On Amendments and Additions to the Regulation on the Procedure for Issuing and Circulating Bank Deposit (Savings) Certificates

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 25.02.2016, registration number 1859-3

Effective Date

29.02.2016

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[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.06 Deposit Certificate; 2. 21.00.00.00 Comprehensive documents on making amendments and additions / 21.04.00.00 Departmental normative legal acts] [TSZ: 1. State and Social Structure / Legislative initiative. Norm-creating activity]

Resolution

of the Board of the Central Bank of the Republic of Uzbekistan

On making amendments and additions to the Regulation on the procedure for issuing and circulating bank deposit (savings) certificates

[Registered by the Ministry of Justice of the Republic of Uzbekistan on February 25, 2016, registration number 1859-3]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On the Securities Market", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. To make amendments and additions to the Regulation on the procedure for issuing and circulating bank deposit (savings) certificates, approved by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 14, 2008, No. 17/2 (registration number 1859, September 24, 2008) (Collection of Legislation of the Republic of Uzbekistan, 2008, No. 39, Article 400), in accordance with the Annex.

2. This Resolution shall enter into force from the day of its official announcement.

Chairman of the Central Bank F. MULLAJONOV

Tashkent city,

January 16, 2016,

No. 1/2

ANNEX to the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated January 16, 2016, No. 1/2

Amendments and additions to the Regulation on the procedure for issuing and circulating bank deposit (savings) certificates

1. The Preamble shall be stated in the following edition:

“This Regulation defines the procedure for issuing and circulating deposit (savings) certificates by commercial banks in accordance with the Laws of the Republic of Uzbekistan “On the Central Bank of the Republic of Uzbekistan”, “On Banks and Banking Activities”, and “On the Securities Market”.”

2. Paragraph 1 shall be stated in the following edition:

“1. The following basic concepts are used in this Regulation:

deposit (savings) certificate (hereinafter referred to as certificate) – a non-emission security confirming the amount of the deposit (savings) placed with the bank and the right of the depositor (certificate holder) to receive the deposit (savings) amount and the interest stipulated in the certificate from the issuing bank or any branch of that bank after the specified period expires;

cession – the transfer of the right to claim under the certificate to another person;

cedent – the party transferring the right to claim under the certificate to another person;

cessionary – the party receiving the right to claim under the certificate.”

3. In the first paragraph of paragraph 9, the words “Annexes 1 – 3” shall be replaced with the words “Annexes 1 and 3”.

4. In the first paragraph of paragraph 10, the words “transfer of the right to claim to another person (cession)” shall be replaced with the word “cession”.

5. Paragraph 11 shall be stated in the following edition:

“11. The certificate blank must reflect the conditions for the issuance and circulation of the certificate (hereinafter referred to as issuance conditions), including the procedure for formalizing cession and restoring the certificate if it is lost.”

6. Paragraph 19 shall be stated in the following edition:

“19. Certificate blanks shall be prepared in accordance with the requirements of the Regulation on Technical Requirements for Securities Blanks (registration number 1312, February 17, 2004).”

7. Paragraphs 21 and 22 shall be stated in the following edition:

“21. Cession for a deposit certificate shall be formalized only between legal entities.

22. Cession for a savings certificate shall be formalized only between individuals.”

23. Paragraph 24 shall be stated in the following edition:

“24. Cession shall be formalized by a bilateral agreement between the cedent and the cessionary on the reverse side of the certificate or on additional sheets (annexes).

Cession for a deposit certificate shall be signed by two persons authorized by the legal entity to carry out such transactions from each party and certified by the seals of the legal entities (if seals are available).

Cession for a savings certificate shall be signed personally by both parties.

Each cession must be numbered by the cedent.

Formalization of cession must be continuous.”

9. In paragraph 25, the words “Transfer of the right to claim under the certificate to another person” shall be replaced with the word “Cession”.

10. Paragraph 26 shall be supplemented with the words “(if a seal is available)” after the words “signed and sealed”.

11. Paragraph 27 shall be supplemented with the words “or its branch” after the word “in the bank”.

12. In paragraph 28, the words “When the right to claim is transferred to another person (cession)” shall be replaced with the words “When cession is formalized”.

13. Paragraph 31 shall be stated in the following edition:

“31. If certificates presented by the certificate holder to the bank for payment contain cessions, the bank shall verify the formalization and continuity of the cessions. In this case:

for savings certificates – if the surname, name, patronymic, and signature of the person recorded in the last cession do not match the surname, name, patronymic, and signature of the person in the application requesting payment of the certificate, a certificate of the right to inheritance (or its notarized copy) or a power of attorney formalized in the prescribed manner must be provided by the certificate holder;

for deposit certificates – if the signature, name, and seal (if a seal is available) of the authorized person of the cessionary recorded in the last cession do not match the signature of the authorized person, the name of the legal entity, and its seal (if a seal is available) in the application for payment of the certificate, document(s) confirming the right to claim the certificate amount must be provided by the certificate holder.

The document(s) confirming the right to claim the certificate amount or its copy, provided by the certificate holder, shall be attached to the paid certificate by the bank.”

14. Paragraph 33 shall be stated in the following edition:

“33. Interest calculation on certificates shall be carried out in accordance with the Regulation on Interest Calculation in Commercial Banks (registration number 1306, January 30, 2004).”

15. These amendments and additions have been agreed with the Center for Coordination and Development of the Securities Market under the State Competition Committee of the Republic of Uzbekistan.

Director General of the Center for Coordination and Development of the Securities Market under the State Competition Committee B. ATAKHANOV

January 15, 2016 (Collection of Legislation of the Republic of Uzbekistan, 2016, No. 8, Article 83)