Uzbekistan approves regulation on quotas and order of admission of securities into circulation
25/08/2014 12:25
Uzbekistan approves regulation on quotas and order of admission of securities into circulation
25/08/2014 12:25
Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan approved a regulation on quotas and order of admission of securities into circulation.
The regulation was approved by the resolution of the Cabinet of ministers of Uzbekistan from 20 August 2014.
The regulation sets quotas and determines order of admission to placement and circulation of securities, issued by non-residents of Uzbekistan in its territory, and securities, issued by residents, abroad.
The regulation does not regulates cases of purchase of securities, issued by non-residents of Uzbekistan, by the government.
The document said that following conditions should be followed at placement or circulation of securities of non-residents:
- securities of non-residence should comply with security types, envisages in legislation of Uzbekistan;
- securities of non-residence should have international securities identification number (ISIN) and international code qualification of financial instruments (CFI);
- securities of non-residence should undergo listing at foreign exchange in the country of origin of the issue and included to exchange quoted listing of the exchange;
- issuer is an organization with location in the state, which is full-fledged member o f International organization of securities commission and Group of developing financial measures to fight money laundering, as well as be resident of the country, where diplomatic mission of Uzbekistan exists;
- the issuer should not be organization with location in the state or territory, which provides preferential regime or does not share information on financial transactions (offshore zones);
- the issuer should have positive figures of profitability, creditiability, financial sustainability and liquidity for last three years, which should be confirmed with auditors statesment, as well as have rating from international rating agencies;
- the issuer should have agreement with Central Depository, issuer and foreign depository on organization of emission of Uzbek depository receipt (UDR).
The document that the non-residents can place up to25% state in their companies should placing UDR. The UDR should be registered with the state body. Central Depository can be issuer of the UDR.
The UDR can be placed and circulated at the exchange without listing in line with the regulations and rules of the exchange.
The document regulates other issues related with registration and circulation of the UDR. The commercial banks can issue UDRs in line with the decision of the Cabinet of Ministers.
The residents can place up to 25% of their securities at the exchanges outside of Uzbekistan in line with the legislation of foreign states, where the securities are placed.
The Central depository approved right to ownership for securities of the resident, placed abroad in line with the legislation of Uzbekistan.
The commission on monitoring on efficient use of the state share in joint stock companies and organizations will consider placement of shares of the companies with state stake and representing strategic importance for economy of Uzbekistan.
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