On commodity exchanges and stock trading this law determines the legal, institutional and economic framework of the functioning of commodity exchanges, organizing and conducting trades and is aimed at the development of wholesale market of goods in Turkmenistan.
 
 
Chapter 1. General provisions Article 1. Basic concepts for the purposes of this Act, the following basic concepts are used: 1) stock-exchange trading day;
2) Exchange fee-the fee for the Organization and conduct of exchange trading, charged by the Exchange with participants of Exchange trade;
3) broker-a person (Exchange member) conducting intermediary services at sale and purchase transactions on the Exchange, on its own behalf, on behalf and at the expense of the client;
4) dealer is a person who engages in stock exchange transactions on its behalf and at its own expense;
 5) EMU-sale-purchase transaction of real goods with deferred delivery period;
 6) futures transaction is a sale-purchase transaction of a standard contract for fixed at the time of the transaction execution price with delivery through a certain period of time;
 7) commodity-raw Stock Exchange-organization as a legal entity, forming goods wholesale market by organizing and regulating the Exchange trade, carried out in the form of vowels public sales in a certain place and a certain amount of time to set its rules;
8) optional bargain-sale rights to future buy or sell stock at a set price of goods and (or) a standard contract;
9) standard contract is a contract, the appropriate form approved in accordance with the legislation of Turkmenistan, commodity exchange, and providing for the sale of the stock of goods with certain conditions of his transfer and other terms of fulfillment of obligations in the future.
 
Article 2. Turkmen law on commodity exchanges and exchange trade 1. Turkmen law on commodity exchanges and stock trading is based on the Constitution and consists of this law and other normative legal acts of Turkmenistan.
2. If an international treaty to which Turkmenistan stipulates other rules than those contained in this Act, the rules of the international treaty shall apply.
 
Article 3. The scope of this law 1. This law shall apply to relations arising in the establishment and functioning of commodity exchanges, organizing and conducting trades on the Exchange.
2. Relations connected with the activities of the stock and currency exchanges, as well as stock and currency sections (divisions, branches) commodity exchanges (hereinafter Exchange) are not regulated by this law.
 
Article 4. The scope of activity of the Exchange 1. Exchange shall have the right to carry out activities directly associated with the Organization and holding of stock trading.
2. Exchange cannot exercise trade, trade-intermediary and other activities not directly associated with the Organization and holding of stock trading. This restriction does not apply to legal and natural person who is a member of the Exchange.
 
Article 5. Basic principles of stock trading activities basic principles of stock trading activities are: 1) the transparency and publicity of holding exchange trades;
2) freedom of price formation at Exchange tenders;
3) voluntariness concluding exchange deals;
4) equality of conditions for participation in Exchange tenders for participants of stock market trading.
 
Article 6. 1 commodity. Under the stock goods refers to goods of a certain kind and quality, including products, raw materials, standard contract (hereinafter the product), in the prescribed manner by the Exchange to the stock trading.
2. Stock goods cannot be objects of cultural heritage and intellectual property, real estate, as well as property seized from civil circulation in accordance with the legislation of Turkmenistan.
 
Article 7. Stock Exchange transaction 1. The stock transaction is registered by the stock exchange agreement (Agreement), concluded the participants exchange trade in respect of the exchange of goods during trading.
2. Registration and stock exchange transactions are carried out in accordance with the procedure approved by the Cabinet of Ministers of Turkmenistan.
 
Article 8. Types of exchange transactions Parties exchange trading during Exchange trading can occur the following transactions: 1) the transaction of purchase and sale of real goods, including deals with immediate transfer or delivery or transmission of documents on the right of ownership of the goods;
2) forward transactions;
3) futures transactions;
4) options;
5) other transactions for the sale of goods contracts or rights established by the rules of Exchange trade.
 
Article 9. The implementation of the exchange of mediation 1. Exchange trading is done by: 1), the Commission of stock exchange transactions stockbroker (brokerage activities);
2) commit stock exchange transactions with a view to resale dealer (dealer).
2. mediation in stock trading is carried out exclusively by stock brokers (brokerage services exchanges, independent brokers).
 
 
Chapter 2. State regulation of ACTIVITY of EXCHANGES, article 10. Authorities exercising State regulation of activity of exchanges

State regulation of activity of exchanges are carried out by the Cabinet of Ministers of Turkmenistan, the notified body in the field of State regulation of activity of exchanges (hereinafter referred to as the authorized body).
 
Article 11. Competence of the Cabinet of Ministers of Turkmenistan in the field of State regulation of activity of exchanges, the Cabinet of Ministers of Turkmenistan: 1) defines a unified State policy;
2) publishes the normative legal acts of Turkmenistan in the area of Exchange activity;
3) defines the authorized body and approves regulations about it;
4) approves the registration and registration of stock exchange transactions;
5) defines the list of goods sold at the State commodity exchange of Turkmenistan, the kinds of trade and vnutritorgovyh treaties subject to registration of this Exchange, as well as size exchange fees for registration;
6) establishes the procedure to determine the size of the Exchange fee for Exchange services;
7) exercise other powers in accordance with the legislation of Turkmenistan.
 
