Regulations on the Issuance and Circulation of State Short-Term Bonds

Regulations of the Board of the Central Bank of the Republic of Uzbekistan, registered on 30.11.1998, registration number 552

Date of Entry into Force

30.11.1998

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15.08.2019

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30.11.1998

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[ 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 Issuance of Securities / 07.25.07.00 Cancellation (write-off) of Securities] [ TSZ: 1. Finance / Securities. Securities Market]

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

November 9, 1998, No. 218

(No. 19/5, November 9, 1998)

"APPROVED" Ministry of Finance of the Republic of Uzbekistan

November 13, 1998,

No. 08-01-03/396

"AGREED"

Regulations on the Issuance and Circulation of State Short-Term Bonds

[Registered by the Ministry of Justice of the Republic of Uzbekistan on November 30, 1998, registration number 552]

These Regulations were removed from the state register based on the Order of the Minister of Justice of the Republic of Uzbekistan No. 341-mh dated August 15, 2019 "On Removing Departmental Normative Legal Documents from the State Register" (registration number 552-5, dated 15.08.2019).

These Regulations are based on the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On the Securities Market," and the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 119 dated March 26, 1996 "On the Issuance of Short-Term State Bonds of the Republic of Uzbekistan," and establish the procedure for the placement, circulation, and payment of state short-term bonds.

1. General Provisions

1.1. The following main concepts are used in these Regulations:

state short-term bonds (hereinafter referred to as "Bonds" in the text) — state securities that grant their owners the right to receive their nominal value upon maturity and to receive profit in the form of the difference between the realization (or redemption) value and the purchase price;

Dealer — a bank or a member of an exchange that has the right to perform functions related to servicing transactions with Bonds with the Central Bank of the Republic of Uzbekistan, as well as to participate in exchange trading and conclude exchange transactions;

Investor — any legal entity other than a Dealer that purchases Bonds on an ownership and other material legal basis through the conclusion of a service contract with a Dealer;

Uzbekistan Republic Currency Exchange (hereinafter referred to as URCE in the text) — a legal entity authorized by contract with the Central Bank of the Republic of Uzbekistan to create conditions for providing a Trading System, including by organizing and conducting mass and open exchange trading of Bonds based on established rules at predetermined places and times. The URCE cannot perform Dealer and Investor functions;

trading system — a system operated by the URCE for conducting electronic trading of transactions with Bonds, ensuring the registration of accepted applications, automatic conclusion of transactions, preservation of Bonds and rights thereto, as well as clearing and settlement of transactions with Bonds, where real-time reflection of workstations of trading participants, recording of trading processes in protocols, and formalization of final exchange documents are provided.

1.2. Bond owners have the right to own, use, and dispose of their Bonds in accordance with current legislation, taking into account the restrictions imposed by contracts concluded on the basis of these Regulations.

1.3. The circulation of Bonds may be carried out only through purchase and sale, as well as through the conclusion of pledge agreements (Transactions) established by current legislation and these Regulations.

1.4. The mutual relations between the Dealer and the Uzbekistan Republic Currency Exchange are formalized on a contractual basis.

The Dealer has the right to conclude transactions with Bonds in its own name and at its own expense, as well as on the instruction of the Investor and at the expense of the Investor.

Dealers have equal opportunities to submit and execute applications for Bonds in the Trading System, as well as to obtain information on the progress of ongoing trading.

2. Procedure for Issuing Bonds

2.1. Bonds are issued in documentary-less form for a term of one year in the name of and at the expense of the Ministry of Finance of the Republic of Uzbekistan.

2.2. The Central Bank of the Republic of Uzbekistan performs agency functions regarding the placement and payment of Bonds.

2.3. The nominal value of Bonds is expressed in the national currency of the Republic of Uzbekistan and is equal to 1000 soums.

2.4. For the accounting and registration of Bonds, registration codes are issued to each Dealer and Investor.

The procedure for forming registration codes for Dealers and Investors is specified in Appendix 1 of these Regulations.

2.5. The registration code issued to the Dealer by the Central Bank of the Republic of Uzbekistan is called the Dealer Code and is unique for each Dealer.

The specified code is indicated in the contract concluded between the Central Bank of the Republic of Uzbekistan and the Dealer, and must be recorded in all operational, registration, and accounting documents related to operations conducted by this Dealer in the Bond market in its own name.

2.6. The registration code issued to the Investor by the Dealer servicing them is called the Investor Code and is unique for each Investor.

The specified code is indicated in the contract concluded between the Central Bank of the Republic of Uzbekistan and the Investor, and must be recorded in all operational, registration, and accounting documents related to operations conducted in the Bond market by this Dealer on the instruction of the Investor.

The registry of Investor registration codes is maintained by the Dealer who concluded the service contract with this Investor.

3. Procedure for Storing Bonds and Accounting for Rights Thereto

3.1. The storage of Bonds and accounting for rights thereto are maintained in a deposit account opened at the URCE for transactions involving state securities (hereinafter in the text — "deposit" account).

Rights to Bonds transfer to the buyer from the moment funds are transferred to the seller's personal account and the corresponding credit entry is made to the "deposit" account. Rights to Bonds are confirmed by an extract from the "deposit" account.

3.2. The "Deposit" account for the Dealer is opened based on the contract between the URCE and the Dealer.

3.3. The "deposit" account for the Investor is opened based on the "deposit" instruction of the Dealer who concluded the service contract with the Investor. An Investor may have only one "deposit" account number opened based on the "deposit" instruction of a single Dealer.

For an Investor, several "deposit" accounts may be opened based on service contracts concluded with respective Dealers.

3.4. An Investor has the right to transfer Bonds from a "deposit" account opened based on the "deposit" instruction of one Dealer to a "deposit" account opened based on the "deposit" instruction of another Dealer without conducting a purchase and sale or pledge agreement. The transfer of Bonds is carried out based on "deposit" instructions. (Appendix 2 to these Regulations).

3.5. The transfer of Bonds under pledge agreements is carried out on the basis of the relevant "deposit" for blocking and unblocking Bonds (Appendices 2a and 2b to these Regulations).

3.6. "Deposit" instructions indicating an execution date earlier than the day of receipt of the "deposit" instruction are not accepted for execution. Based on the results of the execution of the "deposit" instruction, the URCE issues an extract to the owner of the "deposit" account.

3.7. Upon completion of transactions, the delivery of Bonds is carried out by debiting Bonds from the accounts of Dealers (Investors) — sellers and crediting them to the accounts of Dealers (Investors) — buyers.

