The largest professional participants in the securities market, which can be combined under the general term securities companies, are multifunctional enterprises whose core activity is securities.

Such companies can simultaneously perform the functions of brokers, dealers, managers, underwriters, investment consultants. They provide their clients with all kinds of services related to securities.

Which enter into economic relations regarding the transfer of rights to securities.

Professional participants of the securities market— legal entities, including credit institutions, that carry out the following activities:

• brokerage;
• dealer activity;
• securities management activities;
• activities to determine mutual obligations (clearing);
• depository activity;
• activity on maintenance of the register of holders of securities;
• activity on the organization of trade in the securities market.

• issuers- carry out initial circulation;
• investors- it's always buyers;
• fund intermediaries— these are traders that provide communication between issuers and investors and have state licenses for the relevant intermediary activities (brokerage and dealer services);
  • brokers are participants in the securities market that carry out operations at the expense of client funds(a broker can only be a legal entity).
  • dealers— participants in the securities market, carry out transactions with securities for your account(only a legal entity that is a commercial organization can be a dealer).
• infrastructure organizations;
• regulation and control organizations.

Issuers

Issuers— professional participants in the securities market who issue securities into circulation and are liable to their owners. Issuers are usually legal entities.

In practice, issuers are the first sellers of a security, although the release itself need not be accompanied by a sale transaction. In the concept of "issuer", the emphasis is not only on the issue of a security, but also on the issuer's acceptance of obligations under it, and hence on obtaining certain rights associated with a security, its owner, buyer. Issuers are usually, although some types of securities can also be put into circulation by citizens (individuals).

Investors

Investors- participants in the securities market, legal entities and individuals who invest their free capital or savings in securities. An investor will simultaneously be an issuer if he carries out his own issue of securities.

An investor will always be an acquirer (buyer) of a security, although not every buyer of it is an investor. An investor can simultaneously be an issuer if he issues his own securities, and an issuer becomes an investor at the same time if he invests his capital in the securities of other issuers. If the issuer can, with a certain degree of conventionality, be called the first seller of his security (in fact, it is often not the issuer who sells it, but a person authorized by him), then the investor, as a rule, will never become the “final” buyer of the security. He constantly acts either as a seller or as a buyer, depending on the situation on the market, prices and profitability of various securities. Therefore, it is wrong to identify issuers only with sellers of securities, and investors - only with their buyers.

Both issuers and investors act simultaneously as sellers and buyers in the securities market. The division of market participants into issuers and investors is made not according to their position regarding the purchase and sale of a security, but in relation to property rights and obligations for each security.

Fund intermediaries

Fund intermediaries— professional participants in the securities market, providing communication between issuers and investors and having state licenses for the relevant intermediary activities (brokerage and dealer services).

Brokers- these are fund intermediaries that carry out commissions or commissions at the expense of the client in accordance with agreements. The broker receives income in the form of a commission.

If a broker provides services for the placement of emissive securities, the broker shall have the right to purchase at his own expense securities not placed within the time period stipulated by the agreement.

Dealers— stock intermediaries that carry out operations with securities at their own expense. Their income is the difference between the sale price and the purchase price of the security.

Management companies— these are fund intermediaries that carry out activities for the trust management of securities and / or funds released from the sale of securities or intended for their acquisition, on behalf of and in the interests of their clients.

Fund intermediaries can only be legal entities, they can be formed in various organizational and legal forms, they must have a state license for the appropriate type of mediation.

Infrastructure organizations

Infrastructure organizations the securities market can be conditionally divided into two groups: organizations serving only this market are settlement centers, depositories, registrars; and organizations serving many markets at once, including the present one, are electronic information systems, newspapers, magazines, legal services, etc.

Organizers of the securities market- These are organizations that facilitate the conclusion of transactions for the purchase and sale of securities.

Organizers of the securities market include stock exchanges and over-the-counter market organizers.

• Settlement centers These are banking-type organizations that specialize in maintaining settlement accounts of participants in the organized securities market and making all settlements on transactions with securities.
• Registrars keep registers of owners of registered securities, if their number for this security exceeds 500;
• depositaries provide services for the storage of securities and accounting and transfer of ownership of securities from one owner to another.

Regulatory and control organizations represented by government agencies and organizations of the market participants themselves.

These organizations are represented either by the relevant authorities of the state, or organizations of the market participants themselves, who are granted the right to control and regulate both by the state and by the market professionals themselves.

The Law of the Russian Federation “On the Securities Market” determines that the main state body regulating the securities market in Russia is the Federal Service for Financial Markets (FFMS), which has the right to confer some regulatory functions on organizations of professional participants in the market under consideration by giving them the status of self-regulatory organizations of the Russian securities market.

The purpose of state regulation is to ensure investor confidence in the securities market, which guarantees the latter's performance of their economic functions and regulation of the activities of market participants as relevant organizations, as well as the establishment of rules for their conduct of any operations in the securities market.

There are various classifications of participants in the securities market. Most
known is the following grouping:

• Issuers (those who supply their financial assets to the securities market)
  tools);
• Investors (those who acquire financial instruments by supplying capital to the market);
• Intermediaries (those who help issuers and investors to exchange financial instruments and capital, respectively);
• Infrastructure (those that take on certain types of risks
  market participants);
• Regulatory bodies (state and self-regulatory organizations).

The scheme of interaction between participants in the securities market is shown in fig. 1.6.

Figure 1.6. Interaction between participants of the securities market

Consider the named participants in the securities market

Issuers

Strictly speaking, the issuer of securities is the person who issues
emissive securities (recall that, for example, in Russia only shares, bonds and issuer options are considered emissive securities). Within the framework of the above classification, the term issuer is used in the broad sense of the word, without limitation on the types of securities.

Issuer is a legal entity or executive authorities or local governments that bear obligations on their own behalf to the owners of securities to exercise the rights enshrined by them.

Issuers of securities can be divided into two large groups: the state and
corporations.

The state issues mainly debt securities. in different
countries, these papers have features of issue and differences in names.
Corporations can be issuers of various securities, but issue of stocks and bonds deserves special attention.

Investors

Investors, as participants in the securities market, can be divided into institutional and individual (see Fig. 1.7.).

Figure 1.7. Classification of investors in the securities market.

Investor- a legal or natural person investing its own, borrowed or borrowed funds in objects of entrepreneurial and (or) other activities in order to make a profit and (or) achieve another beneficial effect.

A distinctive feature of institutional investors is the allocation
financial institution as a specialized business entity,
carrying out operations in the financial market.

Russia at the beginning of 2011 4120 institutional investors work, including: 449 management companies, 1136 commercial banks, 660 insurance companies, 1875 collective investors.

A special place among institutional investors is occupied by collective
investors with certain characteristics.

In economic terms the concept of "collective investment" means such a scheme for organizing the investment business, in which the funds consciously and purposefully invested by a small investor in a particular enterprise (fund) are accumulated in a single pool under the management of a professional manager for the purpose of their subsequent profitable investment.

The form of collective investment is simultaneously characterized by the following features:

• raising funds by placing securities or entering into contracts;
• implementation as the main activity of investing attracted funds in securities and other property;
• receiving the main share of income in the form of dividends, interest and income from transactions made with this property;
• distribution of income received from investment between participants
  collective investment by paying them dividends, interest or other payments.

