MODEL LAW OF COMMONWEALTH OF INDEPENDENT STATES

of October 31, 2007

About self-regulatory organizations

Article 1. Subject of regulation and coverage of this Law

1. This Law governs the relations arising in connection with acquisition and the termination of the status of self-regulatory organizations, activities of the self-regulatory organizations combining subjects of business or professional activity or non-state pension funds, implementation of interaction of self-regulatory organizations and their members, consumers of the goods (works, services) made by them, executive bodies, body of bank regulation and banking supervision, local government bodies.

2. Features of acquisition and the termination of the status of self-regulatory organizations, activities of self-regulatory organizations and procedure of the state control (supervision) of observance by the self-regulatory organizations combining subjects of business or professional activity of certain type or non-state pension funds, requirements of the national legal system regulating activities of the specified subjects, and the national legal system on self-regulatory organizations can be established by other laws.

Article 2. Concept of self-regulation

1. Self-regulation is understood as independent and initiative activities which are performed by subjects of business or professional activity or non-state pension funds and which content are development and establishment of rules and standards of the specified activities, and also control of observance of requirements of the specified rules and standards.

2. Self-regulation according to this Law is performed on the terms of consolidation of subjects of business or professional activity or non-state pension funds in self-regulatory organizations.

3. For the purposes of this Law subjects of business activity are understood as the physical persons and legal entities registered in accordance with the established procedure in the territory of the state and performing the business activity determined according to the Civil code of the state, and as subjects of professional activity - the physical persons performing the professional activity regulated according to other laws.

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