3.8. The URCE submits information to the Central Bank of the Republic of Uzbekistan once a week (on the last working day) in the volume specified in Appendix 3 to these Regulations. Dealers submit information to the Central Bank of the Republic of Uzbekistan once a month (on the last working day) in the volume specified in Appendix 4 to these Regulations.

The submitted information is monitored by the Central Bank of the Republic of Uzbekistan by comparing it with the results of trading for the same period.

3.9. Bonds purchased by the Central Bank of the Republic of Uzbekistan at its own expense, in addition to the "deposit" account where they are accounted for, have a "deposit" account at the URCE, which is intended for carrying out processes of placing, paying, and purchasing Bonds, and is referred to in the text as the "emission account."

The day after receiving the global certificate regarding the next issuance, the Central Bank of the Republic of Uzbekistan issues an instruction to the URCE to transfer the entire volume of Bonds to its "emission account" at the URCE.

Upon the time of payment for the next issuance, the Central Bank of the Republic of Uzbekistan issues an instruction to the URCE (on the day following the payment date) to debit the fully paid Bonds from its "emission account."

3.10. The "deposit" account of the Dealer and Investor includes the following sections: "main" and "blocked." In turn, the "blocked" section includes the following subsections: "blocked, accepted as pledge," "blocked under REPO transaction," "blocked due to seizure." In addition, the "blocked, accepted as pledge" section corresponds to the "blocked for sales" sub-account intended for the sale of pledged Bonds.

3.10.1. The "main" section of the "deposit" account number is the "main" section where no restrictions on Bond transfers are established.

3.10.2. The "blocked" section of the "deposit" account is intended to take into account restrictions on rights to Bonds based on law or contract.

3.10.3. The "blocked, accepted as pledge" section of the "deposit" account is intended to account for pledged rights to Bonds in the "deposit" account number of the pledgor. In this case, the pledge agreement must provide for the following:

pledged Bonds are transferred to the pledgor;

pledged Bonds must have a payment term of not less than 10 calendar days from the date of unblocking and return to the account of the pledgor.

The process of encumbering rights to Bonds under various pledge agreements arising from this section is maintained separately for each agreement.

3.10.4. The "blocked under REPO transaction" section of the "deposit" account is opened in the "deposit" account of the buyer of Bonds under the first part of the agreement on the purchase and sale of Bonds with a repurchase condition. Accounting of Bonds under this section is maintained separately under the purchase and sale transaction of Bonds with a repurchase condition. These operations are carried out on the basis of the Rules on the procedure for concluding and executing REPO transactions involving state securities of the Republic of Uzbekistan. (reg. no. 1829, June 18, 2008).

3.10.5. The "blocked due to seizure" section of the "deposit" account is classified with the following restrictions:

Bonds may be transferred to this section only by the URCE based on a "deposit" instruction drawn up on the basis of a lawful instruction from authorized bodies without the consent of the Dealer and Investor;

Bonds may be transferred from this section to another section when the relevant permits of the respective bodies are available and upon payment of the Bonds;

The transfer of Bonds to this section must be carried out on the day when documents serving as the basis for the "seizure" of Bonds are received.

3.11. Without conducting purchase and sale transactions, the transfer of Bonds from the "deposit" account number of the pledgor to the "blocked, accepted as pledge" section of the "deposit" account number of the pledgee is permitted. In this case, the transfer of Bonds from the "blocked, accepted as pledge" section of the "deposit" account without a purchase and sale contract is permitted to the following sections:

the "main" section of the same "Deposit" account to which Bonds were previously transferred;

the "blocked for sales" sub-account corresponding to the "blocked, accepted as pledge" section of the same "deposit" account and intended for the realization of pledged Bonds.

3.12. When entries are made in the "deposit" account:

ownership rights to Bonds arise from the moment a credit entry is made to the buyer's "deposit" account, and pledge rights arise from the moment a credit entry is made to the "blocked, accepted as pledge" section of the pledgor's "deposit" account;

at any time, each Bond may be entered into only one "deposit" account;

at each period, the number of Bonds formalized by the global certificate must correspond to the total number of Bonds entered into the "deposit" account numbers of Dealers and Investors, as well as the "emission account" of the Central Bank.

4. Procedure for Monetary Settlements on Transactions Concluded with Bonds

4.1. Monetary settlements of Investors on transactions related to Bonds are carried out only through Dealers. Monetary settlement operations between Dealers are carried out in non-cash form through the Trading System.

4.2. Monetary settlements on transactions related to Bonds are carried out through a personal account opened at the Settlement and Cash Center (hereinafter in the text — SCC) under the Main Department of the Central Bank of the Republic of Uzbekistan in Tashkent City.

Separate personal accounts are opened for Dealers in the Trading System for settlement of transactions resulting from participation in trading and trading sessions.

4.3. On the date of conducting auctions and/or secondary market trading, the URCE obtains an extract from the SCC for its personal account. Upon receiving the extract from the SCC, the value indicated therein is transferred to the personal accounts of Dealers.

4.4. Funds received from the payment for the issuance of Bonds and from sales in secondary markets, after deducting the commission reward, are transferred by the URCE to the personal accounts of Dealers.

4.5. Obligations regarding monetary funds in the Trading System (multilateral clearing) on transactions concluded during trading sessions and related to Bonds are executed, and the net (net) obligations of each Dealer are determined at the end of the trading session.

4.6. The net (net) obligations of the Dealer include the monetary funds for Bonds purchased by them and payments for Bonds sold by the Dealer, minus the commission payments of the URCE.

4.7. Before the start of trading in the primary and secondary markets, Dealers must transfer funds necessary to make payments for Bond purchase operations to the account of the URCE. By 9:00 on the day the auction or trading is conducted, the SCC must notify the URCE about the funds received to its account from Dealers (separately for each Dealer).

The Trading System withdraws (takes) these funds from the personal accounts of Dealers.

4.8. Transfers of monetary funds on personal accounts of Dealers, withdrawal of monetary funds from personal accounts of buyer-Dealers, and transfers to personal accounts of seller-Dealers are carried out based on extracts from the transaction registry formed by the Trading System.

4.10. Withdrawal and transfer of funds from the personal account of the URCE at the SCC are carried out on the basis of reporting documents submitted by the URCE to the SCC.

5. Procedure for Circulation of Bonds in the Secondary Market

5.3. The URCE organizes the conduct of trading, registration of transactions, carries out clearing and settlement on concluded transactions, and draws up reporting documents.

