LAW OF TURKMENISTAN

of March 1, 2014 No. 38-V

About the commodity and raw exchanges and exchange trade

This Law determines legal, organizational and economic basis of functioning of the commodity and raw exchanges, the organizations and carrying out the exchange biddings and is aimed at the development of the wholesale market of goods in Turkmenistan.

Chapter 1. General provisions

Article 1. Basic concepts

For the purposes of this Law the following basic concepts are used:

1) exchange day – day of carrying out the exchange biddings;

2) exchange collection – the payment for the organization and carrying out the exchange biddings levied by the exchange from participants of stock exchange trading;

3) the broker – person (the member of the exchange) performing intermediary services in case of transactions of purchase and sale at the exchange on its own behalf on behalf and at the expense of the client;

4) the dealer – person making stock exchange transactions at the exchange on its own behalf and at own expense;

5) the forward transaction – the transaction of purchase and sale of real goods with the delayed term of its delivery;

6) futures transaction – the transaction of purchase and sale of the standard contract on the transaction fixed at the time of the conclusion to the price with execution of delivery through certain period;

7) the commodity and raw exchange – the organization with the rights of the legal entity creating the wholesale market of goods by the organization and regulation of the stock exchange trading performed in the form of the public public auction held in in advance determined place and in certain time by the rules established by it;

8) option transaction – the transaction of purchase and sale of the rights to future purchase or sale on stated price of exchange goods and (or) the standard contract;

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