The present Law regulates the exchange trade in the commodity and raw material exchanges (after referred to as exchanges) in the transition period to the market relations and forms the legal guarantees for the trade and mediatory activity in the exchanges and the arrangement of the free wholesale market in Turkmenistan.

Exchange is the organisational structure of the wholesale market where the trade is carried out under the rules established by the exchange in the form of the public and electronic auctions held in the place and time determined in advance.
Exchange meeting is a day of the exchange auction.
Exchange deal (operation) is a deal contracted in the exchange meeting between the mediators on their behalf or on the clients' instruction.
Forward deals are deals of purchase and sale of the real commodity with the delayed term of it's delivery.
Future deals are deals of purchase and sale of the standard contracts on the price financed in the moment of contracting the deal with the delivery in definite time.
Option deals are deals of purchase and sale of the rights to the future purchase or sale on the established price of commodities and contracts.
Price quotation for the commodities is revealing the prices for the commodities with regard for demand and supply and their fixation for definite term as a point for sellers and buyers when contracting the deal.
Broker is a person carrying out the mediatory services when contracting the deals of purchase and sale in the exchange on his behalf on the instruction and at the expense of the client.
Dealer is a person carrying out the mediation in the exchange on his behalf and at his expense.
Visitors are sellers and buyers wishing to contract deals of purchase and sale independently.

1. The exchange is a legal entity. The exchanges are founded and operate in the order stipulated by the present Law and other legislative acts of Turkmenistan.
2. The present Law covers the activity of the commodity and raw material exchange, but does not regulate the activity of the fund and currency sections of these exchanges.
3. The activity of the foreign legal and physical entities and also of the joint ventures in the exchanges on the territory of Turkmenistan is regulated by this Law if not stipulated otherwise by the legislation of Turkmenistan.

1. The exchange ensures the conditions for the open publications and electronic auctions, provides the information and other services, regulates the exchange trade.
2. The exchange arranges and conducts the exchange auctions but cannot carry out the exchange deals on it's behalf and at it's own expense, and also cannot perform the trade and mediatory activity not connected directly with the arrangement of the exchange trade. This prohibition does not cover the legal and physical entities - the participants of the exchange trade.
3. The exchange has the right to open it's branches and representations on the territory of Turkmenistan and in other states as well.
4. The exchange may perform any economic activity connected with the arrangement of the exchange trade. After carrying out the exchange deals the registration due rests in favour of the exchange only for the economic needs and for the arrangement of the exchange trade.
5. The exchange has no right to make deposits, to purchase shares, the organizations' shares if their aim is not the economic activity stipulated by the point 4 of this Article.
6. The exchange makes settlements with the budget on taxes and payments in accordance with the legislation in force.

The State commodity and raw material exchange of Turkmenistan which is universal by the level of it's specialisation and accepts different kinds of commodities and contracts for the exchange auctions is the main organisational structure of the wholesale market of Turkmenistan.
The legal status of the State commodity and raw material exchange of Turkmenistan is determined by it's Charter which approved by the Cabinet of Ministers of Turkmenistan.
The Cabinet of Ministers of Turkmenistan may determine the list of commodities, production and raw material and other clauses of trade, the sale of which is made only in the State commodity and raw material Exchange of Turkmenistan. The specialised departments and sections serving the circulation of definite commodities and contracts may be formed in the exchange.
The State commodity and raw material exchange of Turkmenistan has the right to form the enterprises and organizations providing it's economic activity.
In order to implement the credit-payment and other financial operations connected with the exchange trade, the State commodity and raw material exchange of Turkmenistan may form the bank in the order established by the legislation of Turkmenistan.

Enterprises and organizations not meeting the provisions of the Articles 1 and 3 of the present Law have no right to arrange the exchange trade, to use the terms "commodity and raw material exchange" or "exchange" in their names and do not subject to the registration under the names containing these terms in any combinations excluding the fund and currency exchanges and the labour exchanges.

1. Exchange commodity is the commodity, production and raw material produced in Turkmenistan and also imported to it's territory and sold through the exchange.
The securities may be the units for trade in the exchanges. The rules of the exchange trade of the securities are determined by the legislation of Turkmenistan.
2. The units of intellectual property, the works of art, the immovables cannot be the exchange commodities.
3. Export of commodities and raw material purchased in the exchange is carried out in the order determined by the Cabinet of Ministers of Turkmenistan.