5.4. The Trading System provides Dealers with equal opportunities to submit and execute applications for the purchase and sale of Bonds, as well as to obtain information on the progress of trading.

5.6. The Trading System must ensure that trading is conducted in compliance with the following conditions:

5.6.1. Before the start of trading, the Trading System obtains details on the monetary funds ordered for each Dealer. These details are the initial value of the monetary position of each Dealer. The Central Bank of the Republic of Uzbekistan may establish the minimum (lowest) permitted value of the monetary position (Dealer limit) for each Dealer.

5.6.2. The initial position of the Dealer (Investor) in the "deposit" is the number of Bonds in the "main" section of their "deposit" account and in the "blocked for sales" sub-account intended for the realization of pledged Bonds.

5.6.3. The conclusion of purchase and sale transactions is carried out during the competition of the Dealer's applications for the sale and purchase of Bonds, whether competitive or non-competitive. Competitive applications may be of two types: competitive applications with the condition of keeping quotes in the quotation book, and competitive applications without the condition of keeping quotes in the quotation book. Non-competitive applications are applications submitted without the condition of keeping quotes in the quotation book, during which transactions with pledged Bonds are conducted.

5.6.4. Dealers submit competitive applications for the purchase (sale) of Bonds to the Trading System, indicating the direction of the transaction, the number and value of Bonds, and the code of the buyer (seller). For a non-competitive application, the value is the average calculated value of trading, which is automatically calculated by the Trading System in automatic mode at the time of application submission. At the time of application submission, the Trading System determines the submission time.

5.6.5. The realization of pledged Bonds is carried out from the "blocked for sales" sub-account corresponding to the relevant "blocked, accepted as pledge" section of the "deposit" account of the Dealer (Investor).

5.6.6. When an application for the purchase of Bonds is received from a Dealer, the Trading System reduces the value of the monetary position by the sum of monetary funds (including sums necessary for paying commission payments) required to fully satisfy the given application. If the resulting value is less than the limit/established by the Central Bank of the Republic of Uzbekistan for this Dealer, the given application is not accepted for execution.

5.6.7. When an application for the sale of Bonds is received from a Dealer, the Trading System reduces the value of the "deposit" position required to fully satisfy the given application by the number of Bonds. If the resulting value is negative, the given application is not accepted for execution.

5.6.8. Applications of the Investor for the sale and purchase of Bonds are submitted by the Dealer who concluded the service contract with the Investor.

5.6.9. The satisfaction of applications is formalized in the form of purchase and sale transactions. The conclusion of the transaction does not require additional consent from the Dealer who submitted the satisfied application.

5.6.10. If a competitive application submitted with the condition of keeping quotes is not satisfied because it does not match the price conditions of the current quote at the time of submission, the application is placed in the queue.

5.6.11. If a competitive application submitted without the condition of keeping quotes and a non-competitive application submitted for the realization of pledged Bonds cannot be concluded due to price conditions at the time of submission, such application is removed from the Trading System.

5.6.12. Applications are satisfied in compliance with the following conditions:

the volume of the application does not affect its priority;

regardless of the time of submission, an application with a more beneficial value is satisfied faster than an application with a less beneficial value;

in case of equality of values, an application submitted earlier than another is satisfied before the one submitted later;

the transaction is concluded only at the price of the first-ranked application in the queue;

if, at the time of concluding the transaction, the application is satisfied only partially, its unsatisfied part is considered as a separate application.

5.6.13. When satisfying the Dealer's application (fully or partially), a recalculation of the values of the monetary position and "deposit" position serving as collateral for the applications of this Dealer is carried out.

5.6.14. Any application of the Dealer may be withdrawn by this Dealer from the Trading System if the application has not been satisfied by that time.

5.6.15. When the unsatisfied application of the Dealer is withdrawn, the monetary funds and number of Bonds accepted as collateral for this application increase the value of the monetary position and "deposit" position serving for submitting future applications for this Dealer.

5.7. Upon completion of trading, the Trading System removes all unsatisfied applications and calculates the final values of all positions of all Dealers. The Trading System determines the net remaining monetary funds (Appendix 14) to be transferred from (or to) the personal account of each Dealer, as well as the net remaining number of Bonds to be transferred to (or from) the "deposit" account of each Dealer to the URCE.

5.8. For carrying out accounting on "deposit" account numbers and personal accounts, extracts from the transaction registry formalized in accordance with Appendix 5 to these Regulations, obtained in two copies based on the results of trading by the Trading System, serve as the basis.

The first copy of the extract is for the Dealer and serves as a document confirming the facts of transactions and their terms for the Dealer; the second copy is kept as the initial document for reporting documents on transactions conducted at the URCE with the signature of the Dealer. The specified extracts are signed by an authorized official of the URCE.

5.9. The Trading System draws up reporting documents on the status of the "deposit" account and personal account of each Dealer regarding the results of conducted transactions.

5.11. On the basis of relevant conditions, each Dealer transfers to the URCE the following rights:

a) the right to formalize relevant reporting documents;

b) the right to carry out the transfer of monetary funds based on reporting documents drawn up by the Trading System from its personal account;

c) the right to deliver Bonds to "deposit" account numbers belonging to it or to Investors it services based on reporting documents drawn up by the Trading System.

5.12. Failure by the Dealer to sign the transaction registry prohibits the carrying out of clearing and settlement on its transactions. In this case, disputes are resolved in accordance with the procedure established by legislation and based on the contract between the URCE and the Dealer.

5.13. Extracts are stored at the URCE for 15 years. A consolidated registry of transactions formalized in accordance with Appendix 6 to these Regulations for all Dealers is regularly submitted to the Central Bank of the Republic of Uzbekistan.

5.14. Trading may be suspended in the event of technical failures or other circumstances that may hinder trading. If trading is not resumed within 30 minutes after suspension, all transactions for that day are cancelled without settlement, and trading is concluded. The decision to suspend and terminate trading is made by the Central Bank of the Republic of Uzbekistan.

6. Procedure for Bond Payment

6.1. Bond payment is carried out on the payment day from 9:00 to 10:00 local time.

6.2. Before the start of payment, the Trading System transfers bonds from the "blocked" section of the Dealers' (Investors') "depo" accounts to the "main" section of the same "depo" accounts.

Based on dealers' powers of attorney, the Central Bank of the Republic of Uzbekistan submits an application on behalf of the Dealer (Investors) to the Trading System for the sale of all Bonds due for payment on that day at a price equal to their nominal value from the "main" sections of the Dealers' (Investors') "depo" accounts.

