The financial market includes several sectors.One of them is the stock exchange. The securities market is a source of income and redistribution of funds. Investors buy shares of promising companies and banks, accelerating their growth. Here in circulation are documentary and non-documentary securities. About the features of their functioning and will be discussed in the article.
The securities market is a set of economicrelations on the issue and circulation of securities. It is also called the stock exchange. The main purpose of the market is to ensure the financial development of the economy. This can be done through bank loans and through securities. In the second case, the funds are sent by investors:
In the primary market are placed securities at the timeemissions. This is where financial resources are mobilized. Issuers, investors, underwriters, FFMS - participants in this sector. In the secondary market there is a resale of the Central Bank, the direction of capital in promising sectors. Here is formed the market rate of assets.
Это самый распространенный вид паев на рынке.Such securities secure property rights of the owner, subject to assignment and unconditional implementation, in the manner prescribed by law; appear as a result of release; have equal rights regardless of the time of purchase.
For emission securities include:
Issue securities issued in two forms, it is:
Definition of the term “non-documentary valuablepaper "came from American law. In the 1980s, negotiable, title and stock certificates with different legal regulatory regimes were used. In Art. 8-102 US ECC defines the notion of securities in a non-documentary form: this is a share for participation in the issuer's property that is not represented by another document, and its transfer is recorded in special books.
The first to "dematerialize" the certificate is France.The legislation of the country since 1984 has fixed this possibility in relation to shares and bonds. In Germany, a special law allowed the issuance of "global certificates".
With the development of information technology formproof of property rights from documentary was changed to electronic. Such certificates are also referred to as securities, but they are subject to legal rules of ownership. This securitization trend well reflects the mobility of financial relationships. The turnover of “dematerial” securities is fixed by art. 142-149 of the Civil Code. The issuer, having obtained a license, can fix rights with the help of electronic computing equipment. The order and rules of these operations are regulated by law.
Uncertificated securities are electronicdocuments. The law defines the procedure for fixing, confirming and concluding transactions on them. Responsibility for the safety of records is the person who updated the registry. It also constitutes a “decision on the issue of the Central Bank”, it registers it with state authorities. This document certifies the right of the owners. It is compiled in triplicate. One remains with the owner, the second is attached to the registry, and the latter is transferred to the repository.
The peculiarity of such documents is thatthat the issuer's obligation is expressed as a record in a special “depot” account, which contains all the necessary details. In this form, the law allows the issuance of shares and bonds. But the issue of bills, carried out in a similar way, is prohibited.
Domestic legislation was alsoallowed to use "dematerial" securities. When issuing, an AO should only register their release in books, and may not spend money on preparing forms. Government short-term bonds are another example of book-entry securities. The law permits the issuance of any type of certificate in this form. But the legal regime for regulating disputes over them does not exist. All issues are resolved on the basis of the provisions of Art. 28 of the Federal Law "On the RCB", which stipulates that the ownership of such objects passes the same way as on things.
In American law, the object of propertyare the rights themselves. For Russian legislation, this approach is unacceptable. In US law, there is no concept of obligation. Therefore, the automatic transfer of these interpretations and regulation rules to the domestic market is impossible. The purchase and sale of securities should be regulated on the basis of already established rules of law.
Before making amendments to the RF CG issues of emissionregulated by the "Regulation on the issue of securities" № 78. This document provided for the possibility of the existence of certificates in the form of records on the accounts. The new concept of securities from the Civil Code provides that the main purpose of the document is to fix certain property rights. Their transfer is possible without a certificate. In Art. 149 of the Civil Code prescribed that the rights to securities are recorded in a special registry. And this already deprives of meaning one of the functions of this tool.
Analyzing these norms of the law, we can conclude that non-documentary securities are property rights that can be verified by the general rule or by fixing the record in the registry.
Американский рынок – самый развитый по уровню infrastructure, profitability, capitalization, turnover, liquidity. The legal framework was laid after the economic crisis of the 1930s. last century. At the same time, the concept of money management was revised. The laws “On the Central Bank” (1933), “On the Stock Exchange” (1934) and other acts came into force. Therefore, to date, non-documentary securities are freely circulating in the United States.
Western European market is functioningmore effective than domestic, although inferior to the American. This is a great merit of the megaregulator, its well-established work. Each sector of the financial market performs a specific list of functions. And in case of a shortage of capital, there is a redistribution of resources. All these actions are regulated by the relevant ministries (finance and economic affairs).
For a while, all the securities of the Russian Federationregulated by the same legal acts. With the introduction of changes in the legislation, the rights of the holder after the disappearance of the certificates gained independent significance. Such documents do not assume the properties of things, but change the method of fixation. As a result, there is a need to improve the protection of the interests of the owners. "Replacing" paper carriers leads to the disappearance of classic nominal certificates. The uncertificated form of bearer securities is unlikely to appear. A “dematerialized” warrant, although not prohibited by law (Art. 149 of the Civil Code), but will not be widespread. Therefore, only issuing securities are uncertificated.
The securities market in Russia is functioning forensuring the financial development of the economy. In circulation are certificates in uncertificated form. In essence, this is the same share, which confirms the owner’s contribution to the assets of the enterprise, for the fact of the transfer is recorded in the registers.