In terms of operations, collective investors have a number of
salient features:

• persons providing their funds to a financial intermediary
  (manager), they themselves bear the risks associated with investing;
• the manager pools the funds of many persons (both individuals and legal entities), depersonalizing individual contributions in a single cash pool and thereby averaging the indicated risks for participants in the collective investment scheme;
• unlike a number of traditional forms of investment (banks, insurance companies, individual retirement accounts, etc.), collective investment schemes do not involve the promise of pre-agreed fixed payments;
• an investor participating in collective investment schemes is aware of the directions for investing the collected funds and therefore has the opportunity to choose the investment scheme (form) that best suits his investment preferences.

Investment funds

One of the most common types of collective investors is
investment fund.

Investment funds can be both open and closed types.

open type. Shares (shares) can be constantly issued and redeemed for
liquidation without the consent of the shareholders (variable capital). Shares can be bought or presented for redemption in the fund on a regular basis.

closed type. There is a fixed number of shares/units (fixed
capital). The issuance of additional shares or their redemption for cancellation usually requires the consent of the shareholders. The purchase/sale of shares is carried out on the stock exchange.

Table 1.7. – Types of investment funds

The most common type of investment fund in Russia is a mutual fund.

Mutual investment fund (PIF)- a separate property complex, consisting of property transferred to the trust management of the management company by the founder (founders) of the trust management with the condition of combining this property with the property of other founders of the trust management, and from the property received in the process of such management, the share in the ownership of which is certified a security (investment share) issued by a management company. A mutual investment fund is not a legal entity.

Investment share is a registered security certifying the share of its owner in the ownership of the property constituting the mutual fund, the right to demand from the management company proper trust management of the mutual fund, the right to receive monetary compensation upon termination of the contract of trust management of the mutual fund with all owners of investment units of this mutual fund (termination of the mutual fund).

The main participants in the activities of the PIF:

1. Management Company– carries out trust management of a mutual fund by performing any legal and actual actions in relation to its constituent property, and also exercises all rights certified by securities constituting a unit investment fund, including the right to vote on voting securities
2. Specialized depository- keeps track of property
   constituting a mutual investment fund. May maintain a register of investment unit holders.
3. Specialized registrar - maintains the register of investment unit holders. Must have a license to carry out activities of maintaining a register of registered securities holders.

There are three types of mutual funds: open, interval and closed. An open mutual fund redeems and places investment units every business day, an interval one - during the intervals, a closed one - upon liquidation of the mutual fund.

Russia at the beginning of 2011 1225 mutual funds were registered, including 396 open, 77 interval and 752 closed. Thus, the structure is as follows: 32.3% are open mutual funds, 6.3% - interval and 61.4% - closed mutual funds. The value of the net assets of mutual funds is more than 400.0 billion rubles. At the same time, 21.7% were the assets of open-end mutual funds, about 6.4% - interval mutual funds, and 71.9% - closed mutual funds.

Non-state pension funds

Non-state pension funds are a widespread type
collective investor.

Non-state pension fund - a special organizational and legal form
a non-profit social security organization whose exclusive activities are:

• activity on non-state pension provision of participants
  fund in accordance with non-state pension provision agreements;
• activity as an insurer for compulsory pension insurance in accordance with contracts on compulsory pension insurance;
• activity as an insurer for professional pension
  insurance in accordance with agreements on the creation of professional
  pension systems.

Activities of the fund for non-state pension provision of the population
includes the accumulation of pension and insurance contributions, placement of pension reserves and pension savings, accounting of the fund's pension liabilities and payment of non-state pensions to the fund's participants.

Non-state pension funds operate independently of the system
state support. The founders of pension funds can be as
legal entities and individuals. Placement of the funds' pension assets is carried out by specialized management companies.

Russia at the beginning of 2011 There are 159 NPFs, of which 133 provide mandatory pension insurance. At the beginning of 2011 pension reserves amount to about 600.0 billion rubles, pension savings - about 150.0 billion rubles.

Other collective investors

In different countries there are features of collective investment.
Let's consider other collective investors on the example of Russia.

Such investors include general banking management funds (OBFU). OFBU
a property complex is recognized, consisting of property transferred in
trust management by different persons and united on the basis of common ownership, as well as acquired by the trust manager in the course of trust management.

The essence of investing in OFBU is that the investor, investing in OFBU, receives a so-called equity participation certificate, which entitles him to a share of property in the fund. This certificate is not a security and cannot be sold on the market, however, it can be bequeathed or simply reissued to another person.

Russia at the beginning of 2011 more than 300 general banking management funds operate, the total assets of which amount to about 7.0 billion rubles.

General bank management funds are often compared to mutual funds. In table. 1.8. the principal features of mutual funds and OFBU are given.

Table 1.8. - Comparative characteristics of mutual funds and OFBU

Intermediaries in the securities market

As we noted above, intermediaries are professional market participants
securities, "connecting" issuers and investors.

Among the intermediaries of the securities market, there are brokers, dealers and
managers. These participants in the securities market, in turn, carry out one or another type of professional activity.

Each of the intermediaries is responsible for "his site." Brokers execute client orders, working for a commission. Dealers - work on their own behalf and at their own expense, providing market liquidity. Managers manage a portfolio of financial instruments in the interests of the investor, but on their own behalf.

Russia at the beginning of 2011 employ professional market participants with
a license to carry out professional activities in the securities market: brokerage activities - 1262 participants, dealer activities - 1249 participants, securities management activities - 1146 participants.

Securities Market Infrastructure

Under securities market infrastructure usually understood as a set
technologies used in the market for the conclusion and execution of transactions,
materialized in various technical means, institutions (organizations), norms and rules.

The main function of the securities market infrastructure is to provide “convenience”
market participants to make transactions and reduce the risk of transactions in the securities market.

Elements of the infrastructure of the securities market include:

• accounting system;
• trading system;
• clearing system;
• Settlement system;
• Information disclosure system.

Accounting system

Accounting system performs the function of accounting and storage of securities,
proof of ownership of securities. The accounting system includes
depositories and registrars.

Depository is an element of the system of registration of property rights
infrastructure of the securities market, ensuring the safe (responsible) storage of securities, as well as guaranteeing the availability and authenticity of the securities that are the subject of a sale and purchase transaction. At the beginning of 2011, 735 depositories operate in Russia.

There are currently four types of depositories in Russia, which form three levels of the depository system:

• Level 1 - Central Securities Depository (not yet established);

• Level 2 - Settlement depositories that serve trade organizers (Depository Clearing Company (DCC) serves RTS, National Settlement Depository (NSD) serves MICEX),

• Level 3 – Custodians (or custodians) that serve individual and institutional investors. This level of the depository system can also include specialized depositories that serve collective investors.

Registrar, as an element of the accounting system, performs the function of maintaining a registry
shareholders. Register - a special database that reflects information about the owners of securities issued by the issuer. At the beginning of 2011 there are 48 registrars in Russia.

Trading system

The trading system, as an element of the securities market infrastructure, allows
transact in the securities market. At the same time, the trading system takes on a number of risks. The trading system includes exchanges as an organized market with standard rules for making transactions and over-the-counter markets.

The term "exchange", according to the most common version, comes from
the Flemish word "burse" meaning "purse". It is known that in the city of Bruges in the XV century. the merchant family van der Burse lived, on the coat of arms of which three leather purses were depicted. The trading meetings that took place in the square near their house were called Bursa. Since then, the word has entered many languages ​​​​of the world (Germany - Börse, France - Bourse, Italy - Borsa, Spain - Bolsa). In English-speaking countries, however, this word has not taken root ("burse" is used extremely rarely). Here the main term is exchange (which means “exchange”).

It should be noted that in different countries there are differences in the organization of trade and
structure of financial instruments circulating on stock exchanges.