6.3. The Central Bank of the Republic of Uzbekistan submits an application to the Trading System to purchase the entire volume of Bonds payable at nominal value.

6.4. The Trading System operates in accordance with the procedures and rules for operations in the secondary market for Bonds.

6.5. "Purchased" Bonds during the payment period by the Central Bank of the Republic of Uzbekistan are transferred to the "emission depo" account of the Central Bank of the Republic of Uzbekistan at the Uzbekistan Republic Value Bonds (UZRVB).

7. Procedure for Bond Placement. Auction

7.1. Bond placement is carried out in the form of an auction conducted by the Central Bank of the Republic of Uzbekistan based on the order of the Ministry of Finance of the Republic of Uzbekistan.

The date of the auction, the maximum volume of issuance, the time and place of holding the auction are announced by the Central Bank of the Republic of Uzbekistan at least 7 calendar days before the auction.

Based on the announcement of the Central Bank of the Republic of Uzbekistan, UZRVB publishes information about the upcoming auction on its official website.

7.2. After the announcement of the auction for the placement of the next issuance of Bonds, Dealers begin collecting applications from prospective buyers of Bonds. The collection of applications ends on the day of the auction.

7.3. On the day of the auction, from 10:00 to 10:30 at the place of holding the auction, Dealers submit two consolidated applications (hereinafter referred to as applications) for the purchase of Bonds, filled out in duplicate in the form specified in Annex 7 of these Rules. Applications submitted after 10:30 are not considered.

One of the applications for the purchase of Bonds is submitted by the Dealer in its own name and at its own expense (Dealer applications) and consists of the Dealer's personal offer to purchase Bonds. The other consolidated application is submitted by the Dealer on behalf of the Investor (Investor applications) and combines all applications received from prospective Investors.

The application is considered the Buyer's offer submitted to the Central Bank of the Republic of Uzbekistan to conclude a bond purchase agreement under the conditions specified in the application.

7.4. A consolidated application (both Dealer and Investor) may consist of a competitive and non-competitive number of applications of unlimited quantity.

In each competitive application, the Buyer specifies the value at which they wish to purchase Bonds and the corresponding number of Bonds. The price for each Bond is determined in percentages of the Bond's nominal value with an accuracy up to one hundredth of a percent.

In a non-competitive application, the Buyer specifies the total number of Bonds they are ready to purchase at the average weighted price at the auction.

7.5. By 10:00 on the day the auction is held, the funds of Dealers are blocked in their personal accounts.

If the auction date coincides with the payment date of the previous issuance for the new Bond issuance, the amount of blocked funds in the Dealer's account is finalized with the amount of funds to be paid to the Dealer from the payment of the previous issuance. The received sum is considered the initial value of the monetary position of each Dealer.

The Central Bank of the Republic of Uzbekistan may establish a minimum (minimum) permitted value of the monetary position for each Dealer (Dealer limit).

7.6. The authorized representative of the Central Bank of the Republic of Uzbekistan checks the correct formalization of consolidated applications.

A consolidated application filled out in violation of the formalization rules is excluded from the auction.

A record of the acceptance or rejection of each form of the consolidated application is entered, and this record is certified by the signature of the Representative of the Central Bank of the Republic of Uzbekistan.

One copy of the accepted consolidated application is given to the Dealer for entry into the Trading System.

7.7. The Dealer, observing the following conditions, enters accepted applications into the Trading System from 10:00 to 11:30:

When a competitive application for the purchase of Bonds is accepted, the Trading System reduces the value of the Dealer's monetary position by the amount of funds necessary to fully satisfy the given application and equal to the nominal value indicated in the Bond application (including the commission fee). If the resulting result is less than the norm established by the Central Bank of the Republic of Uzbekistan for this Dealer, this application is not accepted for execution;

When a non-competitive application for the purchase of Bonds is accepted, the Trading System reduces the value of the Dealer's monetary position by the amount of funds necessary to fully satisfy the given application and equal to the nominal value indicated in the Bond application (including the commission fee). If the resulting result is less than the norm established by the Central Bank of the Republic of Uzbekistan for this Dealer, this application is not accepted for execution;

non-competitive applications are entered according to the norm of competitive applications depending on the number of competitive applications entered first.

7.8. During the application entry period, any application of the Dealer may be withdrawn by the Dealer themselves. When withdrawing an application (competitive or non-competitive), the Trading System increases the value of the Dealer's monetary position by the amount of funds necessary to fully satisfy this application.

7.9. The acceptance and withdrawal of applications, and their entry, stop with the expiration of the entry deadline (at 11:30).

After applications are entered, each Dealer receives a certified copy of the registry of entered applications from the UZRVB representative (in 2 copies) and submits it to the Representative of the Central Bank of the Republic of Uzbekistan for comparison with their own copies of the applications.

7.10. The Representative of the Central Bank of the Republic of Uzbekistan monitors the conformity of the data entered into the Trading System with the composition of the given applications.

If errors are found in the entered data, the Dealer must restart the application entry process from the actions specified in clause 7.7.

7.11. If no errors are found in the registry of entered applications, both copies of the registry are signed by the Representative of the Central Bank of the Republic of Uzbekistan and the Dealer (one copy is given to each party).

If the application of a Dealer or Investor is not fully entered, in the corresponding copy left at the Central Bank of the Republic of Uzbekistan, the Dealer signs next to each unentered sentence in the "Withdrawn due to insufficient funds in the Dealer's account" section.

7.12. Based on the results of application collection, a consolidated statement of received applications is drawn up and formalized in accordance with Annex 8 of these Rules. It is signed by the Trading System representative and submitted to the Ministry of Finance of the Republic of Uzbekistan by the Representative of the Central Bank of the Republic of Uzbekistan together with a notice that the acceptance of applications at the auction ends by 13:00.

7.13. By 14:30, the Ministry of Finance of the Republic of Uzbekistan determines the minimum selling price of Bonds within the specified volume of issuance and the average weighted price of the auction, and sends an instruction to the Central Bank of the Republic of Uzbekistan to satisfy the applications.

7.14. At 15:00, the Central Bank of the Republic of Uzbekistan submits its application to the Trading System to sell the entire volume of issuance at the minimum selling price determined by the Ministry of Finance of the Republic of Uzbekistan.

Competitive applications are satisfied at the prices indicated in them (i.e., purchase agreements are concluded. In this case, competitive applications are satisfied if the prices indicated in them are not less than the minimum selling value).

