Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on May 16, 2002, under registration number 1141

Date of Entry into Force

26.05.2002

All

16.09.2020

08.04.2019

05.01.2019

27.06.2010

16.08.2003

26.05.2002

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Document lost its force 16.09.2020

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.08.00 Securities Operations of Banks; 2. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.25.00.00 Securities Issuance / 07.25.03.00 Issuance and Registration of Securities Prospectus; 3. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.25.00.00 Securities Issuance / 07.25.06.00 Issuance of Securities for Circulation] [ TSZ: 1. Finance / Banks and other credit institutions. Credits; 2. Finance / Securities. Securities Market]

RESOLUTION OF THE BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTON

ON APPROVAL OF THE REGULATION ON THE ISSUANCE AND CIRCULATION OF BONDS OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN DESIGNED FOR INDIVIDUALS

[Registered by the Ministry of Justice of the Republic of Uzbekistan on May 16, 2002, under number 1141]

This resolution has lost its force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 13/9 dated September 4, 2020 "On Declaring Certain Regulatory Legal Acts Adopted by the Central Bank of the Republic of Uzbekistan as Lost in Force" (registration number 3282, dated 16.09.2020).

In accordance with the Law of the Republic of Uzbekistan "On the Central Bank" and the Decree of the President of the Republic of Uzbekistan No. PF-3047 dated March 30, 2002 "On Measures to Limit the Growth of Money Supply and Increase Responsibility for Observance of Financial Discipline," the Board of the Central Bank resolves:

1. Approve the Regulation on the Issuance and Circulation of Bonds of the Central Bank of the Republic of Uzbekistan Designed for Individuals in accordance with the attachment.

2. This resolution enters into force ten days after the day of its state registration by the Ministry of Justice of the Republic of Uzbekistan.

Chairman of the Central Bank of the Republic of Uzbekistan F.M. MULLAJONOV

Tashkent city, April 22, 2002, No. 10/4

APPROVED by the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 10/4 dated April 22, 2002

REGULATION ON THE ISSUANCE AND CIRCULATION OF BONDS OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN DESIGNED FOR INDIVIDUALS

This Regulation is developed in accordance with the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and the Decree of the President of the Republic of Uzbekistan No. PF-3047 dated March 30, 2002 "On Measures to Strengthen Responsibility for Observance of Financial Discipline," and establishes the procedure for the issuance and circulation of bonds of the Central Bank of the Republic of Uzbekistan designed for individuals.

I. General Provisions

1. Bonds of the Central Bank of the Republic of Uzbekistan designed for individuals (hereinafter referred to as "bonds" in the text) are considered state securities and entitle their owners to receive income in the form of interest relative to the nominal value of the bond.

2. Bonds are issued for a term of up to three years with the right of free circulation in cash (bearer) form to the issuer.

3. The nominal value of the bonds is determined by the Central Bank of the Republic of Uzbekistan.

The placement of bonds, payment of income, and repayment of the bond value are carried out in sums.

The repayment of the value of bonds for individuals and the payment of income on them are carried out in cash form to the issuer or by transferring funds to deposits at its discretion.

4. The Central Bank of the Republic of Uzbekistan undertakes the obligation to buy back bonds at their nominal value upon the first request of the issuer.

The liquidity of the bonds of the Central Bank of the Republic of Uzbekistan is ensured by all assets under the control of the Central Bank.

5. The issuance of bonds is carried out periodically through separate issues. The decision on the issuance of bonds is adopted by the Board of the Central Bank. Information about the issuance of bonds and its terms is published in the mass media.

6. The placement and servicing of bonds are carried out through commercial banks that have concluded a contract with the Central Bank for servicing operations with Central Bank bonds (hereinafter referred to as "bank-agent" in the text). The terms for delivering bond blanks to branches of the bank-agent, as well as the forms and deadlines for the bank-agent's accountability to the Central Bank, are determined in the contract between the Central Bank and the bank-agent.

7. Bonds may be transferred to another individual. The transfer of the right to claim from the issuer regarding bonds is carried out by simple presentation of such bonds.

Lost bonds are not restored.

8. Bank employees keep confidential information about operations conducted by individuals with bank bonds.

9. Interest received on Central Bank bonds is exempt from taxes.

10. Interest income on bonds is calculated from the date of sale of the bond until the date of its repayment. In this case, interest is not calculated from the date the circulation period has expired until the date the bond is actually presented for payment.

II. Types of Bonds Issued

11. Bonds are issued in two types:

a) detachable coupon-bearing;

b) detachable non-coupon-bearing.