Table 1.9 - Information on stock exchanges

Most stock exchanges in the world are members of the World Federation of Exchanges - WFE (up to
autumn 2001 It was called the International Federation of Stock Exchanges - IFFB (FIBV - Federation International des Bourses de Valeurs)), which was established in 1961, with headquarters in Paris. It regulates the global securities and derivatives markets. IFAC statistics include data on the 55 largest exchanges from 42 countries of the world - full members of the IFAC, which account for almost 97% of world market capitalization.

For a security to become a commodity, it must pass
the admission procedure, which in the USA, England and Russia is called "listing". In France, this is called "introduction", in Germany - "tolerance".

Listing of securities- this is a set of certain procedures carried out by the exchange with the assistance of the issuer (management company) or their official representatives in order to include securities in quotation lists and carry out incoming and subsequent supervision over the compliance of securities (as well as issuers of securities) with the requirements imposed on them in accordance with exchange rules.

The listing of the company's securities on the stock exchange gives it the following
advantages:

• Increased confidence on the part of market participants, as confirmed
  trade organizer reliability;
• Public fame, presentability, popularity among market participants;
• Gaining access to cheap and potentially unlimited sources
  financing, including through subsequent issues;
• Contributes to the growth of the company's capitalization, i.e., the growth of the value of its shares;
• Increases the turnover (liquidity) of its securities;
• Allows you to receive certain tax benefits in accordance with the existing tax legislation in the country.

A commercial organization applying for a listing on a stock exchange must meet certain requirements for it and its securities. They are commonly referred to as:

• existence of the history of the company;

• fame in the country and in the world;

• the place occupied in the corresponding sphere of the economy;

• the minimum size of assets and net profit for several years;

• the number of shares in free float (free float);

• number of shareholders, etc.

clearing system

The task of the clearing system is to establish and confirm the parameters of all transactions concluded in this system and sometimes to sum up the results. In the practice of carrying out clearing activities, it is customary either to combine the activities of organizing trade with clearing activities, or to create specialized organizations.

In the United States, there is the National Clearing Corporation (National Securities
Clearing Corporation), in the UK - the Central Depository and Clearing Center for Gilts (Central Gilts Office), in Japan - the Japan Securities Clearing Corporation (Japan Securities Clearing Corporation). At the beginning of 2011 There are 13 clearing organizations in Russia.

There are two main types of clearing:

• continuous clearing is carried out in real time, i.e. each transaction concluded on the exchange is immediately processed. This system is used for small volumes of transactions and requires powerful hardware and software.
• periodic clearing is carried out regularly at certain periods of time (every hour, at the end of the trading session, at the end of the week). By this moment, information about all transactions made on the exchange for the period is accumulated, and then all transactions are processed at once. This technology is more productive, however, it significantly increases the settlement time for transactions. Realistic periodic clearing is usually done at the end of each trading session, which is a compromise between processing cost and time.

In addition, it is customary to distinguish between bilateral and multilateral clearing.

• bilateral clearing is carried out in such a way that as a result it becomes clear which of the participants and which transactions have concluded. Sometimes these transactions are considered independently, and sometimes they are summed up, so that as a result, the net position of each of the bidders in relation to each other is found out. Such clearing is sometimes called bilateral netting (finding out the mutual net positions of each pair of traders).
• multilateral clearing (netting) is a logical continuation of bilateral netting. It goes further and summarizes all transactions of each bidder with different counterparties. As a result, each participant receives one position (for each type of securities).

Other infrastructure elements (payment system, information disclosure system) are not included in the number of professional participants in the securities market.

Payment system

A payment system is a part of the banking system used to secure
financial transactions related to commercial transactions. Each auction organizer conducts cash settlements through special non-bank credit organizations.

For example, in the UK CREST (Euroclear group) is used, in Russia a non-banking credit organization has been created at each exchange.

Information disclosure system

Information disclosure system responsible for providing market participants
timely, accurate and complete information. There are various sources
information on the securities market:

• stock exchanges. They are the primary source of information about the price (rate) of securities.
• Issuers of securities. They are the primary source of information on financial and economic activities, corporate events and other
  information.
• News agencies. They process information coming from both stock exchanges and issuers of securities. They are a kind of repeaters, acting in turn as the main source of information about issuers and their securities for the media.
• Investment Advisors(and other professional RCB participants). They disseminate information both about the situation on the market and about issuers of securities. The most generalized form of advice given by an investment advisor to his clients is a newsletter.

Table 1.10. – Sources of information on the RZB and payment for this information
depending on the type

The most famous news agencies and sources in the world
financial news are:

• Wall Street Journal (The Wall Street Journal) www.wsj.com;
• Reuters www.reuters.com;
• Bloomberg www.bloomberg.com;
• Financial Times www.ft.com.

In Russia, popular sources of business news are the Kommersant Publishing House (www.kommersant.ru), the Vedomosti newspaper (www.vedomosti.ru),
information agency "Finmarket" (www.finmarket.ru), agency "RosBusinessConsulting" (www.rbc.ru) and others. In addition, disclosure of information on issuers of securities is carried out by specialized information agencies accredited by the Federal Financial Markets Service (FFMS):

• CJSC Complex Information and News Disclosure System (SKRIN) –
  www.disclosure.skrin.ru;
• CJSC Economic Information Agency PRIME-TASS –
  www.disclosure.prime-tass.ru;
• ZAO Interfax – www.e-disclosure.ru;
• ANO "Association for the Protection of Information Rights of Investors", news agency "AZIPI-INFORM" - www.e-disclosure.azipi.ru;
• ZAO Analysis, Consulting and Marketing (AKM) – www.disclosure.ru.

Regulatory bodies in the securities market

The main goal of regulation of the securities market is to ensure the stability of the securities market, increase its efficiency and attractiveness, increase transparency and reduce investment risks.

There are 3 main methods of regulating the securities market, which
are given in table. 1.11.

The main objectives of the regulation of the securities market are:

1. Formation of the stock market as a mechanism for attracting investments;
2. Creation of conditions for financing the budget deficit;
3. Providing conditions for the creation of mechanisms for investing the funds of the population;
4. Creation of the institution of an effective owner;
5. Protection of the rights and legitimate interests of investors;
6. Integration of the national securities market into the world one;
7. The fight against securities surrogates.

Regulatory bodies are divided depending on the type of regulation: state regulation - bodies of state executive power; self-regulation – self-regulatory organizations of professional participants in the securities market.

So in the USA there are two levels of regulation: a) the Securities and Exchange Commission - SEC (1934) and b) special bodies in the states. In the UK - the Securities and Investments Council (1986) and the Financial Services Authority (1997). In Japan, the Securities and Exchange Commission is an affiliate of the Ministry of Finance (1992) and the Financial Services Agency. In Germany - the Federal Commission for the Securities Market - BaWe (1994) and the Federal Service for the Regulation of Financial Markets - BaFin (2002). In Kazakhstan - the Agency for Regulation and Supervision of the Financial Market and Financial Organizations.

In Russia, the federal executive body responsible for control and supervision of financial markets is the Federal Service for Financial Markets of the Russian Federation (FFMS).

The main objects of state regulation, see Fig. 1.8

Figure 1.8. Main objects of state regulation

State regulation of the securities market is carried out by:

1. Licensing the activities of professional participants in the securities market;
2. Formation of mandatory requirements for the activities of professional participants in the securities market and its standards;
3. State registration of issues of emissive securities and prospectuses of securities and control over compliance by issuers with the conditions and obligations stipulated in them;
4. Creation of a system to protect the rights of owners and control over the observance of their rights by issuers and professional participants in the securities market;
5. Prohibition and suppression of the activities of persons engaged in entrepreneurial activities in the securities market without an appropriate license.

