On Amendments and Additions to the Law of the Republic of Uzbekistan 'On Exchanges and Exchange Activity'

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[ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General rules for organizing exchanges and their activities. Specialization of exchanges; 2. 21.00.00.00 Comprehensive documents on amendments and additions / 21.01.00.00 Laws of the Republic of Uzbekistan] [ TSZ: 1. State and public structure / Legislative initiative. Norm-making activity; 2. Finance / Exchange activity]

Law of the Republic of Uzbekistan

On Amendments and Additions to the Law of the Republic of Uzbekistan "On Exchanges and Exchange Activity"

Adopted by the Legislative Chamber on July 24, 2014 Approved by the Senate on August 28, 2014

Article 1. Amendments and additions are made to the Law of the Republic of Uzbekistan No. 625-XII "On Exchanges and Exchange Activity" adopted on July 2, 1992 (The edition of the Law No. 260-II adopted by the Republic of Uzbekistan on August 29, 2001) (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2001, No. 9-10, Article 171; Bulletin of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2005, No. 9, Article 311; 2006, No. 10, Article 536; 2009, No. 9, Article 337; 2013, No. 10, Article 263), and its new edition is approved ( appendix is attached).

Article 2. The Cabinet of Ministers of the Republic of Uzbekistan:

align government decisions with this Law;

ensure that state management bodies review and cancel their normative legal documents that contradict this Law.

Article 3. This Law enters into force six months after its official publication.

This Law was published in the "Xalq so'zi" newspaper on September 13, 2014, No. 178 (6108).

President of the Republic of Uzbekistan I. KARIMOV

Tashkent city,

September 12, 2014,

UZRQ-375

Law of the Republic of Uzbekistan

On Exchanges and Exchange Activity

(new edition)

Article 1. The purpose of this Law [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General rules for organizing exchanges and their activities. Specialization of exchanges]

The purpose of this Law is to regulate relations related to the organization and activities of exchanges. See previous edition.

Article 2. Legislation on exchanges and exchange activity [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General rules for organizing exchanges and their activities. Specialization of exchanges]

Legislation on exchanges and exchange activity consists of this Law and other legislative acts. See previous edition.

Relations in the field of organization and activities of exchanges in a territory where a special legal regime is established by the Constitutional Law of the Republic of Uzbekistan are regulated by rules other than those established in this Law. (Paragraph 2 of Article 2 was supplemented with a second part on the basis of Law No. UZRQ-1158 of the Republic of Uzbekistan dated July 13, 2026 — , 14.07.2026, No. 03/26/1158/0727. Date of entry into force — July 25, 2026) [ OKOZ: 1. 19.00.00.00 International relations. International law / 19.06.00.00 Law of international treaties / 19.06.02.00 Conclusion and entry into force of treaties]

If the international treaty of the Republic of Uzbekistan establishes rules other than those provided for in the legislation of the Republic of Uzbekistan on exchanges and exchange activity, the rules of the international treaty shall be applied. (Paragraph 2 of Article 2 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Article 3. Exchange [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.17.00.00 Trade / 09.17.05.00 Exhibition. Fair. Auctions. Exchanges] [ SPiT: 1. Exchange activity. Markets / Exchange]

An exchange is a legal entity that organizes exchange trading at a predetermined place and specific time on the basis of established rules. [ OKOZ: 1. 03.00.00.00 Civil legislation / 03.03.00.00 Legal entities / 03.03.05.00 Business partnerships and societies / 03.03.05.05 Joint-stock companies]

Exchanges are organized only in the form of joint-stock companies.

For additional information, see: Article 64 of the Civil Code of the Republic of Uzbekistan, Article 3 of the Law of the Republic of Uzbekistan "On Protection of the Rights of Shareholders of Joint-Stock Companies and Shareholders". [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General rules for organizing exchanges and their activities. Specialization of exchanges]

Exchanges carry out their activities in the form of commodity raw materials, fund, and currency exchanges.

The name of the exchange must contain the word "exchange".

For additional information, see: Article 3 of the Law of the Republic of Uzbekistan "On Firm Names". See previous edition.

A legal entity that does not meet the requirements of this Law is not entitled to use the word "exchange", words derived from it, and word combinations in its firm name, except in cases provided for by legislation. (Part 5 of Article 3 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

Exchanges acquire the right to carry out exchange activities after obtaining a license in the prescribed manner.

See: "Single Regulation on the Procedure for Licensing Certain Types of Activities through a Special Electronic System" approved by Resolution No. 80 of the Cabinet of Ministers of the Republic of Uzbekistan dated February 21, 2022.

