Basic Terms for the Issuance of Short-Term State Bonds of the Republic of Uzbekistan

Basic Terms of the Ministry of Finance of the Republic of Uzbekistan, the Central Bank of the Republic of Uzbekistan, registered on 09.11.1998, registration number 524

Date of Entry into Force

09.11.1998

All

26.08.2019

11.04.2016

09.11.1998

View

Russian
Uzb
O’zb
Uzb|Russian

Document lost its force 26.08.2019

[
OKOZ:
1.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.25.00.00 Securities Issuance / 07.25.02.00 Resolution on Issuance]
[
TSZ:
1.
Finance / Securities. Securities Market]

"APPROVED"

Ministry of Finance of the Republic of Uzbekistan March 26, 1998

"APPROVED"

Central Bank of the Republic of Uzbekistan
March 26, 1998

BASIC TERMS FOR THE ISSUANCE OF SHORT-TERM STATE BONDS OF THE REPUBLIC OF UZBEKISTAN

[Registered by the Ministry of Justice of the Republic of Uzbekistan on November 9, 1998, registration number 524]

These Basic Terms were removed from the state registry based on Order No. 367-mh of the Minister of Justice of the Republic of Uzbekistan dated August 26, 2019 "On Removing Departmental Normative Legal Documents from the State Registry" (registration number 524-2, dated 26.08.2019).

1. These terms were developed based on Resolution No. 119 of the Cabinet of Ministers of the Republic of Uzbekistan dated March 26, 1996, and regulate the issuance and circulation of short-term state bonds (hereinafter referred to in the text as Bonds). The issuer of the Bonds is the Ministry of Finance of the Republic of Uzbekistan. The placement of Bonds and the execution of payments are carried out by the Central Bank on behalf of and at the expense of the Ministry of Finance.

2. Bond issuance is carried out regularly in the form of separate issues. Each issue, as a rule, is carried out once a month. Bonds are issued for a term of up to one year.

3. The nominal value of the Bonds is 1,000 (one thousand) sum.

4. Legal entities may be owners of the Bonds. For each issue of Bonds, restrictions on their future owners may be established.

The bondholder has the right to purchase subsequent issue bonds in an amount equal to the value of the bonds for which payment was made.

5. Bond payments are carried out by the Central Bank by transferring the nominal value of the bonds in non-cash form to authorized organizations (hereinafter referred to in the text as Dealers) on behalf of and at the expense of the Ministry of Finance of the Republic of Uzbekistan. Dealers carry out bond payments to their owners by transferring the nominal value of the bonds in non-cash form at the time of payment for the bonds, in accordance with concluded contracts.

6. Income from Bonds is considered to be the difference between the purchase price and the sale price (or payment price).

7. Bonds are not prepared in the form of special paper blanks. Each issue of Bonds is formalized in the form of a special Global Certificate in two original copies, one of which is stored at the Ministry of Finance of the Republic of Uzbekistan, and the second at the Central Bank of the Republic of Uzbekistan. The right to ownership of Bonds arises with the entry of a credit entry into the relevant account opened for the right to ownership of the Bond and its storage in the trading system of the Uzbekistan Currency Exchange (hereinafter in the texts referred to as the "deposit" account).

8. The Central Bank of the Republic of Uzbekistan is considered the chief agent for servicing the issuance of Bonds. It regulates issues related to the placement and circulation of Bonds not specified in these Basic Terms, in agreement with the Ministry of Finance.

9. The placement, circulation, and redemption of Bonds, as well as the execution of clearing and settlements, and the maintenance of accounts for Bondholders and settlement with them, are carried out by the Uzbekistan Currency Exchange based on a contract concluded with the Central Bank of the Republic of Uzbekistan.

A Dealer concludes a contract with the Central Bank of the Republic of Uzbekistan for the performance of dealer functions in the bond market.

10. The decision on the issuance of Bonds is adopted by the Ministry of Finance of the Republic of Uzbekistan in agreement with the Central Bank of the Republic of Uzbekistan. When adopting a decision on the issuance of Bonds, its limit amount, placement date, and restrictions on future owners are established.

11. Information on subsequent issues of Bonds specified in paragraph 10 of these Basic Terms is announced not less than 7 days before the start of their placement. The issue is considered carried out if at least 20 percent of the planned volume of Bonds is sold.

12. The Central Bank of the Republic of Uzbekistan may purchase Bonds in the secondary market.

13. The Ministry of Finance of the Republic of Uzbekistan may carry out operations for repurchasing Bonds in the secondary market.
    With amendments and additions introduced based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 6/1 dated March 5, 2016 (registration number 524-1, dated April 8, 2016)