Foreign participation in intermediary financial market activities is subject to local incorporation.
"CHAPTER 6. PROFESSIONAL ACTIVITY IN THE SECURITIES MARKET
Article 34. Types of professional activity in the securities market
1. The following types of professional activities in the securities market are established:
- brokerage activity; - dealer activity; - on managing a portfolio of securities; - by definition of mutual obligations (clearing) on ​​operations with securities;- keeping a register of securities holders;- depository activity;- trade organization activities.
2. Professional participants in the securities market may be legal entities exclusively engaged in professional activities in the securities market.[...]" (Law of the Republic of Tajikistan dated June 28, 2011 No. 745 "On the Securities Market" [google translated])
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"1. This instruction defines the procedure for issuing licenses to professional participants in the securities market and the conditions for conducting exchange activities in the Republic of Tajikistan.
2. The issuance of licenses for the right to conduct professional activities in securities and exchange activities is carried out in accordance with the laws "On Joint Stock Companies", "On Securities and Stock Exchanges" and other legislative acts.
3. This instruction applies to legal entities engaged in professional intermediary activities for the issuance of securities, commission, commercial and other types of activities in securities.
Such legal entities may be investment firms established in the legal form established by the legislation of the Republic of Tajikistan, engaged in professional activities in securities and having separate capital and independent balance, as well as banks, stock exchanges, stock departments of other exchanges and other specialized institutions.
The participation of foreign legal entities as investment firms is carried out in accordance with applicable law. [...]
5. Professional licensed securities market participants may establish a stock exchange.[...]" (Instruction "On the Procedure for Issuing Licenses for the Right to Conduct Professional Activities in Securities and Exchange Activities" dated April 20, 1993. No. 9 / 1-2 [google translated])
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"2. The procedure for the formation of the depository
3. Professional participants of the securities market and other legal entities, as founders, may create a depository in accordance with the legislation of the Republic of Tajikistan.
4. The depositary is formed in the form of a joint stock company in accordance with the legislation of the Republic of Tajikistan. [...] (Procedure for carrying out the activities of the central depository of August 23, 2016, No. 372 [google translated])
Law of the Republic of Tajikistan dated June 28, 2011 No. 745 "On the Securities Market" [google translated]
Instruction "On the Procedure for Issuing Licenses for the Right to Conduct Professional Activities in Securities and Exchange Activities" dated April 20, 1993. No. 9 / 1-2 [google translated]
Procedure for carrying out the activities of the central depository of August 23, 2016, No. 372 [google translated]
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