Non-competitive offers are satisfied at the average weighted price of applications satisfied during the auction.

Settlements for concluded agreements are carried out in the manner specified in these Rules (Sections 3, 4).

7.15. By 16:00, each Dealer receives reporting documents on the results of transactions from the UZRVB representative.

7.16. Within one working day after the auction trading day, the authorized representatives of the Dealer, showing the relevant power of attorney signed by the responsible employee of the Central Bank of the Republic of Uzbekistan, which was fully or partially satisfied during the auction, receive second copies from the Central Bank of the Republic of Uzbekistan based on the relevant receipt.

7.17. Consolidated applications (fully or partially) signed by the responsible employee of the Central Bank of the Republic of Uzbekistan enter into force as a bond purchase agreement between the Dealer and the Central Bank of the Republic of Uzbekistan.

The purchase agreement is considered concluded from the date of signing by the responsible employee of the Central Bank of the Republic of Uzbekistan of the consolidated application.

8. Functions of the Central Bank of the Republic of Uzbekistan in the Bond Market

8.1. The Central Bank of the Republic of Uzbekistan performs the following functions in the Bond market:

Agent for servicing the issuance of Bonds by the Ministry of Finance of the Republic of Uzbekistan;

Dealer;

Regulatory authority.

8.2. Performing the function of the agent for servicing the issuance of Bonds by the Ministry of Finance of the Republic of Uzbekistan, the Central Bank of the Republic of Uzbekistan:

Establishes requirements for the Trading System;

Imposes requirements on Dealers, as well as determines the criteria for selecting Dealers and their numerical quantity;

Concludes contracts with organizations for the performance of Dealer functions;

Stores global certificates for each issuance indicating the state identification number presented in Annex 9 of these Rules;

Carries out the additional sale of unsold Bonds in the secondary market and their purchase within the circulation period under conditions agreed with the Ministry of Finance of the Republic of Uzbekistan;

Carries out the payment of Bonds on the payment day by the order of the Ministry of Finance of the Republic of Uzbekistan;

Advises the Ministry of Finance on issues of the volume and schedule of Bond issuance and payment, taking into account the liquidity of the banking system for Bonds and the primacy of monetary policy.

8.3. Performing the function of a Dealer, the Central Bank of the Republic of Uzbekistan:

Has Dealer rights and has the right to transfer these rights to its regional departments;

Carries out their trading in the secondary market by submitting applications for the purchase and sale of Bonds during trading time;

Carries out the collection of applications from Investors for the purchase and sale of Bonds in the primary or secondary market, and executes these applications through the Trading System.

8.4. Performing the function of a regulatory authority, the Central Bank of the Republic of Uzbekistan:

Exercises control over the placement and circulation of Bonds;

Receives information available in the Trading System regarding the progress of Bond trading, balances in the "depo" accounts of Dealers and Investors, and the movement of funds through Trading System accounts;

Stops operations with Bonds being carried out by any Dealer if a violation of current legislation and/or these rules is detected in their operations;

When carrying out its own operations with Bonds by the Central Bank of the Republic of Uzbekistan, it cannot use information obtained during the control over the placement and circulation of Bonds, or provide this information to third parties;

Limits the functions of control over the placement and circulation of Bonds and the functions of carrying out operations with Bonds between different departments of the Central Bank of the Republic of Uzbekistan acting as a Dealer.

9. General Principles of Accounting for Operations with Bonds

9.1. Dealers and Investors account for Bonds purchased from their accounts separately for each issuance on personal accounts under asset balance sheet accounts:

for banks: account 10701 named "Government Treasury Bills";

for other legal entities – in the manner established by legislation.

Each Bond is reflected in the accounts in chronological order at its purchase price.

9.2. The accounting of bonds belonging to Investors who have concluded a service contract with the Dealer is carried out in "depo" accounts opened on the basis of the "depo" order of this Dealer in the Depository, based on the total nominal value.

Dealers keep separate accounts for bonds belonging to Investors and bonds belonging to the Dealer itself. The accounting of bonds belonging to Investors is carried out separately for each Investor, and within it – by issuance.

The number of bonds purchased by the Dealer at its own expense must match the bond balance in the Dealer's "depo" account in the Depository.

The number of bonds purchased by the Dealer on behalf of Investors who have concluded a service contract with it must match the bond balance in the "depo" accounts of these Investors in the Depository.

9.3. Bonds purchased by Dealers and Investors must be regularly revalued. Revaluation means determining the balance value of existing Bonds in the Dealer's or Investor's portfolio as of the end of the relevant working day.

Revaluation is carried out by multiplying the number of Bonds existing in the Dealer's or Investor's portfolio at the end of the relevant working day by their "market price". The "market price" of Bonds means the average weighted price of the auction (in the primary market) or the average weighted price of the relevant day's trading in the Trading System (in the secondary market).

9.4. Revaluation of Bonds is carried out by Dealers or Investor-banks on the day trading of Bonds in the secondary market is held or on the day the auction is held in the primary market, regardless of whether the Dealer or Investor-bank carried out operations with Bonds on that day. Revaluation of Bonds by Investors – non-bank organizations is carried out only on the day they carry out operations to purchase or sell Bonds – at the "market price" of that day. Even if a non-bank Investor-organization carried out operations for only a few issuances on that day, revaluation of Bonds for all issuances existing in the portfolio of the non-bank Investor-organization is carried out.

An increase in the balance value of Bonds as a result of revaluation is considered income of the Dealer or Investor and must be transferred to its income account.

A decrease in the balance value of Bonds as a result of revaluation is an expense of the Dealer or Investor and must be transferred to its expense account.

9.5. Transfers reflecting operations with Bonds carried out by Dealers on their balance sheet accounts must be carried out based on copies obtained from the Trading System, regardless of whether the Dealer has declared an objection regarding this agreement.

9.6. If the Central Bank of the Republic of Uzbekistan adopts mandatory or recommended rules for accounting for securities in depositories, Dealers and the Depository must, within the next six months, change their internal rules and the technology of accounting for Bonds in accordance with these rules.

9.7. Accounting for operations with Bonds in banks is carried out in accordance with the "Temporary Rules for Accounting for Operations with State Short-Term Bonds in Commercial Banks" registered under No. 523 on November 9, 1998, and the "Regulation on Accounting for Operations with Securities in Commercial Banks" registered under No. 662 on March 5, 1999, with the Ministry of Justice of the Republic of Uzbekistan.

