Registered

Ministry of Justice of Turkmenistan

No. 905 dated September 5, 2015

Authorized

By the order of the Chairman

Of the State Commodity and Raw Materials

Exchanges of Turkmenistan

No 01/05-18 dated August 14, 2015

THE ORDER

for acquisitions of the broker place

at the State Commodity and Raw Materials Exchange of Turkmenistan

The present Order of acquisition of the broker place at the State Commodity and Raw Materials Exchange of Turkmenistan (hereinafter referred to as the Order) is developed on the basis of the Law of Turkmenistan «About commodity and raw materials Commodity exchanges and exchange trade», Regulations about the State Commodity and Raw Materials Exchange of Turkmenistan (hereinafter referred to as theCommodity Exchange), approved by the Resolution of the President of Turkmenistan «About the State Commodity and Raw Materials Exchange of Turkmenistan» No. 14074dated January 22, 2015, Rules of Exchange Trade at the State Commodity and Raw Materials Exchange of Turkmenistan, registered by the Ministry of Justice of Turkmenistan No. 897 datedAugust 12, 2015 and approved by the order of the Chairman of the State Commodity and Raw Materials Exchange of Turkmenistan No. 01/05-16 dated July 14, 2015 (hereinafter referred to as theRules of Exchange Trade) and regulates acquisition of the broker place at the Commodity Exchange.

  1. Physical and legal persons of Turkmenistan and the foreign states of all patterns of ownership for participation in exchange trade as the seller or the buyer according to the present Order shall acquire the broker place.
  1. For acquisition of the broker place to the Chairman of the Commodity Exchange the application is submitted to which the following documents are enclosed:
  • Constituent documents of the legal entity, its representative and the physical person-entrepreneur without formation of the legal entity (the charter, regulations, the power of attorney, the patent, etc.);
  • The passport copy of the broker.

If necessary, the Commodity Exchange can request also other documentsabout the activity of the applicant.

  1. After registration in reception office of the Commodity Exchange the statement for acquisition of the broker place and the documents enclosed to it under instructions of the Chairman of the Commodity Exchange are considered by Department of the mutual settlements of the Commodity Exchange, Department on arrangement of exchange trades, Department of the Financial Control and Legal and personnel administration within 3 (three) working days. At the positive conclusion about acquisition of the broker place by the Department of the mutual settlements of the Commodity Exchange the invoice about payment of 1 (one) annual payment is issued. Term of use of the broker place begins from the moment of transfer of payment according to the invoice.
  1. After payment of cost for the broker place the following documents in the established form are enquired:
  • Data about the legal or the physical person or the identity of person;
  • Obligations;
  • Powerofattorney.

After complete submission of documents the Commodity Exchange for the period of 1 (one) year issues to the participant the special electronic card for the right of carrying out of trade operations at the Commodity Exchangewith indication of number of the broker place and makes the mark about it in the special book.

  1. For prolongation of term of use of the broker place the application to the Chairman of the Commodity Exchange is addressed. Applications are considered in an order established in items 3, and 4 of the present Order, and the annual payment for use of the broker place is levied.
  1. The rights of the broker are as follows:
  • To perform trade operations at the Commodity Exchange;
  • To use all services of the Commodity Exchange;
  • To demand data under documents belonging to it.
  1. Obligationsofthebroker:
  • To observe Laws of Turkmenistan, the Rules of Exchange Trade and instructions of the Chairman the Commodity Exchange regulating carrying out of trade operations;
  • In due time to pay established by the Commodity Exchange annual payment and relevant collections for the broker place;
  • Not to disclose the information constituting the confidential trade secret about activity of the Commodity Exchange;
  • To make thrifty use of the electronic cards giving the participation right in the exchange trade, and to compensate at its loss and breaking.
  1. Powers and obligations of the broker under the present Order are performed by the heads of the legal entity,who has acquired the broker place, the physical person-entrepreneur without formation of the legal entity, direct by any person or by the authorised representative. In this case, the authorised representative represents the power of attorney issued according to the legislation of Turkmenistan. The presented power of attorney is registered in the electronic database of the Commodity Exchange. In a case of replacement of the authorised representative, it is necessary to notify the head of the Commodity Exchange in writing.
  1. The physical person is authorised to be the representative only for one broker place.
  1. Bases for cancellation of work of the broker:
  • The application for closing of the broker place;
  • Not payment of annual fees for the broker place in fixed terms;
  • Refusal of payment of annual fees for the broker place;
  • Infringement of regulations of the exchange trade.
  1. The persons who have not acquired the broker place can perform purchase and sale operations at the exchange auctions by the conclusion of the agreement about rendering of broker services with brokers of the Commodity Exchange.