AGREEMENT

of January 22, 1993

On regulation of the interstate security market

The State Parties of this agreement which are hereinafter referred to as with the Parties

being guided by the principles of equality and mutual benefit in the economic relations,

attaching importance to deepening of economic cooperation,

proceeding from common interests of approval of policy and regulation of issue and security circulation, activities of professional participants of the security market (investment institutes) and stock exchanges,

for the purpose of protection of interests of issuers, investors and creation of conditions for effective market development of securities,

agreed as follows:

Article 1.

The parties recognize necessary to provide conditions for access to the security markets of the states of issuers, investors and investment institutes of other Parties.

Article 2.

Action of this agreement extends to the following types of securities:

debt obligations of state governing bodies (government securities);

shares and bonds of business entities.

Article 3.

The procedure for issue and the address of government securities of one Party in the territory of any of other Parties is established under their mutual approval.

Article 4.

The parties consider expedient providing equal opportunities for issue and the admission to the address in the security markets of the states of the shares and bonds issued by the business entities registered in the territory of the Parties on condition of state registration of securities both in the place of issue, and in the place of their address.

Registration, issue and security circulation are made according to the legislation of the Party where issue and the address are performed.

The parties recognize reasonable rapprochement and the subsequent standardization of the legislation on securities.

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