12. Bearer coupon-bearing bonds contain the following requisites:

a) the name of the issuer "O'zbekiston Respublikasi Markaziy banki";

b) the name of the security "OBLIGATSIYA";

c) the nominal value of the bond;

d) the interest rate;

e) the bond number consisting of two series letters and seven sequential digits;

f) the date of sale (filled in by the bank-agent during the sale process); See previous edition. (The sub-item "g" of paragraph 12 was introduced based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 5/22 dated March 16, 2019 (registration number 1141-4, dated 08.04.2019) — National Database of Legislative Acts, 08.04.2019, No. 10/19/1141-4/2900)

g) detachable coupons with the transfer of the bond number and the amount of income for each coupon.

13. Bearer non-coupon-bearing bonds include the following requisites:

a) the name of the issuer "O'zbekiston Respublikasi Markaziy banki";

b) the name of the security "OBLIGATSIYA";

c) the nominal value of the bond;

d) the interest rate;

e) the bond number consisting of two series letters and seven sequential digits;

f) the date of sale (filled in by the bank-agent during the sale process); See previous edition. (The sub-item "g" of paragraph 13 was introduced based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 5/22 dated March 16, 2019 (registration number 1141-4, dated 08.04.2019) — National Database of Legislative Acts, 08.04.2019, No. 10/19/1141-4/2900)

g) a table of changes in its value presented on the back of the bond.

14. All bond blanks are equipped with special security elements and have at least the following six levels of protection:

a) present on the paper;

b) special additives in dyes that make it difficult to separate colors;

c) special printing methods;

d) graphic security elements, etc.

15. The sale of damaged bonds to the population, as well as bonds with any defects, is prohibited.

16. Original bonds are considered payable in the following cases:

a) if the bond does not show signs of alteration or forgery of its number, value, and date of sale; In the edition of sub-item "a" of paragraph 16 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 5/22 dated March 16, 2019 (registration number 1141-4, dated 08.04.2019) — National Database of Legislative Acts, 08.04.2019, No. 10/19/1141-4/2900

b) if the bond constitutes more than half of its size and the bond number is preserved intact in the main row.

III. Procedure for Realizing Bonds

17. At the beginning of the business day, the bank-agent employee accepts the necessary amount of bonds for realization based on a memorial order recording the number of accepted bonds.

18. When selling bonds, the bank-agent employee determines the value of bonds the customer wishes to buy, formalizes the bond in the prescribed manner, fills in the relevant part of the bond and the requisites on its coupon. After that, the bank-agent employee writes the value of the sold bonds in the bond sales register and hands the formalized bond to the cashier. In the edition of paragraph 18 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 5/22 dated March 16, 2019 (registration number 1141-4, dated 08.04.2019) — National Database of Legislative Acts, 08.04.2019, No. 10/19/1141-4/2900

19. The cashier takes the formalized bond, accepts money from the customer, stamps the coupon, tears off the coupon, and gives the bond to the customer.

20. At the end of the business day, the bank-agent employee counts the bond sales registers and compares their sum with the sum of coupons stored with the cashier. The sum of bond sales registers is recorded in the receipt journal.

21. Unsold bonds are handed over to the designated storage location in the prescribed manner at the end of the business day.

22. Within three working days after the day of sale, the bank-agent transfers the funds received from the sale of bonds to the account of the Central Bank.

23. The coupons of sold bonds are handed over to the coupon storage location of the bank-agent branch in the prescribed manner. The bank-agent branch sends these coupons to the Main Territorial Directorate of the Central Bank within three working days from the day of sale based on the register.

IV. Procedure for Payment of Interest on Coupon-Bearing Bonds

24. Coupon-bearing bonds are placed at their nominal value, and coupon interest income is paid on them upon the completion of each coupon period.

The circulation date of the bond is calculated from the date it was first sold by the bank-agent. One coupon period of the bond constitutes three or six months, depending on the circulation term of the bond.

25. After each coupon period expires, the bond owner has the right to present the bond to the bank-agent to receive coupon interest income.

26. When paying coupon interest income, the bank-agent employee checks that the presented bond is an original, places a mark on the coupon for payment, enters the number and value of the paid coupon into the control register, and returns the bond to the presenter.

The bond owner hands the bond to the cashier for payment. The cashier checks that the bond is an original, stamps the coupon, tears it off from the bond, gives the money, and returns the bond to the owner.