1. The deal is considered to be the exchange one when it is carried out with regard for the exchange commodity during the exchange auctions. The exchange deal is recorded and registered in the order established by the exchange.
2. The deals made in the exchange cannot be the exchange ones if they do not meet the provisions of the point 1 of the present Article. The exchange's guarantees do not cover such deals.

The following deals may be carried out in the exchanges:
- purchase and sale of the real commodity including that with the immediate transference or delivery of the commodity, or with the transference of documents of the property right for the commodity;
- forwards deals;
- futures deals;
- option deals;
- other deals of purchase and sale of the commodities, contracts or rights established in the rules of the exchange trade.

1. The exchange mediation in the following forms is allowed on the exchange trade:
- the broker activity;
- the dealer activity.
2. The exchange mediation is implemented in accordance with the Articles of Section 3 of the present Law.

1. The establishment of the exchange is carried out on the grounds of the resolution of the higher bodies of the state power and management of Turkmenistan.
2. The state exchanges are created in Turkmenistan. The state in the person of the Cabinet of Ministers, ministries, institutions, the state unions, corporations and companies may be the founders of such exchanges.
The ownership capital of the state exchanges when creating them may be formed at the state expenses.
3. On developing the market relations on the territory of Turkmenistan the exchanges based on other forms of property may be founded.
The order of the establishment and activities of such exchanges is determined by the present Law and by other legislative acts of Turkmenistan.
4. The public, religious and charitable organizations cannot be the founders of the exchange.

The exchange gets the right to carry out the exchange auctions after it's registration in the order established by the Law of Turkmenistan "On the enterprises".

1. The exchange performs its activity on the grounds of the Charter of the exchange and the rules of the exchange trade.
2. The Charter of the exchange determines its legal status. The Charter of the exchange must contain the following data:
- name and address;
- organisational-legal form;
- bodies of management and control of the exchange, their functions and powers;
- list of the exchange services;
- list of the permanent funds and the order of their formation;
- the amount of the ownership capital;
- order of accounts and reports;
- regular revisions of the exchange's activities;
- order of acceptance to the exchange participants, suspension and termination of the participants' activities;
- order of solving the disagreements and disputes between the participants of the exchange trade with regard for the exchange operations, the activity and the services of the exchange.
The Charter of the exchange is approved by the Cabinet of Ministers of Turkmenistan.
3. The rules of the exchange trade must stipulate:
- order of carrying out the exchange auctions;
- kinds of the exchange deals usual in the exchange;
- order of informing the participants of the exchange trade about the coming exchange auctions;
- system of the registration and account of the exchange deals and reports on the deals;
- order of the prices' quotation for the exchange commodities;
- order of the mutual settlements of the participants of the exchange trade;
- measures of the control over the pricing in the exchange in order not to permit the sharp increase or decrease of the prices' level, the artificial overstating or understating of prices, the collusion or setting the false rumour with the aim of the influence on the prices;
- measures providing the order and discipline at the exchange auctions and the procedure of their performance;
- measures providing the observance of the Charter of the exchange trade, the rules of the exchange trade, and other documents regulating the trade in the exchange by the participants of the exchange trade;
- kinds of the breach for which the participants of the exchange trade pay fines;
- rates of allocations, dues, tariffs, fines and other payments, and the order of their collection in favour of the exchange;
- order of informing the participants of the exchange auctions about the operations in the exchange in the prior exchange auctions, including the data on the prices of the exchange deals and the quotation of the exchange prices.
The rules of the exchange trade are approved by the exchange.

The resolution on the liquidation of the exchange activity may be adopted by the Cabinet of Ministers of Turkmenistan.

1. The exchange mediators, sellers and buyers of the real commodities, contracts and options - the participants and the visitors of the exchange may take part in the exchange trade.
2. The exchange service in the exchange trade is carried out only by the exchange mediators - the broker services of the exchange, and the independent brokers as well.
3. The participants of the exchange trade may take part in the exchange trade through the broker services and independent brokers on the basis of agreements with them.
4. The independent broker performs his activity in accordance with the Law "On the entrepreneurship activity in Turkmenistan".
5. The exchange can permit the visitors of the exchange auctions to carry out the exchange deals without exchange mediators with regard for the restrictions stipulated by the point 2 of the Article 15 of this Law.