A self-regulatory organization of professional participants in the securities market (SRO) is a voluntary association of professional participants in the securities market, acting in accordance with the law and functioning on the principles of a non-profit organization.

An SRO is established by at least ten professional RZB participants or
organizations professionally engaged in investment management.

The role of self-regulatory organizations is to develop, based on the experience gained by market participants, more detailed norms and requirements than the state regulator, control their compliance and thereby bring the market regulator closer to its participant.

Issuers of securities are business entities that receive additional sources of funding through the issuance of securities, as well as executive authorities that issue loans to cover government spending and implement targeted investment projects. The state or municipal authorities issue debt obligations (bonds, treasury bills). Corporations can be issuers of shares, bonds, option certificates. The issuer supplies the market with a special product - a security - and bears on its own behalf obligations to the owners of securities to exercise the rights assigned to them;

investors .

Investors - individuals and legal entities who have temporarily free funds and wish to invest them to make a profit and (or) achieve another beneficial effect. In addition, investors can invest in investment objects, in addition to their own, also borrowed and attracted funds. Objects of investment are various types and qualities of securities. Individual investors, institutional investors, other investors (enterprises and organizations) can be distinguished.

Individual investor- an individual who uses his savings to purchase securities independently or through a broker at his own expense and on his own behalf.

Institutional investors - commercial banks, insurance companies, investment companies, collective investors (mutual investment funds, joint-stock investment funds, non-state pension funds, etc.) investing money in securities in order to generate income based on effective management of the securities portfolio.

Collective investors- these are financial institutions that work with the funds of a large number of investors as a single pool of funds and place funds in securities.

Collective investor:

attracts funds from small investors by placing securities or concluding contracts;

invests attracted funds in securities or other property;

receives income in the form of dividends, interest and income from property transactions;

distributes the income received from the investment among the participants in the collective investment.

Collective investors operate under the management of a professional manager who has the appropriate license. The task of a professional manager is to pool the funds of many persons, averaging the risks of the latter, in order to form an effective portfolio of securities. A small investor, being a member of a collective investment scheme, is informed about the directions of investment;

financial intermediaries . Professional Members The securities market mediate between issuers and investors. Among the intermediaries includes brokers, dealers and managers. Each of the professional participants must act on the basis of a license, comply in its parameters with the requirements established by law, comply with the rules and regulations developed by participants in the securities market;

infrastructure organizations . TO infrastructure organizations operating on the securities market include: registrars, depositories, clearing organizations, trade organizers. Infrastructure organizations ensure the functioning of systems for accounting for securities, payment, settlements on securities, clearing, information disclosure. The tasks of the infrastructure of the securities market are to distribute risks between market participants and reduce transaction costs, namely the cost of each transaction;

regulators . These include both government regulators and self-regulatory organizations. Among the main state bodies regulating the securities market are the Ministry of Finance of the Russian Federation, the Central Bank of the Russian Federation. Self-regulatory organizations created by professional participants in the securities market include NAUFOR (National Association of Stock Market Participants), PARTAD (Professional Association of Registrars, Transfer Agents and Depositories), NFA (National Stock Association).

Introduction

The concept and signs of professional activity in the securities market

2 Signs of professional activity in the securities market

Types of professional participants in the securities market

3 Clearing organization

4 Securities Trustee

5 Depositary

Conclusion

Bibliography

Introduction

Currently, the securities market is an integral part of the socio-economic life of modern Russia: the events taking place in this area are inextricably linked with the development of the national economy and are of interest both from a narrow circle of professionals and among the population.

According to the most common characteristics in the world practice, such as capitalization, market capacity, volume of transactions, the Russian securities market is developing very dynamically.

It is the professional participants in the securities market that make a significant contribution to reducing the risks of investors in Russia. At the same time, helping to reduce certain risks, professional participants generate new types of risks associated with the functioning of the securities market itself and its institutions, with a conflict of interests between the professional community and other participants in the stock market, which also need to be reduced.

In practice, the state regulatory body (the Federal Commission for the Securities Market of the Russian Federation - the Federal Commission for the Securities Market of Russia) tries to solve the issues of reducing risks and eliminating conflicts of interest by issuing departmental regulations. At present, a situation has arisen where the activities of professional participants in the securities market are regulated by a multitude of general legal acts that do not sufficiently take into account the specifics of specific types of professional activities.

The purpose of the presented work is to explore professional participants in the securities market in the Russian Federation.

This goal is realized by solving the following tasks:

consider the concept and signs of professional activity in the securities market

study the types of professional participants in the securities market

The structure of the work is determined by its purpose and objectives and consists of an introduction, two chapters, a conclusion and a list of references.

1. The concept and features of professional activity in the securities market

1 The concept of professional activity in the securities market

The current legislation does not contain a definition of professional activity in the securities market. The legislator did not consider it possible to indicate the signs of professional activity. There is also no consensus in the scientific literature as to what should be understood as professional activity in the stock market.

Ya.M. Mirkin points out that professional activities should be understood as "special activities in the stock market for the redistribution of monetary resources based on securities, for organizational, technical and information services for the issuance and circulation of securities."

In turn, V.A. Galanov, A.I. Basov, dwelling on the analysis of professional intermediary activity in the stock market, define it as "an activity to ensure the relationship between suppliers and consumers of capital in the securities market, as well as to service them."

S.A. Khabarov proposes a definition of professional activity in the stock market, according to which the named activity should be generally understood as "the provision by a participant in the securities market of any services to third parties on the basis of certain standards of activity."

A detailed analysis of the system of signs of professional activity in the stock market allowed A.V. Semenov to come to an understanding of the latter as an independent activity carried out at one’s own risk in the forms established by federal law, carried out on a professional and systematic basis in order to achieve a positive economic effect by legal entities that have received a license for its implementation in the manner prescribed by law.

Thus, professional activity in the securities market is the provision of services to participants in this market on a competent and commercial basis.

Compared to the activity of an issuer or investor in the securities market, which is expressed in raising or investing capital through securities, the activity of a professional participant is his work, which is the main source of his total income. The source of the net income of the issuer or investor is the attracted capital or capital in the form of a security.

The activities of a particular issuer or investor are not rigidly fixed to the securities market, since, due to the mobility of this form of capital, everyone can freely leave the securities market for another market.

Another thing is the activity of those who have invested their capital in services as a business in the securities market. He cannot also easily and freely leave this market, since in another market he can no longer act as a professional until he receives a license, he needs to retrain, hire a new staff.

1.2 Signs of professional activity in the securities market

After analyzing the above approaches, as well as the provisions of legal acts regulating legal relations that develop regarding the implementation of professional activities, we consider it possible to propose a definition of professional activity in the securities market based on the following system of signs.

The first feature characterizes professional activity in terms of its external expression in the outside world, i.e. like an activity.

The concept of "activity" means occupation, labor; the behavior of subjects, the system of their actions. Under the activity is also understood the expedient change of the surrounding world in the interests of people.

Professional activity can be characterized as a positively directed activity, which in its material terms represents a set of actions and operations of professional participants.

In the scientific literature, professionalism is considered within the framework of two aspects: internal (substantial) and external.

The internal aspect indicates that professional activity is carried out according to certain rules and methods; in compliance with the requirements for its process and results; on a reimbursable basis; entities that have certain qualifications and have the information necessary for making and implementing decisions; under the control of authorized state bodies and self-regulatory organizations.