Article 4. Charter of the Exchange [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General rules for organizing exchanges and their activities. Specialization of exchanges]

The charter of the exchange must contain the following information:

full and abbreviated firm name of the exchange, location (postal address), email address;

amount of the exchange's charter fund (charter capital);

number, nominal value, and types (ordinary, preferred) of shares issued by the exchange;

structure of the exchange's management, number of members of the exchange's supervisory board, audit commission, and executive body, procedure for forming these bodies, and their powers. See previous edition.

The charter of the exchange may also contain other information in accordance with legislation. (Part 2 of Article 4 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Also, see: Article 13 of the Law of the Republic of Uzbekistan "On Protection of the Rights of Shareholders of Joint-Stock Companies and Shareholders".

Article 5. Governing Bodies of the Exchange [ OKOZ: 1. 03.00.00.00 Civil legislation / 03.03.00.00 Legal entities / 03.03.05.00 Business partnerships and societies / 03.03.05.05 Joint-stock companies]

The general meeting of shareholders of the exchange, the supervisory board, and the executive body are the governing bodies of the exchange. [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General rules for organizing exchanges and their activities. Specialization of exchanges]

The general meeting of shareholders of the exchange elects the supervisory board of the exchange (hereinafter in the text referred to as the exchange board).

The powers of the exchange board include:

determining the main directions of the exchange's development;

approving the rules of exchange trading;

approving the procedure for admission to exchange membership, suspension, and termination of membership;

exercising control over the activities of the exchange;

establishing the amounts of fines for violation of exchange trading rules and the procedure for their collection;

establishing the amounts of membership fees and payments for services provided by the exchange;

forming the fund for ensuring the performance of concluded exchange transactions and approving the procedure for using its funds. See previous edition.

The exchange board may also exercise other powers in accordance with legislation and the exchange charter. (Part 4 of Article 5 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Also, see: Chapter 7 of the Law of the Republic of Uzbekistan "On Protection of the Rights of Shareholders of Joint-Stock Companies and Shareholders" ("Governing Bodies of the Company. Minority Shareholders Committee").

Powers of directing current activities are exercised by the executive body of the exchange, as determined by the exchange charter.

Article 6. Rights and Obligations of the Exchange [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General rules for organizing exchanges and their activities. Specialization of exchanges]

The exchange:

has the right to organize quotation, arbitration, listing, control, and other exchange commissions;

to stop exchange trading if the quotations (prices) of exchange goods change beyond the limits established by the exchange; See previous edition.

organize and conduct public auctions, sales, exhibition fairs, state procurement, and corporate procurement in accordance with legislation; (Part 1, paragraph 4 of Article 6 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

publish exchange newsletters, reference books, and other information and advertising materials. See previous edition.

The exchange may also have other rights in accordance with legislation. (Part 2 of Article 6 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.17.00.00 Trade / 09.17.05.00 Exhibition. Fair. Auctions. Exchanges]

The exchange:

organizes exchange trading;

carries out quotation (determination of their prices) of exchange goods based on the ratio of demand and supply;

informs exchange members in a timely manner about the place and time of holding exchange trading in trading venues and sections;

creates conditions for ensuring the performance of concluded exchange transactions;

determines, clarifies, and accounts for the mutual obligations of exchange members and their clients (clearing), as well as carries out mutual settlements between them through special bank accounts;

keeps separate accounting for the funds of the exchange, exchange members, and their clients;

is obliged to regularly (at least once a week) post quotations (prices) of exchange goods on its official website, as well as inform exchange members about the results of each exchange trading session. See previous edition.

The exchange may also have other obligations in accordance with legislation. (Part 4 of Article 6 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Article 7. Concept of Exchange Activity [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General rules for organizing exchanges and their activities. Specialization of exchanges] [ SPiT: 1. Exchange activity. Markets / Exchange activity]

Exchange activity is an activity aimed at organizing and regulating the market of exchange goods and forming prices for exchange goods in this market based on demand and supply.

Article 8. Basic Principles of Exchange Activity

The basic principles of exchange activity include:

openness and accessibility of holding exchange trading;

freedom of price formation in exchange trading;

voluntariness of concluding exchange transactions;

equality of conditions for all exchange members to participate in exchange trading;

ensuring the performance of concluded exchange transactions.

Article 9. Regulation of Exchange Activities See previous edition.

The competent authority carries out the regulation of the activities of commodity raw materials exchanges in the manner established by the Cabinet of Ministers of the Republic of Uzbekistan. (Part 1 of Article 9 in the edition of Law No. UZRQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — , 17.04.2025, No. 03/25/1057/0351)

Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 268 "On Organizing the Public Offer of Shares in the Fund Exchange" dated May 10, 2017. See previous edition.

