PRESIDENTIAL DECREE OF THE RUSSIAN FEDERATION

of September 16, 1997 No. 1034

About providing the rights of investors and shareholders to securities in the Russian Federation

For the purpose of protection of the rights of investors and shareholders in the stock market of Russia, including the state as owner on blocks of shares of the privatized companies first of all having strategic importance for ensuring economic safety of the Russian Federation I decide:

1. Agree with government proposal of the Russian Federation about creation of the national depositary system including the Central depositary - the Central fund of storage and information processing of the stock market (further hereinafter is referred to as - the Central depositary), and also the organizations having the licenses of professional participants of the security market for implementation of depository activity granted by the Federal Commission for the Securities Market (further hereinafter are referred to as - licenses of the Federal Commission for the Securities Market), and working according to standards of national depositary system.

Determine that the national depositary system performs functions of centralized system of storage of securities and accounting of the rights to them.

2. Determine that the Central depositary is the federal state unitary enterprise founded on the right of economic maintaining which director is appointed to position and is dismissed by the decision of the Government of the Russian Federation.

Determine that the Central depositary is not subject to privatization and privatization.

3. Assign the solution of the following main objectives to the Central depositary:

collection, state registration and storage of information arriving from the issuers, registrars and the organizations having the license of the Federal Commission for the Securities Market and which are part of national depositary system;

provision of the documents confirming the rights to securities which are stored in national depositary system or it is right on which are considered in national depositary system, on requests of courts, federal bodies of the government, public authorities of subjects of the Russian Federation, local government bodies, and also owners of securities.

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