The external aspect of the professionalism of an activity is expressed in the exclusivity of its implementation: for a subject implementing a particular professional activity, such an activity is the only one - "this is his work, which is the main source of his total income." For a true professional "there is no" other activities, ie. he cannot combine his exclusive (professional) activity with other types of activity.

The logical continuation of the sign of professionalism (exclusivity) is the implementation of professional activities in the securities market, and not in any other segment of the financial market. Even its combination with professional activities in the insurance, currency, credit markets does not affect the fact that the professional activities specified in Chapter 2 of the Law exist only within the framework of legal relations that make up the securities market.

The types of professional activities are exhaustively named in the Law on the Securities Market.

Part 18 Art. 2 of the Law on the Securities Market defines professional participants as legal entities carrying out the types of activities named in chapter 2 of this regulatory act.

This approach of the legislator seems to be quite reasonable. The activity under study stands out among the institutions of the stock market in connection with the functional load that it performs on it. For this reason, as well as in order to minimize the losses of other participants in the stock market and guarantee a certain level of stability of its existence, requirements are established for the professional skills of employees of professional participants and the adequacy of the funds at their disposal. Such restrictions can be established only in relation to subjects strictly defined in the law.

An additional guarantee of the compliance of the implementation of professional activities with the requirements of regulations and the conditions of the securities market is the institution of licensing. At the same time, paragraph 1 of Art. 49 of the Civil Code of the Russian Federation allows licensing only in relation to certain types of activities, the list of which is determined by law.

Professional activity is an entrepreneurial activity. Accordingly, it has the characteristics of the latter.

One of the characteristics of entrepreneurship is its implementation on a professional basis. At the same time, entrepreneurial activity can be carried out not on an exclusive, but only on a preferential basis. Professionalism is an expression of the essence of professional activity in the securities market, its constitutive feature. Professionalism here is the very goal (naturally, not the only one) and the most important condition for existence in objective reality. For entrepreneurial activity, this is nothing more than one of the qualifying signs, a means of achieving its main goal - making a profit.

In this regard, professionalism as a sign of entrepreneurial activity differs from a similar sign of professional activity in the securities market.

Professional activity is carried out by subjects - participants in the securities market, which have a number of characteristics that distinguish them from other subjects of legal relations that make up the stock market.

In this regard, the implementation of professional activities by special subjects is its unconditional feature.

Since the Law on the Securities Market does not contain any special instructions with respect to all entities carrying out professional activities in the stock market, the general rule of art. 50 of the Civil Code of the Russian Federation, which provides the subjects themselves with the opportunity to choose whether the corresponding legal entity will be commercial, or whether the purpose of its activity will be to extract profit and distribute it among the participants. In the latter case, the professional participant will be a non-profit organization. At the same time, Chapter 2 of the Law imposes various requirements on the organizational and legal form of professional participants, depending on the type of activity carried out.

The assumption by the Law of the possibility of organizing the activities of a professional participant in the form of a non-profit organization cannot be recognized as correct. After all, the goals of the activities of a non-profit organization, defined in paragraph 1 of Art. 50 of the Civil Code of the Russian Federation, paragraphs 1 and 2 of Art. 2 of the Federal Law of January 12, 1996 N 7-FZ "On non-profit organizations", do not, as a general rule, imply not only the commercial nature of the activities carried out by non-profit organizations, but also the professionalism of such activities. Public goods, the achievement of which the activities of non-profit organizations should be aimed at, do not have a regulatory definition and a list of types. They can be understood differently in each specific situation, which allows for the possibility of different behavior in the same situations. But what is even more unacceptable for professional activity is that the noted goals can be placed above the principle of proper performance of obligations, for example, in futures transactions that clearly do not have the goal of achieving anyone's good. Professionalism gives way to expediency, morality and other principles, undoubtedly key in the life of society, but unsuitable for the existence of the securities market, where everything is based on the goal of attracting and moving capital on the basis of predictable, similar and professional actions of the relevant participants.

The developers of the Concept for the Development of Civil Legislation in the section on legislation on non-profit organizations note, on the one hand, its imperfection and confusion, on the other hand, the fallacy of classifying certain types of entities as non-profit organizations. Among the latter, by the way, are stock exchanges - non-profit partnerships, whose activities are actually aimed at making a profit.

Paragraph 1 of Art. 39 of the Law on the Securities Market imperatively establishes that all types of professional activities in the securities market specified in Chapter 2 of this Law are carried out on the basis of a special permit - a license. An exception to this rule is a state corporation, which has the right to carry out specific types of professional activities on the basis of the federal law in accordance with which it was created.

The special legitimization of professional activity in the stock market does not simply include some formal recognition by the state of the possibility of carrying out this or that subject. The license applicant, when undergoing the licensing procedure, as well as the licensee who has received a license from the FFMS, must comply with the license requirements and conditions and comply with them.

Licensing can be characterized as the recognition by the state of the actual cash of the subject of professional activity and the actual ability to carry out the relevant activity. Undoubtedly, such recognition is clothed in a certain form and presupposes compliance with formalized requirements, i.e. is formal. However, for the securities market, the license as a result is an external expression of internal compliance and a fundamentally important element of the mechanism of its functioning.

The final sign of professional activity should be determined by its derivative. For entities engaged in professional activities in the stock market, the transactions performed are valuable in themselves, without reference to their economic (income generation, capital raising) and legal (transfer of ownership of securities and the right to exercise the rights enshrined in them) purposes. If for most other participants the securities market is necessary precisely as an element of the financial system, then for professional participants the value of the stock market is determined by the presence of operations on it, regardless of the consequences of their commission.

2. Types of professional participants in the securities market

Brokerage is the activity of making civil law transactions with securities on behalf of and at the expense of the client (including the issuer of emissive securities when they are placed) or on their own behalf and at the expense of the client on the basis of reimbursable agreements with the client.

A professional participant in the securities market engaged in brokerage activities is called a broker. If a broker provides services for the placement of emissive securities, the broker has the right to purchase at his own expense securities not placed within the time period stipulated by the agreement. The broker must fulfill the orders of clients in good faith and in the order in which they are received. Transactions carried out on behalf of clients are in all cases subject to priority execution in comparison with dealer operations of the broker himself when he combines the activities of a broker and a dealer.

Clients' funds transferred by them to a broker for investing in securities, as well as funds received from transactions made by a broker on the basis of agreements with clients, must be kept in a separate bank account (accounts) opened by a broker in a credit institution (special brokerage account) . The broker is obliged to keep records of the funds of each client held in a special brokerage account (accounts) and report to the client. The funds of clients held in a special brokerage account (accounts) cannot be levied on the obligations of the broker.

The broker has the right to use in his own interests the funds held on a special brokerage account (accounts), if this is provided for by the brokerage service agreement, guaranteeing the client the execution of his instructions at the expense of the specified funds or their return at the request of the client. The funds of clients who have granted the right to use them to the broker in his interests must be kept in a special brokerage account (accounts) separate from the special brokerage account (accounts) in which the funds of clients who have not granted such a right to the broker are located. The funds of clients who have granted the broker the right to use them can be credited by the broker to his own bank account.

The above requirements do not apply to credit institutions.

The broker has the right to provide a client with a loan of funds and / or securities for the execution of securities purchase and sale transactions, provided that the client provides security in the manner provided for in this clause. Transactions made using cash and/or securities lent by a broker are referred to as margin transactions.

The broker has the right to charge the client interest on loans provided. As security for the client's obligations under the granted loans, the broker is entitled to accept only securities owned by the client and/or purchased by the broker for the client under margin transactions.