10. Composition of Official Information on Issuance and its Publication Procedure

10.1. The announcement of the placement of the next issuance is drawn up in the form presented in Annex 10 of these Rules.

10.2. The announcement of the payment of the next issuance is drawn up in the form presented in Annex 11 of these Rules.

10.3. The Central Bank of the Republic of Uzbekistan prepares the official report on the results of the auction no later than the next 2 working days in the form presented in Annex 12 of these Rules.

10.4. The Trading System prepares the official results of trading no later than the next working day in the form presented in Annex 13 of these Rules.

Information on the results of trading is published on the official website of UZRVB.

10.5. Information about agreements concluded at UZRVB (bond name, quantity, quotation (value), other than the day the agreement was concluded) cannot be provided to third parties. Information about concluded agreements is provided to the court, as well as investigative and inquiry bodies, in cases where a criminal case is initiated.

11. Confidential Information Received in the Performance of Control and Supervision Functions by the Central Bank of the Republic of Uzbekistan

11.1. Information received by the Central Bank of the Republic of Uzbekistan, stored in the Trading System, Settlement System, and Depository, and not included in the official information (in accordance with Section 10 of these Rules), including information about balances in the "depo" accounts of Dealers in the Depository and balances in the "depo" accounts of Investors, as well as about the terms and parties of specific bond purchase agreements, is considered confidential.

11.2. Confidential information cannot be disclosed by the Central Bank of the Republic of Uzbekistan.

11.3. Providing confidential information to any person or group of persons who cannot be aware of this information due to their official duties by any means is considered disclosure of information.

11.4. Information and other documents provided by the Central Bank of the Republic of Uzbekistan to organizations regarding themselves, courts, investigative bodies, arbitration bodies, audit organizations within their authority, as well as to financial bodies regarding tax issues, are not considered disclosure of confidential information.

11.5. For the purpose of carrying out inspection and control functions by the Central Bank of the Republic of Uzbekistan, the consent of Dealers must be obtained to transfer confidential information to it.

11.6. In turn, Dealers must obtain the consent of Investors to provide information indicated in UZRVB data to the Central Bank of the Republic of Uzbekistan in accordance with service contracts with Investors.

12. Dispute Resolution

12.1. Disputes arising between Dealers and UZRVB are resolved by a specially formed commission of UZRVB.

The collection of fees for the consideration of disputes by the Commission is prohibited.

12.3. Any party dissatisfied with the decision of the Commission has the right to appeal to the economic court.

First Deputy Chairman of the Central Bank M. NURMURADOV Deputy Minister of Finance E. GADIEV

ANNEX 1

Procedure for Formulating Registration Codes for Dealers and Investors

1. Procedure for Issuing Registration Codes.

1.1. A registration code is issued to each Dealer or Investor carrying out operations with Bonds.

1.2. The Dealer code is issued to an organization performing Dealer functions based on a contract concluded with the Central Bank of the Republic of Uzbekistan in accordance with these Rules. The Dealer code can only be changed or transferred to another organization by the Central Bank of the Republic of Uzbekistan.

1.3. The Investor code is issued by the Dealer to each client who has concluded a contract with it for services in the State Short-Term Bonds (GSTB) market.

2. Dealer Registration Code

2.1. The Dealer's registration code consists of ten digits divided into three groups: X0X1X2X3X4X5X6X7X8X9

2.2. The first group, X0, represents the market code.

2.3. The second group, X1X2X3X4, indicates the sequential number assigned to the Dealer in accordance with the contract concluded with the Central Bank of the Republic of Uzbekistan.

2.4. The third group, X5X6X7X8X9, is always equal to 00000.

3. Investor Registration Code

3.1. The Investor's registration code consists of ten digits divided into three groups: X0X1X2X3X4X5X6X7X8X9

3.2. The first two groups, X0 and X1X2X3X4 codes, correspond to clauses 2.1 and 2.2 of this Annex.

3.3. The third group, X5X6X7X8X9, indicates the sequential number of the Investor, which is issued by the Dealer when concluding a service contract.

4. Registration Code of the Central Bank of the Republic of Uzbekistan

4.1. The registration code of the Central Bank of the Republic of Uzbekistan is 1000100000.

4.2. The registration code of an Investor who has concluded a service contract with it is equal to 10001X5X6X7X8X9, where X5X6X7X8X9 is coded in accordance with clause 3.3 of this Annex.

ANNEX 2

List of Mandatory Requisites in the "Depo" Order (For the DEPO account)

1. Order number.

2. Date the order was issued.

3. Number of the security in the State Register.

4. Name of the person delivering the security (the person granting rights to the security).

Number of the DEPO account of the person delivering the security.

8. Name of the person receiving the security (the person receiving rights to the security).

** Number of the DEPO account of the person receiving the security.

12. Quantity of the security.

13. Basis for the order:

type of document;

document number;

document date;

place of registration.

• The number of the "depo" account of the deliverer must include its registration code.

** The number of the "depo" account of the recipient must include its registration code.

ANNEX 2a

List of Mandatory Requisites in the Order for Transferring Bonds to the "Pledged and Encumbered" Section of the "Depo" Account

1. Order number.

2. Date the order was issued.

3. Requisites of the pledge agreement (date, sequential number).

4. Date of transfer to pledge.

5. Date of return from pledge.

6. State register number of the security.

7. Quantity of the security.

8. Name of the person delivering the securities (the person giving the pledge).

Number of the DEPO account of the person delivering the securities.

---

12. Name of the securities recipient (pledgee).

** Number of the securities recipient's DEPO account.

16. Signatures of the authorized persons of the deliverer (pledgor) and the recipient (pledgee).

• The deliverer's "depo" account must include the deliverer's registration code.

** The recipient's "depo" account must include the recipient's registration code.

APPENDIX 2b

List of requisites that must be present in the instruction for the transfer of bonds to the "Pledged Blocked" section of the "Depo" account

1. Instruction number.

2. Date the instruction was issued.

3. Requisites of the pledge contract (date, sequence number).

4. Date of return from pledge.

5. State registration number of the bond.

6. Number of bonds.

7. Name of the securities deliverer (pledgor).

Number of the securities deliverer's "depo" account.

11. Name of the securities recipient (pledgee).

** Number of the securities recipient's "depo" account.

15. Signature of the authorized person of the deliverer (pledgee).

• The deliverer's "depo" account must include the deliverer's registration code.