1. The legal and physical entities not being the exchange mediators of the exchange accredited in it can be the visitors of the auctions in the exchange with the right to carry out the deals.
2. The visitors have the right to perform all the kinds of the exchange mediation. One-attendance visitors of the exchange auctions have the right to carry out the deals only on the real commodity on their behalf and at their expense.
3. The visitors use the services of the exchange on equal terms with the exchange mediators; the visitors of the exchange have to pay for the participation in the exchange trade in the rate determined by the exchange.
4. The foreign legal entities, the joint ventures and also the foreign citizens not being the participants of the exchange take part in the exchange trade only by means of the exchange mediators.

1. The relations between the exchange mediators and their clients are regulated by the agreements on the broker service between them.
2. Within the powers determined by the Charter the exchange may regulate the interrelations of the exchange mediators and their clients, use the sanctions to the exchange mediators who breach the established rules of the interrelations of the exchange mediators with their clients.
3. The exchange mediators have the right to demand the payment of the guarantee dues from their clients on their settlement accounts in the settlement centre of the exchange and to give the powers foe these means' disposal on behalf of the exchange mediator in accordance with the power given to him.

1. The rights and obligations of the hired employees of the exchanges are determined by the conditions of these contracts and the labour legislation of Turkmenistan.
2. The hired employees of the exchanges are prohibited to take part directly or indirectly in the exchange deals, and also to use the commercial official information in their own interests.

The exchange has the right to arrange the expertise of the quality of comrnodities sold through the exchange auctions.

1. The exchange has the right for the independent and free establishment of:
- the deducts from the commission obtained by the exchange mediators for the mediatory operations in the exchange in favour of the exchange;
- the dues, tariffs and other payments collected in favour of the exchange from the exchange mediators for the exchange services;
- the fines imposed for the violation of the exchange Charter, the rules of the exchange trade and other exchange rules.
2. The exchanges are prohibited to set the rates or limits of remuneration levied by the exchange mediators for the mediation in the exchange deals.

1. The exchange arranging the trade of the forwards and futures contracts and options has to organise the guaranteed execution of the deals and the losses' coverage because of the non-execution of the deals through the settlement centres.
2. The settlement centres are formed as the subdivisions of the exchange. Any financial and credit organizations may perform also the functions of the settlements centres under the agreement with the exchange.
3. The exchange has the right:
- to establish the kinds, rates and order of imposing dues which guarantee the deal execution and the compensation of damage arising from the non-execution or incomplete execution of deals for the participants of the exchange trade of the forward and future contracts and options;
- to determine other financial obligations;
- to realise crediting and to provide the insurance of the participants of the forwards, futures and options deals within limits necessary for guaranteeing these deals and the compensation of damage because of their non-execution.

The exchanges may:
- conclude the agreements on the co-operation with foreign organizations and private citizens of the foreign states, being (residing) on the territory of Turkmenistan or the foreign states, on their behalf, within the rights granted by the present Law;
- conclude the agreements on export and import of commodities meant for the arrangement of their activity in accordance with Article 3 of the present Law without the right to propose these commodities at the exchange auctions.

1. For settling the arguments and disagreements in the exchange the exchange arbitration (the arbitration committee) is formed as the constantly working court of arbitration.
2. The competence of the exchange arbitration (the arbitration committee) and the order of considering the arguments are determined by the exchange with the observance of the legislation of Turkmenistan.
3. In case if one of the parties does not agree with the verdict of the exchange arbitration or if it is not implemented voluntarily, the concerned party has the right to appeal to the administrative court. The verdict of the exchange arbitration (the arbitration committee) is the pre-court settlement of the argument in that case.

1. The resolutions of the local bodies of the state power and management and the institutions of local government, the consequence of which are the non-executed exchange deals, may be appealed to the court.
2. Enterprises, institutions, organizations, and also their officials and citizens are responsible for the violation of the present Law and other legislative acts regulating the exchange activity in accordance with the legislation of Turkmenistan.

The present Law comes into force from its publication date. To acknowledge that the Law of Turkmenistan "On the commodity exchanges" dated the 30th of September, 1992 (Vedomosti of the Mejlis of Turkmenistan.1992, No.9, Art.85) lost it's force.