Dealer activity is the execution of securities purchase and sale transactions on one's own behalf and at one's own expense by publicly announcing the purchase and / or sale prices of certain securities with the obligation to purchase and / or sell these securities at the prices announced by the person carrying out such activities.

A professional participant in the securities market carrying out dealer activities is called a dealer. A dealer can only be a legal entity that is a commercial organization, as well as a state corporation, if for such a corporation the possibility of carrying out dealer activities is established by the federal law on the basis of which it was created.

In addition to the price, the dealer has the right to announce other essential terms of the securities purchase and sale agreement: the minimum and maximum number of securities to be bought and/or sold, as well as the period during which the announced prices are valid. If there is no indication in the announcement of other essential conditions, the dealer is obliged to conclude an agreement on the essential conditions proposed by his client. If the dealer avoids concluding an agreement, he may be sued for the forced conclusion of such an agreement and / or for compensation for losses caused to the client.

3 Clearing organization

Clearing activities - activities to determine mutual obligations (collection, reconciliation, correction of information on transactions with securities and preparation of accounting documents on them) and their offset for the supply of securities and settlements on them. This activity, along with the Federal Law, is regulated by the Regulations on Clearing Activities in the Russian Federation.

According to the said Regulations, clearing activities may be carried out by a legal entity holding a license as a professional participant in the securities market to carry out clearing activities (clearing organization) in accordance with the legislation on securities and regulations of the Federal Service for Stock Markets.

The clearing organization, on the basis of and in accordance with the requirements of the legislation and regulatory legal acts of the FFMS, approves the rules for carrying out clearing activities, the procedure for creating, placing and using the guarantee fund, the internal regulations of the clearing organization, the procedure for storing and protecting information, as well as other internal documents regulating the activities of the clearing organizations.

The activities of a clearing organization, including in the process of interaction with persons in whose favor clearing is carried out on the basis of contracts for clearing services concluded with them (clearing participants), as well as with a trading organizer or a stock exchange (trading organizers), with a depository performing settlements on securities based on the results of clearing (settlement depository), with a credit institution that performs cash settlements based on the results of clearing (settlement institution), must not contradict the rules for carrying out clearing activities.

The clearing organization registers the clearing participants and its clients. Upon registration, the clearing organization assigns codes to each clearing participant and all its clients and informs the clearing participants about it. Each Clearing Member and each client of the Clearing Member may be assigned only one code, unless otherwise provided by these Regulations. Clearing of trades settled at the expense of clients not registered by the clearing organization is prohibited.

A clearing organization is entitled to conclude an agreement with a credit organization on the performance by it of the functions of a settlement organization only if the said credit organization is a non-banking credit organization.

The Clearing Organization carries out clearing on trades, settlements on which are carried out at the expense of the Clearing Members or other persons registered by the Clearing Member with the Clearing Organization in accordance with the procedure established by these Regulations (clients of the Clearing Member).

The clearing organization carries out clearing on the basis of instructions (instructions) received from clearing participants or organizations authorized by them. Clearing is carried out on trades, the maturity of which comes no later than the start of settlements based on the results of clearing (transactions of the clearing pool).

Operations with cash based on the results of clearing are carried out on the accounts of clearing members and (or) their clients (cash trading accounts) and (or) on the accounts of clearing organizations in the settlement organization on the basis of instructions and (or) other documents of the clearing organization in accordance with the requirements established in the documents of the settlement organization and in the conditions of clearing activities.

Transactions with securities based on the results of clearing are carried out on depo accounts (or sections of depo accounts) of clearing participants and (or) their clients (trading depo accounts) and (or) on accounts of clearing organizations in the settlement depository on the basis of instructions and (or) other documents of the clearing organization in accordance with the requirements established in the documents of the settlement depository and in the terms of clearing activities.

In the process of clearing, a clearing organization may act as a party to obligations arising from clearing pool trades (centralized clearing).

Clearing can be carried out on the following transactions:

with securities, providing for the delivery and payment of securities within no more than five days from the date of the transaction (spot transaction);

the fulfillment of obligations for which depends on changes in prices for securities or on changes in the values ​​of indices calculated on the basis of a combination of prices for securities (stock indices), including transactions that provide for the sole obligation of the parties to pay (pay) amounts of money depending on changes in prices on securities or from changes in the values ​​of stock indices (terms transactions);

for the sale (purchase) of emissive securities (the first part of the repo) with the obligatory subsequent repurchase (sale) of securities of the same issue in the same amount (the second part of the repo) after a certain period on the terms established when concluding such a deal (repo deal) ;

other transactions with securities.

The clearing organization shall record the obligations of the clearing participants under transactions with securities, as well as record information on securities and funds intended for fulfillment of the obligations of the clearing participant, in special registers (clearing register).

To ensure the execution of transactions with securities in respect of which clearing is carried out, the clearing organization forms a guarantee fund and develops a system of measures to reduce the risks of clearing activities in accordance with the requirements of the Federal Commission.

market security participant

2.4 Securities Trustee

Securities management activity is understood as the implementation by a legal entity on its own behalf for a fee for a certain period of trust management of the securities transferred to its possession and belonging to another person in the interests of this person or third parties indicated by this person:

securities;

cash intended for investment in securities;

cash and securities received in the course of securities management.

The general rules for trust management of property are established by Chapter 53 of the Civil Code of the Russian Federation. In accordance with Article 1012 of the Civil Code of the Russian Federation, under a trust management agreement, one party (the founder of the management) transfers property to the other party (the trustee) for a certain period of time in trust management, and the other party undertakes to manage this property in the interests of the founder of the management or the person specified by him (the beneficiary ). The transfer of property for trust management does not entail the transfer of ownership of it to the trustee.

The trustee in accordance with Article 1015 of the Civil Code of the Russian Federation may be an individual entrepreneur or a commercial organization, with the exception of a unitary enterprise. In case of trust management of securities, such a person is called a manager. It can only be a professional participant in the securities market.

The presence of a license to carry out securities management activities is not required if trust management is associated only with the exercise by the manager of rights under securities.

The manager, when carrying out his activities, is obliged to indicate that he acts as a manager.

If a conflict of interests of the manager and his client or different clients of one manager, about which all parties were not notified in advance, led to the actions of the manager that caused damage to the interests of the client, the manager is obliged to compensate for the losses at his own expense in the manner prescribed by civil law.

When carrying out securities management activities, the manager has the right to acquire securities and other financial instruments intended for qualified investors for the client (management founder) only on condition that the client is a qualified investor.

The consequences of the commission of transactions by the manager in violation of the requirements stipulated by the Federal Law are:

imposing on the manager the obligation, at the request of the client or by order of the federal executive body for the securities market, to sell securities and other financial instruments;

compensation to the managing client for losses caused as a result of the sale of securities and other financial instruments;

payment to managers of interest on the amount for which securities and other financial instruments were purchased. The amount of interest is determined according to the rules of Article 395 of the Civil Code of the Russian Federation. If the sale price of securities and other financial instruments exceeds the price at which they were purchased, interest is paid in the amount not covered by income from the sale of securities and other financial instruments.

A claim for the application of the consequences of the transaction made by the manager may be brought by the client within one year from the date of receipt by him of the corresponding report of the manager.

2.5 Depositary

Custody activity is the provision of services for the storage of certificates of securities and / or accounting and transfer of rights to securities.

A professional participant in the securities market, carrying out depository activities, is called a depository. Only a legal entity can be a depositary. A person who uses the services of a depositary for safekeeping of securities and/or recording rights to securities is referred to as a depositor.

