1. The Central Bank shall issue rules and guidelines to manage securities programs it establishes, provided that such rules shall include issuance terms and conditions, tender process rules, custody, settlement, and trading such securities. 2. The Central Bank may appoint primary dealers providing them the right to participate in auctions for the sale and purchase of securities it issues, and shall establish a code applicable to their appointment and their functions, duties, and obligations in that capacity. 3. The Central Bank may act as registrar, auction agent, issuing agent, paying and calculation agent in connection with securities programs issued by the Public Sector and Government-Related Entities. The Central Bank shall establish, with relevant issuing parties, agency agreements and operational arrangements to define roles and responsibilities of each party in relation to their respective issuance programs. Public Sector and Government-Related Entities shall consult and coordinate with the Central Bank on the appointment of Primary Dealers to their respective issuance programs, subject to such rules, conditions and restrictions as the Central Bank may consider appropriate. 4. For the purpose of listing securities issued by the Public Sector or Government-Related Entities in the State’s financial markets, the Central Bank shall only consider Primary Dealers who comply with the requirements of the concerned regulatory authority. 5. The provisions of this article shall not apply to government-owned entities in the form of an investment fund or a public joint-stock company, unless they have obtained approval from the relevant regulatory authority. These provisions shall also not apply to securities programs offered to the public.
Interpretation and application must be checked against the official text and current version.