RESOLUTION OF THE FEDERAL COMMISSION FOR THE SECURITIES MARKET

of June 19, 1998 No. 24

About approval of the Regulations on licensing of activities for maintaining the register of owners of personalized securities

According to articles 42 and 44 of the Federal Law of April 22, 1996 N 39-FZ "About the security market" the Federal Commission for the Securities Market decides:

1. Approve Regulations on licensing of activities for maintaining the register of owners of personalized securities.

2. Recognize invalid from the moment of publication of this provision:

The resolution of the Federal commission on securities and the stock market under the Government of the Russian Federation of August 30, 1995 N 6 "About licensing of activities for maintaining the register of owners of personalized securities";

The resolution of the Federal Commission for the Securities Market of September 17, 1996 N 18 "About changes and amendments of procedure for licensing of activities for maintaining the register of owners of personalized securities";

The resolution of the Federal Commission for the Securities Market of May 30, 1997 N 16 "About introduction of amendments to the resolution of the Federal Commission for the Securities Market of September 17, 1996 N 18 "About changes and amendments of procedure for licensing of activities for maintaining the register of owners of personalized securities";

The resolution of the Federal Commission for the Securities Market of November 27, 1997 N 41 "About modification and amendments in the resolution of the Federal Commission for the Securities Market of September 17, 1996 N 18 "About changes and amendments of procedure for licensing of activities for maintaining the register of owners of personalized securities".

Approved by the resolution of the Federal Commission for the Securities Market of July 19, 1998 No. 24

Regulations on licensing of activities for maintaining the register of owners of personalized securities

For the purpose of improvement of protection of the rights of investors and improvement of quality of their servicing, for ensuring control of activities of the members of the security market performing activities for maintaining the register of owners of personalized securities:

1. Determine that the licenses for activities on maintaining the register of owners of personalized securities granted by the Federal Commission for the Securities Market (further - the Federal commission), are valid in all territory of the Russian Federation.

2. Determine that compulsory provisions for receipt (prolongation) of license for activities on maintaining the register of owners of personalized securities are:

2.1. Availability in the charter of the legal entity who submitted the application for receipt (prolongation) of the license (further - the applicant), regulations on implementation of activities for maintaining the register of owners of personalized securities as exclusive (except as specified when the possibility of combination with other types of activity is established by the laws of the Russian Federation, regulations of the Federal commission).

2.2. The contribution of any shareholder (participant) to the authorized capital of the applicant shall not exceed 20 percent from the authorized capital of the applicant.

The requirement of this subitem is not applied till January 1, 2000 to the applicant performing maintaining the register of owners of personalized securities of the joint-stock companies which had for January 1, 1997 license for activities as investment funds, specialized investment funds of privatization accumulating privatization checks of citizens provided that the total quantity of owners of personalized securities constitutes 1,5 of one million and more.

2.3. Availability at the applicant performing maintaining registers during the entire period of its activities, since the moment of submission of the first request for license renewal, at least 25 registers of issuers with number of owners of personalized securities on each issuer more 500, and at applicants whose location are Moscow, the Moscow region, St. Petersburg, the Leningrad, Nizhny Novgorod, Samara and Sverdlovsk regions, - at least 50 registers of issuers with number of owners of personalized securities on each issuer more than 500.

The requirement of paragraph one of this subitem is not applied:

till January 1, 2000 to the applicant performing maintaining registers of owners of personalized securities of the joint-stock companies which had for January 1, 1997 license for activities as investment funds, specialized investment funds of privatization accumulating privatization checks of citizens provided that the total quantity of owners of personalized securities constitutes 1,5 of one million and more;

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