An agreement between a depository and a depositor that regulates their relations in the process of depositary activities is called a depositary agreement (depo account agreement). The deposit agreement must be concluded in writing. The depositary is obliged to approve the conditions for carrying out depositary activities by him, which are an integral part of the concluded depository agreement.

The conclusion of a depositary agreement does not entail the transfer to the depository of the ownership of the depositor's securities. The depository shall not have the right to dispose of the depositor's securities, manage them or carry out any actions with securities on behalf of the depositor, except for those carried out on the instructions of the depositor in cases stipulated by the depositary agreement. He also has no right to condition the conclusion of a depository agreement with a depositor by the latter's waiver of at least one of the rights secured by securities. The depository bears civil liability for the safety of securities certificates deposited with it.

Securities of depositors may not be levied on the obligations of the depository.

The depository has the right, on the basis of agreements with other depositories, to involve them in the performance of their obligations to store securities certificates and / or record rights to securities of depositors (that is, to become a depositor of another depository or accept another depository as a depositor), unless this is expressly prohibited deposit agreement.

If the depositor of one depository is another depository, then the depositary agreement between them must provide for the procedure for obtaining, in the cases provided for by the legislation of the Russian Federation, information about the owners of securities, the records of which are kept in the depository-depositor, as well as in its depositories-depositors.

The responsibilities of the depositary include:

registration of facts of encumbrance of the depositor's securities with obligations;

maintenance of a separate deposit account of a depositor, indicating the date and reason for each transaction on the account;

transfer to the depositor of all information about securities received by the depository from the issuer or the holder of the register of securities owners.

The depositary has the right to register in the system of maintaining the register of securities owners or with another depository as a nominal holder in accordance with the depository agreement.

The depository may provide the depositor with services related to the receipt of income on securities and other payments due to the holders of securities. If such services are provided, depositors' funds must be held in a separate bank account(s) opened(s) by a depository with a credit institution (special depositary account(s)). The depository is obliged to keep records of the money resources of each depositor held in a special depositary account (accounts) and report to him. The funds of depositors held in a special depositary account (accounts) may not be levied for the obligations of the depositary. The depository is not entitled to credit its own funds to a special depository account (accounts), except for the cases of their payment to the depositor, as well as to use the funds in the special depositary account (accounts) in its own interests.

6 Registry holders (registrars)

The activities of maintaining the register of securities holders are the collection, fixation, processing, storage and provision of data constituting the system for maintaining the register of holders of securities. Only legal entities have the right to engage in this activity.

Persons engaged in maintaining the register of holders of securities are referred to as holders of the register (registrar).

A legal entity maintaining the register of securities holders is not entitled to carry out transactions with securities of an issuer registered in the system of maintaining the register of securities holders.

The system of maintaining the register of securities owners is understood as a set of data recorded on paper and / or using an electronic database that ensures the identification of nominal holders and holders of securities registered in the system of maintaining the register of securities holders and accounting for their rights in relation to securities registered in their name, which allows receiving and sending information to the specified persons and compiling a register of securities holders.

The system for maintaining the register of securities holders must ensure the collection and storage, within the time limits established by law, of information about all facts and documents that entail the need to make changes to the system for maintaining the register of securities holders, and about all actions of the register holder to make these changes.

For bearer securities, there is no system for keeping a register of securities holders.

The register of securities owners (register) is a part of the register maintenance system, which is a list of registered owners indicating the number, nominal value and category of registered securities they own, compiled as of any established date and allowing identification of these owners, the number and category of registered securities owned them securities. The register is a set of data recorded on paper and (or) using an electronic database that provides identification of registered persons, certification of rights to securities recorded on the personal accounts of registered persons, and also allows receiving and sending information to registered persons.

Owners and nominal holders of securities are required to comply with the rules for submitting information to the registry system.

The register keeper may be an issuer or a professional participant in the securities market who maintains the register on the basis of the issuer's instruction. If the number of securities holders exceeds 500, the register keeper must be a professional participant in the securities market who maintains the register, except for the cases provided for by this Federal Law. The registrar has the right to transfer part of its functions of collecting information included in the registry maintenance system to other registrars. The transfer of these functions does not release the registrar from liability to the issuer.

The contract for the maintenance of the register is concluded with only one legal entity. The registrar may maintain registers of holders of securities of an unlimited number of issuers.

The holder of the register of holders of securities intended for qualified investors is entitled to credit the said securities to the owner's personal account only if he is a qualified investor by virtue of federal law or is not a qualified investor, but acquired the said securities as a result of universal succession, conversion, into including in the event of reorganization, distribution of property of a liquidated legal entity and in other cases established by the federal executive body in charge of the securities market.

Nominal holder of securities - a person registered in the registry system, including being a depositor of a depository, and not being an owner in respect of these securities.

Professional participants of the securities market may act as nominal holders of securities. A depository may be registered as a nominal holder of securities in accordance with a depository agreement. A broker may be registered as a nominal holder of securities in accordance with the agreement on the basis of which he serves the client.

The nominal holder of securities may exercise the rights secured by the security only in case of obtaining the appropriate authorization from the owner.

Data on the nominal holder of securities shall be entered into the registry system by the holder of the registry on behalf of the owner or nominal holder of securities, if the latter persons are registered in this registry system.

The entry of the name of a nominal holder of securities into the register system, as well as the re-registration of securities in the name of a nominal holder, does not entail the transfer of ownership and/or other real rights to securities to the latter. Securities of clients of a nominal holder of securities are not subject to collection in favor of the latter's creditors.

Transactions with securities between holders of securities of one nominal holder of securities are not recorded with the registrar or depository, of which he is a client.

The nominal holder in relation to registered securities, the holder of which he is in the interests of another person, is obliged:

perform all necessary actions aimed at ensuring that this person receives all payments that are due to him on these securities;

carry out transactions and operations with securities exclusively on behalf of the person in whose interests he is the nominal holder of securities, and in accordance with the agreement concluded with this person, unless otherwise established by federal law;

keep records of the securities he holds in the interests of other persons on segregated off-balance accounts and keep a sufficient number of securities on segregated off-balance accounts at all times in order to satisfy the claims of the persons in whose interests he holds these securities.

The nominee holder of securities, at the request of the owner, is obliged to ensure that an entry is made in the register keeping system on the transfer of securities in the name of the owner.

In order to exercise the rights attached to securities by the owners, the register keeper has the right to demand that the nominal holder of securities provide a list of owners, the nominal holder of which he is as of a certain date. The nominal holder of securities is obliged to draw up the required list and send it to the registrar within seven days after receiving the request. If the required list is necessary for compiling the register, then the nominal holder of securities does not receive remuneration for compiling this list.

An issuer that entrusted the maintenance of the register maintenance system to a registrar may, once a year, require the latter to provide the register for a fee not exceeding the costs of compiling it, and the registrar is obliged to provide the register for this fee. In other cases, the amount of remuneration is determined by the agreement between the issuer and the registrar.

The registrar has the right to collect from the parties to the transaction a fee corresponding to the number of instructions for the transfer of securities and the same for all legal entities and individuals. The registrar is not entitled to charge from the parties to the transaction a fee in the form of a percentage of the volume of the transaction.

At the request of the owner or a person acting on his behalf, as well as the nominal holder of securities, the registrar is obliged to provide an extract from the registrar system on his personal account within five working days.

7 Organizer of trading in the securities market

The activity of organizing trading in the securities market is the provision of services that directly facilitate the conclusion of civil law transactions with securities between participants in the securities market. A professional participant in the securities market, carrying out activities for organizing trading in the securities market, is called the organizer of trading in the securities market.

