Regulation on General Conditions for Issue and Sale of State Securities in the Primary Market
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1 Regulation on General Conditions for Issue and Sale of State Securities in the Primary Market Regulation was published in the "Official Gazette of RS", No. 71/2005 on August 18, It has ceased to be in force within the part referring to sale in the primary market for short-term state securities and state securities - See: Art.41 of the Regulation - 6/ Basic provisions Article 1 This Regulation shall govern general conditions for issue and sale of securities issued by the Republic of Serbia (hereinafter referred to as state securities ) in the primary market. Article 2 Sale of state securities shall be performed in second tier market. Sale of state securities shall be performed via the auction. By way of exception to paragraph 2 of this Article, state securities can also be sold via direct agreement with a professional investor. Auction under paragraph 2 of this Article shall be conducted via collection of bids for purchase of state securities (hereinafter referred to as the bid ), in accordance with this Regulation. Collection of bids shall be performed via the auction program (hereinafter referred to as the auction platform ). 2. Sale via auction 2.1. Conditions and procedure of auction Article 3
2 Auction procedure shall be held by the Ministry of Finance (hereinafter referred to as the Ministry ), in accordance with this Regulation. Balance procedure, on the basis of primary sale of state securities, shall be performed by the Central Securities Registry, Depository and Clearing House JSC Belgrade (hereinafter referred to as the Central Securities Registry ), in accordance with Rules on Business Operations of the Central Securities Registry, Depository and Clearing House ("Official Gazette of RS", Nos. 128/03, 14/04, 26/04, 104/04, 126/04 and 30/05 - hereinafter referred to as Rules on Business Operations of the Central Securities Registry ). Article 4 State securities can be purchased by legal entities and natural persons. Article 5 Auction participant can be a legal person who is: (1) A member of the Central Securities Registry; (2) Has a work permit issued by a competent authority; (3) Is not in the process of insolvency or liquidation. Legal entity who is not a member of the Central Securities Registry and a natural person (hereinafter referred to as the ordering party ) can purchase state securities in the primary market through the auction participant under paragraph 1 of this Article. Auction participant can submit the bid on his behalf and on his account, and on behalf and account of the ordering party and under paragraph 2 of this Article. Auction participant is responsible for accuracy of bids which he submits to the Ministry. Article 6 The Ministry shall announce a public invitation for sale of state securities in the primary market (hereinafter referred to as the public invitation ).
3 Public invitation obligatorily contains the following information: (1) Scope of issue, date of issue, maturity date and nominal value of state securities, in accordance with Act on Issue of State Securities; (2) Bid submission method; (3) Time of holding the auction for sale of state securities. Public invitation shall be announced on the website of the Ministry and via electronic services of the Central Securities Registry. 2.2 Method of calculating discounted price Article 7 Short-term state securities are issued and sold at discount. Long-term state securities can be issued and sold at discount or in the form of coupon bonds, which is determined by the Decision on issue. The amount of discounted price of state securities shall be calculated on yearly basis, with the formula: Discounted price = 1+(discount rate х Discount rate shall be expressed with two decimals. nominal value Discounted bid price shall be expressed with two decimals. number of days ) 360 Total discounted value of bid represents the product of discounted price stated in the bid and volume of state securities which the auction participant intends to purchase. 2.3 Adoption of Decision and giving notice to auction participant Article 8
4 The sequence of individual bids shall be determined according to discount rates stated in those bids, namely, starting with the lowest to the highest. The Minister of finance or a person authorized by him decides on the highest discount rate which the bid must contain in order to be accepted. Act under paragraph 2 of this Article is final. Allocation of state securities shall be made according to the sequence of individual bids under paragraph 1 of this Article, and if there are more bids with same discount rates, and volume of offered state securities is lesser than total volume of state securities stated in those bids, allocation shall be made proportionally to share of those bids in total value of bids. Article 9 Auction participant shall be given notice of acceptance of bid via the auction platform. After receiving the notice of acceptance of bid, auction participant shall be obliged to make a payment of total discounted value of bid on his monetary account with the Central Securities Registry, in accordance with time schedule for holding the auction of state securities. Article 10 The Ministry shall announce a Report on auction results on the website of the Ministry and via electronic services of the Central Securities Registry. Report under paragraph 1 of this Article particularly contains information about: scope of issued state securities, average discount rate, and average discounted price of state securities realized in the auction and the coefficient of realization of total amount of bids. 2.4 Penalties Article 11 Auction participant shall be obliged to act in accordance with this Regulation and other Acts regulating the issue and sale of state securities in the primary market.
5 If the auction participant does not abide by the provisions of this Regulation and other Acts regulating the issue and sale of state securities in the primary market, penalties shall be applied in accordance with law. 3. Direct agreement Article 12 To reduce borrowing costs of the Republic of Serbia, state securities can be sold out in the second tier market, via direct agreement with a professional investor. Professional investor under paragraph 1 of this Article is a legal entity within the meaning of the law regulating the market of securities and other financial instruments. In case of sale of state securities in the second tier market via direct agreement with a professional investor, the transaction shall be conducted in accordance with Rules on Business Operations of the Central Securities Registry. The Ministry shall announce information about conducted transaction under paragraph 3 of this Article on the website of the Ministry and via electronic services of the Central Securities Registry. 4. Transitional and final provisions Article 13 On the day of entering into force of this Regulation, the Regulation on More Specific Conditions and Method of Sale of Securities of the Republic of Serbia ("Official Gazette of RS", number 34/03) shall cease to be in force. This Regulation shall enter into force on the eight day from the day of publication in the Official Gazette of the Republic of Serbia. 05 number /2005 Done at Belgrade, August 18, 2005 Government
6 President, Vojislav Kostunica, Sig. AMENDMENTS Article 41 of the Regulation on General Conditions for Issue and Sale of Short-Term State Securities in the Primary Market Regulation has been published in the "Official Gazette of RS", No. 6/2009 on January 26, Article 41 On the day of entering into force of this Regulation, the Regulation on General Conditions for Issue and Sale of Short-Term State Securities in the primary market ("Official Gazette of RS", number 71/05) shall cease to be in force, within the part referring to sale in the primary market for short-term state securities and state securities under Article 1, paragraph 2, of this Regulation.
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