** The recipient's "depo" account must include the recipient's registration code.

APPENDIX 3

Form for submitting information stored in the Uzbekistan Interbank Currency Exchange (UZIB) on a weekly basis

The Uzbekistan Interbank Currency Exchange submits information according to the results of each working week (separately for each issue of bonds).

1. Total number of bonds belonging to investors and serviced by Dealers.

2. Total number of bonds belonging to Dealers.

3. Investor list, indicating the following:

a) Investor code;

b) Number of bonds belonging to them in the "Depo" account sections.

4. List of "depo" instructions submitted by the Dealer for the transfer of the investor's bonds to the investor's account without a transaction:

a) Investor code;

b) Number of transferred bonds (separately for each issue);

c) Number of the investor's "depo" account.

5. List of "depo" instructions submitted by the Dealer for the transfer of bonds to the "Pledged Blocked" section of the Dealer's (Investor's) "depo" account without a transaction:

a) Number of the deliverer's (pledgor's) "depo" account;

b) Number of transferred bonds (separately for each issue);

c) Number of the recipient's (pledgee's) "depo" account.

6. List of "depo" instructions submitted by the Dealer for the transfer of bonds from the "Pledged Blocked" section of the Dealer's (Investor's) "depo" account without a transaction:

a) Number of the deliverer's (pledgee's) "depo" account;

b) Number of transferred bonds (separately for each issue);

c) Number of the recipient's (pledgor's) "depo" account.

7. Information on the transfer of bonds to the "Blocked for Trading" sub-account:

a) Number of the pledgee's "depo" account;

b) Number of transferred bonds (separately for each issue);

c) Number of the pledgor's "depo" account;

d) Date of transfer.

8. Information on the direction of the "Blocked under REPO transaction" and "Blocked under Clearing" sections of bonds.

APPENDIX 4

Form for Dealers to submit information monthly

The reporting period is considered to be the period starting from the first Monday of the previous month and ending on the last working day before the first Monday of the current month. Dealers submit information for the reporting period no later than the first Tuesday of this month (separately for each issue of bonds):

1. Total number of Bonds belonging to Investors serviced by the Dealer.

2. Investor list, indicating the following:

a) Code (account number) of the Investor (according to the Dealer's coding);

b) Full name, status, organizational-legal form, form of ownership, code of the legal entity and main type of activity, tax identification number, postal address (based on the certificate of state registration of the Investor), bank account;

c) Number of Bonds belonging to the Investor at the beginning and end of the reporting period;

d) Number of Bonds sold and purchased by the Investor during the reporting period;

e) Number of transactions carried out by the Dealer according to the Investor's instruction during the reporting period;

f) Number of Bonds transferred to and issued from the Investor's account without transactions in accordance with paragraph 3.5 of the Regulation.

3. Information on transfers to/from the "pledged blocked" section of the Dealer's "depo" account and to/from the "blocked for sale" sub-account in accordance with paragraphs 3.4 and 3.10 of the Regulation.

APPENDIX 5

Extract from the Transaction List

Day, date / month / year

Dealer ___________________________________________________

No.

Transaction Number

Transaction Time

Transaction Type

Quantity

Transaction Price

Order Number

Customer

Transaction Amount

Commission Amount

1 2 3 4 5 6 7 8 9 10

Securities Code_______________________________

Total Purchased

Total Sold

Securities Code________________________________________

Total Purchased

Total Sold

Total:

UZIB Broker _________________________________________/F.I.O./ Dealer _________________________________________/F.I.O./

Column 2 - Transaction number in the Trading System; Column 3 - Time the transaction was made; Column 4 - Transaction type ("b" buy, "s" sell); Column 5 - Number of securities sold or purchased; Column 6 - Transaction price as a percentage of nominal; Column 7 - Order number in the Trading System; Column 8 - Name of the Dealer's client; Column 9 - Transaction amount in sum; Column 10 - Commission amount in sum for UZIB services.

In column 9, the amount is indicated with a "+" sign if it must be transferred to the Dealer's account, or with a "-" sign if it must be withdrawn from the Dealer's account.

The TOTAL row shows the arithmetic sum of columns 9 and 10.

APPENDIX 6

Transaction List

Day, date / month / year

No.

Transaction Number

Transaction Time

Transaction Type

Quantity

Transaction Price

Order Number

Customer

Transaction Amount

Commission Amount

1 2 3 4 5 6 7 8 9 10

Securities Code_______________________________________

By Issue

Securities Code______________________________________

By Issue

Total

Head of the Fund Department _________________________________________/F.I.O. /

Column 2 - Transaction number in the Trading System; Column 3 - Time the transaction was made; Column 4 - Transaction type; Column 5 - Number of securities sold or purchased; Column 6 - Transaction price as a percentage of nominal; Column 7 - Order number in the Trading System; Column 8 - Name of the Dealer's client; Column 9 - Transaction amount in sum; Column 10 - Commission amount in sum for UZIB services.

APPENDIX 7

Order for the Purchase of Bonds

B L A N K

The order is fulfilled at a price not less than _______ percent of nominal, amounting to ________________________ (________________________________________________________________________) sum.

M.O.

On behalf of the Central Bank of the Republic of Uzbekistan

20___y. "_"______________

---

number of copies

Purchaser Code *

---

ORDER for the Purchase of State Short-Term Bonds (issue number , maturity date 20___y. ""___________)

Hereby, the following parties, hereinafter referred to as the "Buyer", express their readiness to purchase State Short-Term Bonds of issue number _______ with a payment date of 20__y. ""_____ at the auction held on 20___y. "___" ________ in the amount and at the price conditions specified in the attached Appendix to this Consolidated Order, consisting of _____ pages. The Buyer agrees to the conditions for conducting the auction established by the "Regulation on the Circulation and Service of State Short-Term Bond Issues", including the minimum price set by the Ministry of Finance of the Republic of Uzbekistan for the sale of bonds, and assumes all resulting obligations.

• • For applications submitted from Investors, the last five digits of the Buyer's code are equal to 99999;

• For applications submitted from Dealers, the last five digits of the Buyer's code are equal to 00000.

M.O.

Signatures:

20___y. ""__________________

Consolidated Order accepted for auction:___________________ ___________-pages,

Number of pages________

Conditions for the Purchase of State Short-Term Bonds issue number____(maturity date 20_y."_" ___)

Investor Name Price as a percentage of nominal Quantity in pieces Value of bonds being purchased 1 sum, tiyin Commission 2 sum, tiyin Amount of funds reserved taking into account commission (cumulative result) sum, tiyin Cancelled due to insufficient funds 3 1 2 3 4 5 6 7 Non-competitive

Competitive

M.O.