Article 12. Competence of the authorized organ in the field of State regulation of activity of exchanges Authorised body: 1) implements a unified State policy;
2) is the Cabinet of Ministers of Turkmenistan proposals on perfection of legislation of Turkmenistan in the area of Exchange activity;
3) develops and submits for approval by the Cabinet of Ministers of Turkmenistan order processing and registration of stock exchange transactions;
4) oversees the Organization and conduct of trades;
5) makes mandatory the requirements demanding exchanges on Elimination of revealed violations;
6) examines applications and complaints of participants of Exchange trade;
7) exercise other powers in accordance with the legislation of Turkmenistan.
 
 
Chapter 3. Creation, reorganization, TERMINATION of the ACTIVITIES and the Elimination of the Exchange.
                The MAIN FUNCTIONS of the Exchange, ITS rights and obligations Article 13. Creation, reorganization, and liquidation of Exchange termination of activity 1. Creation and registration of Exchange are carried out in the manner prescribed by the legislation of Turkmenistan.
2. Exchange may establish branches in accordance with the procedure established by the legislation of Turkmenistan.
3. The founders of the Exchange cannot be public organizations, lending institutions and insurance companies.
4. reorganization, termination of the activities and the Elimination of Exchange are carried out in accordance with the legislation of Turkmenistan.
Article 14. Brand name Exchange 1. Exchange must have a full name and may have shortened brand name in the official language of Turkmenistan. Exchange shall have full and (or) reduced brand name in one of the foreign languages.
2. requirements to the name of the Exchange shall be established by the legislation of Turkmenistan.
3. legal persons not engaged in activities relating to the Organization and conduct of trades may not use in its corporate name, the words "commodity exchange" and "Exchange".
 
Article 15. Main functions the main functions of the exchange the Exchange are: 1) the wholesale market promotion of products;
2) increased export capacity products domestic producers;
3) Organization and conducting of trades;
4) registration of stock exchange transactions;
5) analysis of demand and supply for goods;
6) quotation of prices;
7) study on the factors influencing the dynamics of stock prices.
 
Article 16. The rights and obligations of Exchange 1. Exchange right: 1) create kotiroval′nuû, arbitration, and other stock-exchange listing Commission;
2) halt stock trading if prices of stock exchange transactions in Exchange for the day sharply deviated from certain stock exchange prices;
3) determine the size of exchange fees for the Exchange services in the manner prescribed by the Cabinet of Ministers of Turkmenistan;
4) establish penalties for violating the rules of Exchange trade;
5) set for participants of Exchange trade forward, futures and options types, sizes and order of user fees, guaranteeing the execution of transactions and damage resulting from failure or incomplete execution of transactions;
6) participate in acceptance by the buyer at the Exchange auctions implemented real goods;
7) carry out foreign economic activities in accordance with the legislation of Turkmenistan.
The Exchange may also have other rights in accordance with the legislation of Turkmenistan.
1. Exchange is obliged to: 1) set the rules of Exchange trade;
2) to quote prices on the basis of supply and demand for goods;
3) at the request of Exchange trade participant in cases stipulated by the rules of Exchange trade, organize examination quality real goods invoiced at Exchange tenders and (or) implemented on Exchange tenders;
4) set standards for commodities;
5) to fulfill the requirements of the authorized body;
6) to inform participants of stock trading on upcoming Exchange tenders;
7) publish information on the results of the trades carried out in the media.
The Exchange may have other obligations in accordance with the legislation of Turkmenistan.
 
Article 17. The State commodity and raw materials exchange of Turkmenistan

1. The main organizational structure of the wholesale market of goods of Turkmenistan is the State commodity and raw materials exchange of Turkmenistan, which is the level of specialization is universal and accepts to exchange trading various kinds of goods, registers on the basis of concluded contracts of stock exchange transactions, as well as foreign trade and vnutritorgovye contracts, types of which are determined by the Cabinet of Ministers of Turkmenistan.
2. the legal position of the State commodity and raw materials exchange of Turkmenistan, its competence and the main functions shall be determined by the provisions, approved by the Cabinet of Ministers of Turkmenistan.
3. The Cabinet of Ministers of Turkmenistan defines a list of goods, which is carried out only at the State commodity exchange of Turkmenistan, the kinds of trade and vnutritorgovyh treaties subject to registration of this Exchange, as well as size exchange fees for the registration of treaties.
 
