The following kinds of professional and exchange activities may be carried out in securities in the Republic of Belarus:

• Brokerage (purchase and sale of securities at the expense and on the instruction of the customer).
• Dealership (purchase and sale of securities in the dealer’s own name and at its own expense, under obligation to close transactions according to sales and purchase prices fixed by such legal entity).
• Activity of investment funds – issue of shares with a view to raise funds of any investors and invest such funds in the securities in the name of such investors, as well as to deposit such funds to banking accounts, holdings and deposits, for which all risks will be fully charged to the account of the fund’s shares current price changes.
• Depository activities – record, settlement and care of any securities; as well as calculation, charge and payment of any earnings of such securities.
• Fiducial management of securities – management of any securities owned by a certain person by the property right and transferred by the owner to any other person for a definite period for holding and fiducial management.

The following securities may be the object of fiducial management:

• shares and bonds of commercial companies, including shares and obligations being in the governmental possession as of the moment of entering into the agreement of fiducial management;
• other securities, except for bonds, cheques, certificates of deposit and savings certificates, savings-bank books payable to bearer, bills of lading, etc., for which their terms of issue do not permit any fiducial management.

In addition to kinds of securities listed above, any securities (shares, bonds) of foreign issuers may be the object of fiducial management, provided they have been brought to the territory of the Republic of Belarus in compliance with the requirements of the legislation.

Moreover, clearing and any other activities related to arrangement for trade in securities have been also included into the list of licensed professional and exchange activities.

Since the end of April, 2005, financial and qualification requirements to the professional market participants and their employees have become more strict, with a view to reduce risks at closing transactions. Such requirements correspond to the world standards and are aimed at lessening the number of unfair professional participants. In particular, minimum amount of equity capital of any professional market participant shall be equal to Eur 30 thousand for those involved in brokerage and dealership, or Eur 100 thousand for those involved in depository activity, or Eur 500 thousand for those involved in the activities of investment funds and fiducial management of securities.