The regulation of the activities of fund exchanges is carried out by the National Agency for Strategic Projects of the Republic of Uzbekistan. (Part 2 of Article 9 was supplemented on the basis of Law No. UZRQ-1057 of the Republic of Uzbekistan dated April 17, 2025 — , 17.04.2025, No. 03/25/1057/0351)

The regulation of currency exchange activities is carried out by the Central Bank of the Republic of Uzbekistan.

See: Article 47 of the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" (new edition), Article 7 of the Law of the Republic of Uzbekistan "On Regulation of Currency" (new edition), and the "Regulation on the Procedure for Licensing Currency Exchange Activities" approved by Resolution No. 12/1 of the Board of the Central Bank of the Republic of Uzbekistan dated April 23, 2016.

Article 10. Exchange Goods [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions] [ SPiT: 1. Exchange activity. Markets / Exchange goods]

Specific types and qualities of goods placed in exchange trading in the prescribed manner, including derivative financial instruments (derivatives), are exchange goods. See previous edition.

[ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.05.00 Sale of separate products and types of property through an exchange]

Land, subsoil resources, water, other natural resources, cultural heritage and intellectual property objects, works and services, branded goods, real estate, as well as property excluded from civil circulation in accordance with legislation, cannot be exchange goods. (Part 2 of Article 10 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Resolution No. 493 "On Implementation of the Law of the Republic of Uzbekistan 'On Exchanges and Exchange Activity'" of the Cabinet of Ministers under the President of the Republic of Uzbekistan dated October 26, 1992, Civil Code of the Republic of Uzbekistan. [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

Article 11. Exchange Trading [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions] [ SPiT: 1. Exchange activity. Markets / Exchange trading]

Exchange trading is the trading of exchange goods organized by the exchange in accordance with the rules of exchange trading. [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

Exchange trading is conducted in a centralized electronic form, providing all exchange members with the opportunity to participate in these trades simultaneously.

See: "Regulation on the Procedure for Licensing Activities of Service Providers in the Field of Crypto-Asset Circulation" (registry number 3380, August 22, 2022). [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

Article 12. Rules of Exchange Trading [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

The rules of exchange trading must include:

regulations on exchange members, their rights and obligations;

procedure for granting permission to exchange members to participate in exchange trading;

procedure for granting permission to place goods in exchange trading;

types of exchange transactions;

description of derivative financial instruments (derivatives) in circulation in exchange trading;

procedure for creating conditions for ensuring the performance of concluded exchange transactions;

procedure for conducting exchange trading;

procedure for registering and formalizing exchange transactions and the results of exchange trading;

procedure for carrying out clearing and settlements;

See: "Rules for Carrying Out Settlement-Clearing Operations in Commodity Raw Materials Exchanges" approved by Resolution No. 33 of the Cabinet of Ministers dated January 17, 2018.

procedure for quoting (determining prices of) exchange goods;

procedure for controlling the price formation process at the exchange;

procedure for disclosing information about exchange trading;

rules on liability for violation of exchange trading rules;

procedure for resolving disputes at the exchange. See previous edition.

The rules of exchange trading may also include other rules in accordance with legislation. (Part 2 of Article 12 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Article 13. Exchange Members [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

Legal entities that have obtained the right to participate in exchange trading and conclude exchange transactions as dealers, market-makers, and brokers in the manner established by the exchange are exchange members.

An exchange member that concludes exchange transactions in its own name and at its own expense is a dealer. A dealer who undertakes the obligation to conclude exchange transactions to maintain the prices of exchange goods and the level of demand and supply is a market-maker.

An exchange member that concludes exchange transactions on behalf of and at the expense of the client is a broker.

It is permissible for a single member of the exchange to perform the functions of both a dealer and a broker.

State authorities and management bodies cannot be exchange members, except for the currency exchange.

Exchange members participate through their employees (traders) authorized to conclude exchange transactions in their name in exchange trading.

Article 14. Rights and Obligations of Exchange Members [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

Exchange members:

have the right to participate in exchange trading and conclude exchange transactions;

participate in the activities of exchange commissions;

participate in the development of exchange trading rules;

use services provided by the exchange;

have the right to obtain information about the results of each exchange trading session. See previous edition.