The organizer of trading in the securities market is obliged to disclose the following information to any interested person:

rules for admitting a securities market participant to trading;

rules for admission to trading in securities;

rules for concluding and reconciling transactions;

rules for registering transactions;

procedure for execution of transactions;

rules limiting price manipulation;

the schedule for the provision of services by the trade organizer on the securities market;

regulations for making changes and additions to the above positions;

list of securities admitted to trading.

The organizer of trading in the securities market is obliged to register with the federal executive body in charge of the securities market documents containing the information specified in part three of this article, with the exception of the list of securities admitted to trading, as well as changes and additions to them. The organizer of trading in the securities market must notify the federal executive body in charge of the securities market in accordance with the procedure established by the said body on the inclusion (exclusion) of securities in the list (from the list) of securities admitted to trading no later than the next day from the date of acceptance of the relevant solutions.

One of the forms of activity for the organization of trade in the securities market is the stock exchange.

A legal entity may operate a stock exchange if it is a non-commercial partnership or joint stock company.

In the event that a legal entity combines the activities of a currency exchange and/or a commodity exchange (the activities of organizing exchange trading) and/or clearing activities with the activities of a stock exchange, a separate structural unit must be created to carry out each of these types of activities.

Members of the stock exchange, which is a non-commercial partnership, can only be professional participants in the securities market. At the same time, the procedure for becoming a member of such a stock exchange, withdrawal and exclusion from members of the stock exchange is determined by such a stock exchange independently on the basis of its internal documents.

Only brokers, dealers and managers can be bidders on the stock exchange. Other persons may carry out operations on the stock exchange exclusively through the mediation of brokers who are participants in trading.

Only members of such an exchange can be participants in trading on a stock exchange established in the form of a non-commercial partnership.

The procedure for admission to participation in trading and exclusion from the number of trading participants is determined by the rules established by the stock exchange. The unequal position of participants in trading on the stock exchange, as well as the transfer of the right to participate in trading on the stock exchange to third parties are not allowed.

8 Financial Market Specialists

FFMS Order No. 05-17/pz-n dated April 20, 2005 approved the Regulations on Financial Market Specialists. Its appendix is ​​the List of Financial Market Specialists. This List divides specialists into the following categories:

persons providing management of the current work of organizations operating in the financial market;

controllers;

specialists.

The first ones are:

persons who, in accordance with the law or the constituent documents of the organization, perform the functions of the sole executive body of the organization operating in the financial market;

deputies of the sole executive body of an organization operating in the financial market, who, in accordance with their official duties, manage a sector, department, department, department or other independent structural unit, the exclusive function of which is to carry out one or more types of activities in the financial market (structural unit );

heads (deputy heads) of the structural subdivision of the organization, whose duties include the direct implementation of activities in the financial market, including the structural subdivision of the organization that performs the functions of internal accounting in this organization.

An employee of an organization operating in the financial market, who is responsible for exercising internal control by such an organization, has been appointed as a controller.

A specialist is an employee of a structural subdivision of an organization operating in the financial market, who, in accordance with his official duties, performs the following functions:

a) in an organization engaged in brokerage, dealer or securities management activities: - transactions with securities: on behalf of the organization and at its expense; on behalf of clients and at the expense of clients; on behalf of the organization and at the expense of clients at auctions with the organizer of trading on the securities market; - implementation of transactions and/or operations with cash and/or securities in the interests of the founder of the management; - signing reports to clients;

b) in an organization carrying out clearing activities - documentary confirmation of the results of clearing;

c) in an organization operating as a trade organizer on the securities market (activity of a stock exchange), - disclosure of information following the results of trades;

d) in an organization engaged in maintaining a register of securities holders: - carrying out operations related to the transfer of ownership of securities on personal accounts of registered persons; - signing of documents confirming the ownership right of registered persons to securities, and documents on transactions performed;

e) in an organization carrying out depository activities: - carrying out operations related to the transfer of ownership of securities on customer depo accounts; - signing documents confirming the client's ownership of securities, and documents on transactions;

f) in an organization engaged in the management of investment funds, mutual investment funds and non-state pension funds: - signing of outgoing documents of the organization regarding the implementation of operations related to the management of property of a joint-stock investment fund, mutual investment fund, pension reserves of a non-state pension fund, or property in which pension savings are invested; - signing outgoing documents of the organization concerning the implementation of transactions related to the management of securities belonging to a joint-stock investment fund, securities constituting a mutual investment fund, or securities in which pension reserves of a non-state pension fund are placed or pension savings are invested; - signing outgoing documents of the organization concerning the implementation of operations related to the management of mortgage coverage; - signing documents containing the calculation of indicators in order to control the management of investment reserves of a joint-stock investment fund, property of a mutual investment fund, pension reserves of a non-state pension fund or property in which pension savings are invested;

g) in an organization operating as a specialized depository of investment funds, mutual investment funds and non-state pension funds: signing the organization's outgoing documents relating to transactions with securities.

Conclusion

Thus, professional activity in the securities market is the provision by a participant in the securities market of any services to third parties on the basis of certain standards of activity.

This institution has the following features.

The first feature characterizes professional activity in terms of its external expression in the outside world, i.e. like an activity.

Professionalism of activity.

The implementation of professional activities takes place precisely in the securities market, and not in any other segment of the financial market

Types of professional activity are exhaustively named in the Law on the Securities Market

Professional activity is an entrepreneurial activity

Professional activity is carried out by entities - participants in the securities market

All types of professional activities in the securities market are carried out on the basis of a special permit - a license

The final sign of professional activity should be determined by its derivative.

Professional participants in the securities market are legal entities, including credit institutions, that carry out the following activities:

brokerage

dealer activity

securities management activities

activities to determine mutual obligations (clearing)

depository activity

maintenance of the register of holders of securities

organization of trading in the securities market

Bibliography

1.Civil Code of the Russian Federation (part one) dated November 30, 1994 N 51-FZ // Collection of Legislation of the Russian Federation. - 1994. - N 32. - Art. 3301.

2.Civil Code of the Russian Federation (Part Two) dated January 26, 1996 N 14-FZ // Collection of Legislation of the Russian Federation. - 1996. - N 5. - Art. 410.

.Federal Law of January 12, 1996 N 7-FZ "On Non-Commercial Organizations" // Collected Legislation of the Russian Federation. - 1996. - N 3. - Art. 145.

.Federal Law No. 39-FZ of April 22, 1996 "On the Securities Market // Collection of Legislation of the Russian Federation. - 1996. - No. 17. - Art. 1918.

.Decree of the Federal Commission for the Securities Market dated August 14, 2002 N 32/ps “On Approval of the Regulations on Clearing Activities in the Securities Market of the Russian Federation” // Bulletin of Normative Acts of Federal Executive Authorities dated 10/28/2002. - N 43.

.Order of the Federal Financial Markets Service of the Russian Federation of 20.07.2010 N 10-49/pz-n "On approval of the Regulations on licensing requirements and conditions for the implementation of professional activities in the securities market" // Bulletin of normative acts of federal executive authorities of 20.09.2010. - N 38.

.Order of the Federal Financial Markets Service of April 20, 2005 N 05-17 / pz-n "On approval of the Regulations on financial market specialists" // Bulletin of normative acts of federal executive authorities dated 06.06.2005 - No. 23.

.Galanov V.A. Securities Market: Textbook. - M.: INFRA-M, 2007. - 397 p.

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.Semenov A.V. Legal status of participants in the securities market: problems of regulation: Dis.... cand. legal Sciences. - M., 2005. - 228 p.

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