicators for the
reporting month are used:
1) volume of exchange trades;
2) number of exchange trades;
3) number of exchange members participating in trades
with the given shares;
4) ratio of the number of trading days on which trades
with these shares were conducted to the total trading days of the reporting
month.
55. The liquidity level of shares is determined by the
sum of points assigned for the indicators specified in clause 60 and is
calculated using the following formula:
Liq = VT + NT + NM + TD,
where:
VT - assigned
score for volume of trades;
NT - assigned
score for the number of trades;
NM - assigned
score for the number of exchange members participating in trades;
TD - assigned
score for the ratio of the number of trading days in which trades with the
given shares were executed to the total number of trading days in the reporting
month.
The assignment of scores for each indicator is carried
out in accordance with Appendix №11 to this Regulation.
56. Depending on the total points calculated in
accordance with clause 55, shares are classified into the following liquidity
levels:
10 points or more (Liq ≥ 10 points) - highly liquid
shares;
from 7 to 10 points (7 ≤ Liq < 10 points) - medium
liquid shares;
less than 7 points (Liq < 7 points) - low liquid
shares.
57. Shares, upon their inclusion in the exchange
listing, are assigned the status of low-liquidity shares until the end of the
month in which they were included in the quotation list.
IX. DELISTING OF SECURITIES
58. The delisting of
securities included in the quotation list is carried out by the Exchange in the
following cases:
in the event of ten or more
violations of information disclosure requirements within the last 12 calendar
months;
receipt of a statement from the
issuer for the voluntary delisting of its securities, provided that the
requirements specified in Clause 59 of this Regulation are met;
in the event of circumstances
established by law that serve as grounds for the delisting of securities;
receipt of a statement from the
issuer for recognition of the issuer as insolvent, based on a ruling by the
relevant economic court;
in the event of the annulment of
the issuer’s securities;
failure to pay the listing fee
within the established deadlines;
receipt of a statement from the
issuer for the voluntary delisting of its securities, in cases where the
general meeting of shareholders has adopted a decision to change the
organizational and legal form of the company;
the termination of the issuer's
license for professional or core activities, as confirmed by an authorized
state body based on officially published information;
in other cases, where the actions
or condition of the issuer negatively affect the market, undermine liquidity,
or erode confidence in the Exchange, as well as for other reasons determined by
the Exchange.
59. The right to delist the
shares of an issuer included in the «Privatization» category of the quotation list due to the sale of a state-owned share
package on the exchange by decisions of the President of the Republic of
Uzbekistan and/or the Cabinet of Ministers of the Republic of Uzbekistan in the
following cases:
cancellation or invalidation of
all share issues of this issuer by the authorized state body regulating the
securities market;
removal of the entire package of
state-owned shares from the exchange trades based on the relevant order of the
state authorized body for the management of state assets;
60. Issuers may submit an statement
for the voluntary delisting of their shares if there is a decision of the
general meeting of shareholders, as well as after a public announcement in the
media, on the official websites of the issuer and the Exchange on the
repurchase of their shares at the price of the last completed transaction with
them on the Exchange, in case the holders of the issuer's shares receive
demands for the issuer to repurchase all or of the shares owned by them,
indicating the period during which repurchase requests are accepted.
The deadline specified in the
announcement for submitting repurchase requests in the event of voluntary
delisting shall not be less than 30
calendar days from the date of publication, unless otherwise provided by
law.
61. The decision on
delisting is made by the Management Board of the Exchange based on the
corresponding conclusion of the Listing Committee.
Issuer bonds included in the «Bond
Market» segment of the exchange listing of the RSE «Toshkent» are automatically
removed from the listing on the bond maturity date without requiring a decision
by the Listing Committee or the Management Board of the Exchange, except in
cases where the entire bond issue is annulled prior to maturity.
62. The delisting date of
securities shall be considered the next business day following the operation of
entering the information into the Exchange’s trading system regarding the
removal of the issuer’s securities from the quotation list and their inclusion
in the over-the-counter trading platform of the RSE «Toshkent».
X. FINAL PROVISIONS
64. The relationships
between the parties arising in accordance with this Regulation are governed by
the agreement between the issuer and JSC RSE «Toshkent».
65. Persons found guilty of
violating the requirements of this Regulation shall be held liable in
accordance with the established procedure.
66. All amendments and
additions to this Regulation shall be made by the Management Board of the
Exchange and subsequently approved by the Supervisory Board of the JSC RSE
«Toshkent».
67. This Regulation shall
enter into force on January 1, 2025.