Exchange members may also have other rights in accordance with legislation and the rules of exchange trading. (Part 2 of Article 14 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Exchange members: See previous edition.

carry out their activities in accordance with legislation and the rules of exchange trading; (Part 3, paragraph 2 of Article 14 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

must timely provide the client with full information about exchange transactions concluded in the client's interests, as well as information related to the execution of their instructions;

must timely provide the exchange with full information about their participation in exchange trading and the conclusion of exchange transactions;

must familiarize the client with the rules of exchange trading and the terms of carrying out clearing and settlements when concluding a contract with the client;

must keep separate accounting for exchange transactions concluded at their own expense and at the expense of the client;

are obliged to keep separate accounting for the funds of their clients. See previous edition.

Exchange members may also have other obligations in accordance with legislation and the rules of exchange trading. (Part 4 of Article 14 in the edition of Law No. UZRQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

Article 15. Quotation Sheet of the Exchange. Procedure for Granting Permission to Place Goods in Exchange Trading [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

The list of specific types of goods placed in exchange trading, characterized by the absence of the need for preliminary inspection, unchanged quality indicators, and regular conclusion of exchange transactions, is the quotation sheet of the exchange. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]

The procedure for granting permission to place goods in exchange trading includes the following procedures, except for securities:

consideration of the application of the manufacturer or supplier of the goods to include the goods in the quotation sheet of the exchange;

checking the compliance of the goods with the requirements of Article 10 of this Law and the first part of this Article;

evaluating the liquidity of the goods;

including the goods in the quotation sheet of the exchange and delivering them to exchange members. [ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.02.00 General Rules of the Securities Market]

The procedure for granting permission to place securities in exchange trading (exchange listing) includes the following procedures:

consideration of the application of the issuer of securities to include their securities in the quotation sheet of the exchange;

evaluating the financial condition of the issuer of securities;

evaluating the liquidity of securities;

including securities in the quotation sheet of the exchange and delivering them to exchange members. [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

Goods included in the quotation sheet of the exchange are considered to be placed in exchange trading.

Foreign currency and state securities are included in the quotation sheet of the exchange without the procedure for granting permission to place goods in exchange trading and exchange listing. [ OKOZ: 1. 09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trading and formalizing transactions]

Article 16. Exchange Transactions and Their Types [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.03.00 Procedure for Conducting Exchange (Auction) Sales and Formalizing Transactions] [SPT: 1. Exchange Activity. Markets / Exchange Transaction]

An exchange transaction is a purchase and sale agreement concerning an exchange commodity, concluded based on the results of exchange trading recorded by the exchange. [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.03.00 Procedure for Conducting Exchange (Auction) Sales and Formalizing Transactions]

At the exchange, exchange transactions, including the following, may be concluded:

• purchase and sale transactions concerning exchange commodities with immediate delivery (spot);

• purchase and sale transactions concerning exchange commodities with deferred delivery (forwards);

• transactions concerning the purchase and sale of derivative financial instruments (derivatives) concluded with an obligation to perform in the future, providing for either the delivery of the exchange commodity (delivery futures) or the settlement of monetary payments between the parties to the transaction without delivery of the exchange commodity (cash-settled futures);

• transactions concerning the purchase and sale of derivative financial instruments (derivatives) concluded with the right to purchase or sell the exchange commodity or derivative financial instruments (derivatives) in the future (options);

• transactions concerning the simultaneous purchase and sale of currencies (currency swaps) concluded with the condition that settlements on such transactions are carried out after a certain period at a pre-agreed exchange rate;

• purchase and sale transactions concerning securities (repos) may be concluded with the condition of repurchasing the securities at a predetermined price after a certain period. See previous edition.

[OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.03.00 Procedure for Conducting Exchange (Auction) Sales and Formalizing Transactions]

Other exchange transactions may also be concluded at the exchange in accordance with legislation. (Part three of Article 16 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.03.00 Procedure for Conducting Exchange (Auction) Sales and Formalizing Transactions]

Information about an exchange transaction (name of the exchange commodity, quantity, quotation (price), date of conclusion of the exchange transaction, with the exception thereof) may not be disclosed to third parties. Information about an exchange transaction is submitted to courts, and to investigative and investigative bodies, if a criminal case has been initiated. See previous edition.

Information related to combating the legalization of income obtained from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction regarding the content of an exchange transaction is submitted to the specially authorized state body in cases and in the manner prescribed by legislation. (Part five of Article 16 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Article 18 of the Law of the Republic of Uzbekistan "On Combating the Legalization of Income Obtained from Criminal Activity and Financing of Terrorism" and the "Rules for Internal Control for Combating the Legalization of Income Obtained from Criminal Activity and Financing of Terrorism for Exchange Members" (registry number 2038, 06.11.2009). See previous edition.

