At present, the normative legal base that regulates the equity market, directly or indirectly, includes: the Civil Code, the Investment Code, the Banking Code, the Tax Code, the Administrative Code of the Republic of Belarus, the Code of Commercial Navigation, 10 Laws of the Republic of Belarus, 6 Decrees and 18 Edicts of the President of the Republic of Belarus, 3 Ordinances of the Supreme Council, 1 Ordinance of the Presidium of the Supreme Council, 120 Ordinances of the Council of Ministers, and above one hundred of agency-level normative legal acts.

The following are the main normative legal acts:

• The Civil Code of the Republic of Belarus specifies legal status of the civil circulation participants, grounds for arising and procedure of exercising the proprietary right and other proprietary interests; regulates relationships between people involved or participating in business undertakings; regulates contractual and other obligations, as well as other proprietary and related personal non-proprietary relations;
• The Investment Code of the Republic of Belarus has been adopted in order to create favourable investment climate in the Republic of Belarus. The Code establishes general legal terms for investment activities in the Republic of Belarus, and is aimed at encouragement and governmental support thereof, and at defense of investors’ rights in the territory of the Republic of Belarus;
• The Law of the Republic of Belarus of March 12, 1992 “On Securities and Stock Exchanges” specifies the uniform procedure of issue and circulation of securities, regulation of activities of professional equity market participants, and principles of the stock exchange organization and operation;
• The Law of the Republic of Belarus of December 09, 1992 “On Joint Stock Companies, Limited Liability Companies, and Double Liability Companies” establishes legal and economic basis of operation, reorganization and dissolution of joint stock companies, limited liability companies, and additional liability companies, as well as rights and obligation of their members;
• The Law of the Republic of Belarus of July 09, 1999 “On Depository Activity and Central Securities Depository in the Republic of Belarus” establishes legal basis for carrying out depository activities with involvement of securities in the Republic of Belarus, as well as the rights and obligations, and responsibility of its participants; powers and duties of the Central Depository and depositories. Upon adoption of such normative legal act, registration of the proprietary rights to securities within the two-level depository system was commenced;
• The Law of the Republic of Belarus of December 13, 1999 “On Circulation of Promissory Notes and Bills of Exchange” specifies general terms governing the procedure of issue and circulation of promissory notes and bills of exchange in the territory of the Republic of Belarus, which terms ensure adequate protection of interests of the Government, and the rights, freedoms, and lawful interests of the billholders, makers, other participants of bill circulation;
• Edict of the President of the Republic of Belarus No. 366 dated July 20, 1998 “On Improvement of the Governmental Equity Market Regulation System” establishes the structure of the depository system in the Republic of Belarus, its tasks and system of operation; establishes the Belarusian Currency Market Public Joint Stock Company, and empowers it with the right to trade in all kinds of securities, except for the ‘Property’ registered privatization bonds.
• Ordinance of the Council of Ministers of the Republic of Belarus No. 1740 dated November 14, 2000 “On Certain Aspects of Circulation of Securities Issued by Joint Stock Companies” establishes the procedure of dealing in corporate securities in the secondary market.

Ordinance of the Council of Ministers of the Republic of Belarus No. 456 dated May 8, 1997 “On Defense of Investors’ Rights” has been adopted with a view to defend the investors’ rights from unfair competitors in the money-market; it specifies responsibility of all currency market participants for infringement of securities-law.

Further equity market development in the Republic of Belarus is regulated by the following documents:

• Conception of equity market operation and development in the Republic of Belarus. Its main purpose is to identify and create necessary conditions for formation of an integrated, liquid, transparent, efficient equity market as a constituent part of the financial market in the Republic of Belarus, which will be governed by the State and will integrate into the world equity market;
• Conception of securities clearing system formation in the Republic of Belarus. Its purpose is to create an efficient transparent system of clearing and settlement of dealings in securities of all types;
• Development of e-trade in the stock market of the Republic of Belarus, according to which all transactions in the exchange and off-exchange secondary market shall be closed through the system of remote point-of-sale terminals accessed by all professional participants of the national stock market;
• Plan of measures for implementation of the National Program of Investments Attraction to Economy of the Republic of Belarus for the period until the end of 2010; its main purpose is to create favourable investment climate in all sectors of the financial market.