Signatures:

20__y "____" ______________.

1 Column 4 indicates the following: for non-competitive orders - nominal price of bonds in sum multiplied by column 3 for competitive orders - purchase price in sum multiplied by column 3

2 Column 5 (multiplied by the Commission rate in column 4) is indicated.

3 This is filled in if there are insufficient funds in the Dealer's "trading" sub-account to make payment for this offer.

Note:

1. Column 1 is filled in the attachments to the Investor's Consolidated Order.

2. Seal and signature are affixed to each page of the attachment to the Consolidated Order form.

APPENDIX 8

Consolidated Registry of Accepted Auction Orders

Day/Month/Year

Securities Code__________________________

Volume of Non-competitive Orders__________________pieces

Price as a percentage of nominal

Quantity in pieces

Volume of Competitive Orders in sum (cumulative result)

Volume of Non-competitive Orders in sum (cumulative result)

Average Weighted Price of Auction* %

1 2 3 4 5

...................

Continuation of table

Yield % (average weighted)

Total Volume of Placement in sum (cumulative result)

Total Volume of Payment to be Made in sum (cumulative result)

Investors' Income (budget expenditure) in sum

6 7 8 9

...................

Total Competitive Orders_______________________________pieces

• if the price of a certain row (column 1) is set by the Ministry of Finance as the minimum price for the sale of bonds, then in such a case, the average weighted price of all fulfilled orders is indicated in the corresponding row of the "Average Weighted Price of Auction" column.

On behalf of UZIB _______________________________________________/ /

APPENDIX 9

State Registration Number of the Issue

1. Each issue of Bonds of the Republic of Uzbekistan is assigned a state registration number.

2. The state registration number consists of nine characters: X1X2X3X4X5X6X7X8X9.

3. The first category (X1) - the digit "2" indicates the type of security - debt obligation.

4. The second category (X2) is a digit indicating the type of security:

"1" - for three-month state bonds;

"2" - for six-month state bonds;

"3" - for nine-month state bonds.

"4" - for twelve-month state bonds.

5. The third, fourth, and fifth categories (X3X4X5) indicate the sequence number of the issue of this type;

6. The sixth, seventh, and eighth categories (X6X7X8) indicate the issuer with the letters "UMF" ("Uzbekistan Ministry of Finance").

7. The ninth category (X9) - the letter "S" - certifies the state ownership of the security.

8. When using this state registration number as ISIN numbers in international operations, a two-digit prefix is placed to the left of the number, and a check digit corresponding to the international ISO 6166 standard is placed to the right.

Example: The first issue of three-month bonds will have the registration number "21001UMFS".

APPENDIX 10

ANNOUNCEMENT on the Placement of the Next Issue

The Central Bank of the Republic of Uzbekistan, pursuant to Contract No. "" dated ""_____, 20___y., between the Ministry of Finance of the Republic of Uzbekistan and the Central Bank of the Republic of Uzbekistan, announces the holding of an Auction for the sale of the next issue of State Short-Term Bonds on 20___y. ""__________:

a) Issue number _________;

b) Issue volume ____________ million sum;

c) Nominal value of bonds is 1000 (one thousand) sum;

d) Maturity date of bonds 20___y. "_"___________;

e) Range of future buyers _______________________;

f) Maximum amount of non-competitive orders ____________.

The Auction will be held on 20___ year "__"__________ at _____ _____ minutes in the city of Tashkent at the following address: ______________________________________________________________________________

Persons and organizations wishing to purchase bonds in this issue and having the right to do so in accordance with the terms of the issued bonds may contact one of the following dealers:

No.

Dealer

Address, Phone

APPENDIX 11

ANNOUNCEMENT on the Redemption of the Next Issue

The Central Bank of the Republic of Uzbekistan, pursuant to Contract No. "" dated ""_______, 20___y., between the Ministry of Finance of the Republic of Uzbekistan and the Central Bank of the Republic of Uzbekistan, announces the redemption of State Short-Term Bonds on 20___y ""________.

a) Issue number _______;

b) Issue volume ________ million sum;

c) Nominal value of bonds is 1000 (one thousand) sum.

Payment on bonds will be made on 20___ year ""_________ at ___ ___ minutes in the city of Tashkent at the following address: __________________________________________________________

Funds obtained from the redemption of bonds of issue number _____ may be used to purchase bonds of issue number _____.

In case of issues related to redemption, bondholders should contact the dealers who signed the service contract with bondholders.

APPENDIX 12

Official Report on Auction Results

The official report on the results of the auction held for the placement of State Short-Term Bond Issues (issue number XXXXX, term XXX days) consists of the following information:

1. Time and date of holding.

2. Number of organizations participating in the auction.

3. Number of orders submitted and the total monetary amount of orders.

4. Price range of submitted orders.

5. Indicators of the lowest and average weighted prices of sold bonds.

6. Number of fulfilled orders and their ratio as a percentage of the total number.

7. Quantitative volume of sold bonds.

8. Yield of bonds at the average weighted and lowest prices.

APPENDIX 13

EXCHANGE INFORMATION

Date/Month/Year

Issuer _________________________________________________

Registration Number

Maturity Date

Nominal (in sum)

Trading Volume (quantity, in pieces)

Trading Volume (amount in sum)

Transaction Prices

Average Weighted

Min.

Max.

1 2 3 4 5 6 7 8

.......

Total

Continuation of table

Order Price

Closing Quotation

Min. Sell

Max. Buy

Sell

Buy

.......

On behalf of UZIB__________________________________________________________________________________/ /

• price is indicated in percentages with an accuracy of 0.01% of nominal.

APPENDIX 14

Dealer's Obligations Based on Secondary Trading Results

Day/Month/Year

Dealer's Code Number _______________________________________________________

Fund Code

Type

Amount (in sum)

Debit Turnover (in sum)

Credit Turnover (in sum)

Commission (in sum)

1 2 3 4 5 6

On behalf of UZIB _____________________________________________//

On behalf of the Dealer ______________________________________________________________/ _______________/ (With amendments and additions introduced based on the Resolutions of the Board of the Central Bank of the Republic of Uzbekistan No. 218-1 dated November 20, 1999 (registration number 552-1, May 11, 2000), No. 218-2 dated December 16, 2013 (registration number 552-2, December 26, 2013), No. 218-3 dated December 28, 2015 (registration number 552-3, February 5, 2016), and No. 218-4 dated August 26, 2017 (registration number 552-4, September 26, 2017))