Information about an exchange transaction is submitted to the Accounts Chamber of the Republic of Uzbekistan upon its request for the purpose of carrying out tasks assigned to it by legislation. (Part six of Article 16 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.03.00 Procedure for Conducting Exchange (Auction) Sales and Formalizing Transactions]

Article 17. Conducting Exchange Sales and Quoting Exchange Commodities [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.03.00 Procedure for Conducting Exchange (Auction) Sales and Formalizing Transactions]

Exchange sales are conducted based on orders submitted by exchange members, in accordance with the rules of exchange trading.

Quoting of exchange commodities is carried out in automatic mode for the purpose of determining the exchange price of the exchange commodity in exchange sales, in the manner established by the rules of exchange trading.

The exchange price of securities obtained as a result of exchange sales, with the exception of state securities, is the market price of such securities on the date of the exchange sales.

For additional information, see: Article 24 of the Law of the Republic of Uzbekistan "On Joint Stock Companies and Protection of Shareholders' Rights". [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.03.00 Procedure for Conducting Exchange (Auction) Sales and Formalizing Transactions]

Article 18. Registration and Formalization of Exchange Transactions [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.03.00 Procedure for Conducting Exchange (Auction) Sales and Formalizing Transactions]

Registration and formalization of exchange transactions are carried out in written or electronic form based on the results of exchange sales.

Formalization of exchange transactions concerning securities in written form is not required.

Exchange transactions are not notarized.

Article 19. Ensuring the Performance of Concluded Exchange Transactions [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.03.00 Procedure for Conducting Exchange (Auction) Sales and Formalizing Transactions]

Exchanges create conditions to ensure the performance of concluded exchange transactions through the following:

• carrying out clearing and settlements;

• if provided for in the terms of the exchange transaction, carrying out control and accounting for the delivery of exchange commodities;

• establishing mechanisms involving the advance deposit of funds and exchange commodities to the depository;

• exercising control over compliance with the rules of exchange trading and obligations regarding exchange transactions.

In the event that the exchange is declared bankrupt, the property of exchange members and their clients in exchange accounts shall not be included in the liquidation mass and shall be returned to exchange members and their clients after their obligations under the exchange transaction are fulfilled.

It is not permitted to attach execution against the property of exchange members and their clients for the exchange's obligations.

In the event that the funds of exchange members are insufficient, the fulfillment of obligations under exchange transactions may be ensured through the monetary and repayable funds of the Fund for Ensuring the Performance of Concluded Exchange Transactions provided to exchange members. See previous edition.

Exchanges may also create other conditions to ensure the performance of concluded exchange transactions in accordance with legislation. (Part five of Article 19 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

Article 20. Restrictions on Exchange Activity [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.01.00 General Rules for the Organization of Exchanges and Their Activity. Specialization of Exchanges]

An exchange is not entitled to: See previous edition.

• directly engage in production, trade, brokerage activities, as well as be a founder (shareholder) of other legal entities not related to exchange activity, with the exception of cases provided for by legislation;

• use the funds of exchange members and their clients for its own benefit, with the exception of cases provided for by legislation and the rules of exchange trading. (Parts two and three of Part one of Article 20 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.01.00 General Rules for the Organization of Exchanges and Their Activity. Specialization of Exchanges]

At the exchange:

• it is not permitted to introduce into circulation exchange commodities not included in the exchange's quotation sheet;

• it is not permitted to engage in coordinated actions of exchange members that may lead to artificial alteration or fixation of prices;

• it is not permitted to disseminate incorrect and deliberately false information that may cause artificial alteration of market conditions;

• it is not permitted for the exchange to register transactions concerning exchange commodities concluded between exchange members without holding exchange sales.

Article 21. Dispute Resolution See previous edition.

[OKOZ: 1. 17.00.00.00 Fair Justice / 17.06.00.00 Economic Procedural Legislation / 17.06.01.00 General Rules]

Disputes in the field of exchange activity are resolved in the manner established by legislation. (Article 21 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375) See previous edition.

Article 22. Liability for Violation of Legislation on Exchanges and Exchange Activity [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.05.00.00 Exchange Activity / 09.05.04.00 Liability for Violation of Legislative Acts on Exchange Activity]

Persons guilty of violating legislation on exchanges and exchange activity are liable in the established manner. (Article 22 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — , 21.04.2021, No. 03/21/683/0375)

See: Article 1794 of the Code of Administrative Liability of the Republic of Uzbekistan. (Collecton of Legislation of the Republic of Uzbekistan, 2014, No. 38, Article 481; National Database of Legislative Acts, 24.07.2018, No. 03/18/486/1559; 16.01.2019, No. 03/19/516/2484; , 21.04.2021, No. 03/21/683/0375; 17.04.2025, No. 03/25/1057/0351; 14.07.2026, No. 03/26/1158/0727)