Turkmenistan's Law on Regulation and Control of Money in Foreign Economic Relations

I. Law of Turkmenistan “On Regulation and Control of Money in Foreign Economic Relations” adopted on October 1, 2011 (Information of the Mejlis of Turkmenistan, 2011, No. 4, Article 74; 2013, No. 3, Article 59; 2014, No. l, Article 49; 2015, No. 1, Article 45; 2017, No. 4, Article 147; 2018, No. 2, Article 43) added the following paragraph to the second part of Article 15:
«19) Transactions related to the purchase of local products (raw materials) for sale at auctions in foreign currency at the State Commodity and Raw Materials Exchange of Turkmenistan at the expense of foreign currency received from the sale of goods, works and services by individuals.
II. This Law shall enter into force on the date of its official publication.

Ashgabat.
March 14, 2020.
No. 239-VI.

04.02.2020

P R O C E D U R E for acquisition of a broker site on the State Commodity and Raw Materials Exchange of Turkmenistan

This Procedure for acquisition of a broker site at the State Commodity and Raw Materials Exchange of Turkmenistan (hereinafter - Procedure) is developed under the Law of Turkmenistan “On commodity exchanges and exchange trade”, the Regulations of the State Commodity and Raw Materials Exchange of Turkmenistan (hereinafter – Exchange), approved by the Decree of the President of Turkmenistan “On the State Commodity and Raw Materials Exchange of Turkmenistan” No. 14074 dated 22.01.2015, the Rules of exchange trade at the State Commodity and Raw Materials Exchange of Turkmenistan registered by the Ministry of Adalat of Turkmenistan № 897 dated 12.08.2015 and approved by order of the Chairman of the State Commodity and Raw Materials Exchange of Turkmenistan № 01/05-16 dated 14.07.2015 (hereinafter - Exchange Trading Rules) and regulates the acquisition of a broker site at the Exchange.

  1. Individuals and legal entities of Turkmenistan and foreign states of all forms of ownership acquire a broker site to participate in exchange trading as a Seller or Buyer in accordance with this Procedure.
  2. To purchase a broker site, an application is submitted to the Chairman of the Exchange, accompanied by the following documents:
    • - Constituent documents of a legal entity and an individual without the formation of a legal entity-an individual entrepreneur (hereinafter - Individual Entrepreneur) (Charter, regulation, power of attorney, patent, etc.);
    • - Copy of the broker's passport.
      If necessary, the Exchange may request other documents about the applicant's activities.
  3. After registration with The exchange's office, the application for the purchase of a broker site and the documents attached to it are reviewed by the Exchange's Settlement Department, the Exchange's Trade Organization Department, the Financial Control Department, and the Legal and Human Resources Department within 3 (three) business days, as directed by the Chairman of the Exchange. Copies of the application of a foreign company addressed to the Chairman of the Exchange for the acquisition of a broker site and the documents attached to it are submitted to the Agency for protection against economic risks under the Ministry of Finance and Economy of Turkmenistan to obtain information on the financial reliability of this company. In case of a positive conclusion for the acquisition of a broker site, the Exchange's Settlement Department issues an invoice for the payment of 1 (one) annual payment. The term of use of the broker site starts from the moment of payment transfer based on the invoice.
  4. After payment of the broker site price, the following documents are requested in the prescribed form:
    • - Information on the legal entity, individual entrepreneur or other individual;
    • - Obligation;
    • - Power of attorney.
      After the full submission of documents, the Exchange issues a special electronic card for the participant to conduct trading operations on the Exchange for a period of 1 (one) year, indicating the number of the broker site and making a note of this in a special log.
  5. To extend the term of the broker site, an application is submitted to the Chairman of the Exchange. Applications are considered in accordance with the procedure set out in paragraphs 3 and 4 of this Procedure, and an annual fee is charged for using the broker site.
  6. Broker's rights include the following:
    • - Conduct trading operations on the Exchange;
    • - Use all the services of the Exchange;
    • - Request for information on documents belonging to him.
  7. Broker's duties include the following:
    • - Comply with the laws of Turkmenistan, Exchange Trading Rules and instructions of the Chairman of the Exchange regulating trading operations;
    • - Timely pay the Exchange's annual fees and corresponding brokerage fees;
    • - Do not distribute information that constitutes a confidential trade secret on the Exchange's activities;
    • - Take care of electronic cards that give the right to participate in exchange trading, and compensate for its loss and damage.
  8. The Broker's rights and duties under this Procedure are exercised by the heads of the legal entity that has acquired the broker site, directly by individual entrepreneurs, other individuals, or through their authorized representatives. In the latter case, the authorized representative shall submit a power of attorney issued in accordance with the legislation of Turkmenistan. The submitted power of attorney is entered in the Exchange's electronic database. When replacing authorized representatives, the Chairman of the Exchange should be notified in writing.
  9. An individual is allowed to represent only one broker site.
  10. Reasons for canceling the Broker's activities are the following:
    • - Statement on the closure of the broker site;
    • - Non-payment of the annual fee for the broker site within the specified time frame;
    • - Refusal to pay the annual fee for the broker site;
    • - Violation of the Exchange Trade Rules.
  11. Persons who have not purchased a broker site can perform purchase and sale operations at exchange auctions by entering into a contract for the provision of brokerage services with brokers of the Exchange.

09.28.2019

First Caspian Economic Forum

Основа проведения Каспийских саммитов была заложена в Туркменистане - в апреле 2002 года в Ашхабаде состоялся Первый Каспийский саммит, на котором обсудили необходимость принятия документа о правовом статусе Каспийского моря. В 2007 году в Тегеране была подписана Декларация Азербайджанской Республики, Республики Казахстан, Российской Федерации и Туркменистана. На Астраханском саммите Президентом Туркменистана были озвучены предложения о подготовке двух новых соглашений - в области транспорта и торгово-экономического сотрудничества на Каспии, а также о создании Каспийского Экономического форума. Подписание Президентами пяти прикаспийских государств Конвенции о правовом статусе Каспийского моря на Пятом Каспийском саммите 12 августа 2018 года в г. Актау, Республика Казахстан стало историческим событием. Проведение первого Каспийского экономического форума запланировано на 11-12 августа 2019 года в Национальной туристической зоне «Аваза». В городе Туркменбаши, в Туркменбашинском международном морском порту, в рамках форума запланировано проведение выставка инновационных технологий, биржевые торги, на который съезжаются крупные международные компании для осуществление сделок по множеству товаров и сырья текстильной, нефтехимической, легкой промышленности и других отраслях. Совместно с Государственной товарно-сырьевой биржей Туркменистана, Торгово- промышленной палатой Туркменистана и МИДом Туркменистана приглашаются делегации заинтересованных государств, близких к Каспийскому региону и руководители, представители международных экономических, финансовых, транспортных, экологических и других организаций. В рамках Форума предусматривается обсуждение вопросов развития торгово-экономического, транспортного сотрудничества, создания условий для крупных проектов, дискуссии о роли экономики Каспийского региона в глобальном контексте, инвестиционной привлекательности в различных отраслях экономик прикаспийских государств.

09.28.2019
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