RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of April 29, 2003 No. 196

About measures for further development of the secondary security market

For the purpose of further development of the secondary security market, enhancement of market infrastructure and attraction of foreign investments on the stock market of the republic the Cabinet of Ministers decides:

1. Determine that secondary market transactions on purchase and sale of shares of joint-stock companies are performed only in the exchange and organized over-the-counter markets, except for transactions on the redemption by joint-stock company of own shares upon the demand of shareholders, and also realization on "zero" redemption value of the state blocks of shares of the unprofitable, low-profitable and having the low level of capacity utilization companies in the field of the industry and construction with the state share in authorized fund (authorized capital) more than 50 percent.

The secondary market transactions on purchase and sale of shares of joint-stock companies concluded outside trade systems of stock exchanges and organizers of the off-exchange biddings by securities having the corresponding licenses reckon invalid, except for transactions on the redemption as joint-stock company of own shares upon the demand of shareholders, and also realization on "zero" redemption value of the state blocks of shares of the unprofitable, low-profitable and having the low level of capacity utilization companies in the field of the industry and construction with the state share in authorized fund (authorized capital) more than 50 percent".

2. Ceased to be valid

3. Exempt, according to the procedure of exception, Republican stock exchange "Toshkent" for a period of three years from the tax discharge on value added with the target direction of the released funds for development of its trade, information systems and acquisition of the equipment.

4. Approve:

Regulations on clearing houses in the security market according to appendix No. 1;

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