27. At the end of the business day, the bank-agent employee calculates the total value of paid coupons according to the control register and compares it with the sum of coupons paid by the cashier. The sum of the control register is recorded in the expense journal.

28. Paid coupons are handed over to the coupon storage location of the bank-agent daily.

29. Coupons paid by the bank-agent are sent to the Main Territorial Directorate of the Central Bank through the collection service within three days. In this case, the cashier draws up a list of paid coupons indicating the number and value of the paid coupons. A copy of the list signed by the head and chief accountant is placed in the collector's bag together with the paid coupons. The second copy of the list with the collector's stamp is kept in the bank-agent's report. In the edition of paragraph 29 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 5/22 dated March 16, 2019 (registration number 1141-4, dated 08.04.2019) — National Database of Legislative Acts, 08.04.2019, No. 10/19/1141-4/2900

30. The Central Bank pays the bank-agent the sum of paid coupons indicated in the list within three working days from the date the paid coupons were received.

31. If a bond is presented for payment before its maturity, the bank-agent pays the nominal value and all coupon interest incomes whose payment period has arrived.

In this case, coupon interest incomes whose payment period has not yet arrived at the time of presentation of the bond are not paid.

V. Procedure for Circulation of Non-Coupon-Bearing Bonds

32. Non-coupon-bearing bonds are placed at their nominal value. Payment of interest income on them is carried out only in cases where they are bought back at their value in accordance with the table of changes in the value of the bond presented on the back of the bond.

33. The table of changes in the value of the bond shows the change in its current value every month, depending on its circulation term. If a non-coupon-bearing bond is presented for repayment before the expiration of its circulation term, the current value of the bond is paid.

VI. Procedure for Redemption of Bonds

34. When a bond is accepted for repayment of its value, the bank-agent employee places a "REDEEMED" stamp on the bond blank and indicates the redemption date, the code of the bank that returned the bond value, confirms the entries made with his signature and stamp, and enters the number and value of the redeemed bond into the register. In a separate row, the nominal value of the bond and the sum of paid income are indicated. The redeemed bond is given to the cashier, who signs it, tears off the second and third letters ("B", "L") of the word "OBLIGATSIYA," and carries out payments for the redeemed bond. Coupons are not torn off when redeeming the bond.

35. At the end of the business day, the bank-agent employee calculates the register of redeemed bonds and compares its sum with the sum of redeemed bonds stored with the cashier.

36. At the end of the business day, redeemed bonds are handed over to the bond storage location of the bank-agent in the prescribed manner.

37. The bank-agent sends the blanks of redeemed bonds to the Main Territorial Directorate of the Central Bank through the collection service within three days.

In this case, the cashier draws up a list of redeemed bonds indicating the number and value of the redeemed bonds. A copy of the list signed by the head and chief accountant is placed in the collector's bag together with the blanks of redeemed bonds. The second copy of the list with the collector's stamp is kept in the bank-agent's report. In the edition of the second paragraph of paragraph 37 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 5/22 dated March 16, 2019 (registration number 1141-4, dated 08.04.2019) — National Database of Legislative Acts, 08.04.2019, No. 10/19/1141-4/2900

38. The Central Bank pays the bank-agent the value of redeemed bonds indicated in the list within three working days from the date they were received.

VII. Control and Accountability

39. Bond blanks are considered strictly accountable blanks and are accounted for in account 90305 "Blanks of Securities of the Central Bank." Securities blanks received for distribution are accounted for at their nominal value. Redeemed securities blanks are valued at a conditional price of "1 sum per piece." For this account, counter-account 96307 "Counter-account for Blanks of Securities of the Central Bank" is used. In the edition of paragraph 39 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 39/14 dated December 15, 2018 (registration number 1141-3, dated 04.01.2019) — National Database of Legislative Acts, 05.01.2019, No. 10/18/1141-3/2421

40. The acceptance and handover of bond blanks, their accounting and storage are carried out in commercial banks based on the "Instructions on Organizing Cash Work, Collecting Cash and Other Valuables" (registration number 3028, June 29, 2018). In the edition of paragraph 40 of the Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 39/14 dated December 15, 2018 (registration number 1141-3, dated 04.01.2019) — National Database of Legislative Acts, 05.01.2019, No. 10/18/1141-3/2421

41. The management of the bank-agent provides employees with the necessary explanations and ensures during inspections and checks that employees comply with the prescribed procedure for conducting operations with bonds.

42. Responsibility for the proper organization and strict observance of the storage of bond blanks in the prescribed manner is imposed by order on the head of the bank, the chief accountant, and the cashier.