 
Chapter 4. Organization And Carrying Out Of EXCHANGE TRADING. PARTICIPANTS EXCHANGE TRADE Article 18. Organization and carrying out of exchange trading 1. Organization and conduction of trades are carried out in accordance with the rules of Exchange trade.
2. the rules of Exchange trade provides: 1) the procedure for the Organization and conduct of trades;
2) modalities for the participation in Exchange tenders;
3) types of exchange transactions;
4) procedure for conducting the admission of goods to exchange trading (listing);
5) procedure for informing participants of stock trading on upcoming Exchange tenders;
6) conclusion, preparation, registration and accounting of stock exchange transactions;
7) commodity price quotes;
8) payment between participants of Exchange trade;
9) measures to control the process of stock pricing in order to avoid a sharp increase or decrease the level of prices, inflated or underpriced, collusion or false rumours to influence prices;
10) ways of monitoring the world and Exchange prices of exported and imported goods;
11) measures to ensure that parties to exchange trade Charter of the Exchange rules of Exchange trade and other instruments governing stock trading;
12) measures to ensure that internal control on counter-acting legalisation of proceeds received by criminal way and terrorism financing;
13) measures to ensure order and discipline at the Exchange auctions, as well as the procedure for their application;
14) types of violations, which exacted fines from participants of Exchange trade;
15) dimensions of deductions, fees, tariffs, fees and other charges and the manner of their collection for the benefit of the Exchange;
16) rights and obligations of the participants of Exchange trade;  
17) procedure for informing participants of stock trading on the exchange deals at previous trades, including on pricing of stock exchange transactions and the quotation of stock exchange prices.
3. Rules of Exchange trade approved by the head of the Exchange.
 
Article 19.  Participation in Exchange trade 1. In stock trading could participate jobbers (members), sellers and buyers of real goods, and options contracts parties exchange trading customers.
2. participants can participate in Exchange trading stock trading through the brokerage services exchanges and independent brokers.
3. Independent broker is a natural person carrying out business activity without establishment of legal entity.
 
Article 20.  Customers exchange trading 1. Visitors with the right trading transactions can be legal entities and individuals that are not stock exchange brokers, accredited to it.
2. One-time customers are entitled to exchange trading transactions only on real goods on its own behalf and at its own expense.
3. Customers benefit from trading exchanges on an equal footing with its stock brokers. For the right to participate in the Exchange trade customers exchange trades are expected to pay a fee of, certain Exchange.
4. Foreign legal entities, joint ventures, as well as foreign citizens and stateless persons who are not participants in the Exchange trade, participate in stock trading through the Exchange's brokers.
 
Article 21. Relationship Exchange's brokers and their clients 1. Relations of Exchange facilitators with their customers are governed by treaties between them and brokerage service.
2. Exchange within their terms of reference, specific Charter of the Exchange can regulate the relationship Exchange's brokers and their clients, to apply sanctions to Exchange intermediaries that violate established Exchange rules of relationship Exchange's middlemen with their clients.
3. Jobbers are entitled to require their clients to make guarantee fees on their accounts in the estimated Center of Exchange and granting power to the disposal of these funds on behalf of the Exchange facilitator pursuant to this authority to him.
 
 
Chapter 5.  ACCOUNTING AND REPORTING FOR EXCHANGES.
                 OFFICIALS EXCHANGES Article 22. Accounting and reporting for exchanges Exchanges provide accounting, preparation and presentation of financial and statistical reporting in accordance with the legislation of Turkmenistan.
 
Article 23. Accounting and storage of documents exchanges Exchanges are obliged to maintain strict accounting and storage of documents in accordance with the legislation of Turkmenistan.
Article 24. Taxation of stock exchanges

Taxation of stock exchanges are carried out in accordance with the tax laws of Turkmenistan.
 
Article 25. Trade secret exchanges 1. Information constituting a commercial secret of the Exchange, and the order of their protection shall be determined by the Exchange in accordance with the legislation of Turkmenistan.
2. members of the Exchange have no right to disclose trade secrets and other proprietary information, which has become known to them in connection with the performance of official duties, except for the cases stipulated by the legislation of Turkmenistan, as well as use it for personal gain.
Article 26. Employees Exchange 1. The employment relationship between the Exchange and its employees are determined by labour legislation of Turkmenistan.
2. Employees of the Exchange may not participate directly or indirectly in exchange deals.
 
 
Chapter 6. Final clauses article 27. Settlement of disputes 1. To resolve disputes at the Stock Exchange creates the Exchange Arbitration (Arbitration Commission) as a body exercising conciliation or performs other functions of the arbitral tribunal.
Consideration of disputes in the Exchange Arbitration (Arbitration Commission) is a pre-trial settlement of disputes.
2. the competence of the Exchange Arbitration (Arbitration Commission) and the order of consideration of disputes shall be determined by the Exchange in accordance with the legislation of Turkmenistan.
3. If one of the parties will not agree with the decision of the arbitration (Arbitration Commission) of its decision is not executed voluntary, the party concerned may apply to the Court of arbitration.
 
Article 28. Responsibility for violation of this Act, the violation of this law entails responsibility established by the legislation of Turkmenistan.
 
Article 29. The entry into force of this law 1. This law shall enter into force on the day of its official publication.
2. Abrogating the law of Turkmenistan from September 23, 1994 "on commodity exchanges" (records of the Mejlis of Turkmenistan, 1994, no. 3, p. 17).
 
     Turkmen President Gurbanguly Berdimuhamedov mountains. Ashgabat, March 1, 2014-38 V.