Equity security securing the rights of its owner. Corporate equity securities. Legal understanding of the action

Question code: 2.1.89 The investment share grants the owner the following rights:

I. Share in the ownership of the property that constitutes the mutual investment fund II. Ownership of property constituting a mutual investment fund

III. The right to demand from management company proper trust management of a mutual investment fund

IV. Eligibility for Income (Interest)

V. The right to receive monetary compensation upon termination of the trust management agreement of a mutual investment fund with all owners of investment shares of this mutual investment fund Answers:

A. I, III, V

B. II, IV, V

C. I, IV, V

D. II, III, IV

Question code: 2.1.90 An investment share of one mutual fund certifies: Answers:

A. Equal share in the right of common ownership of the property constituting a mutual investment fund, and the same rights

B. Different shares in the right of common ownership of the property constituting a mutual investment fund, but the same rights

C. Equal share in common ownership of property constituting a mutual investment fund, but different rights

D. Different shares in the right of common ownership of the property constituting a mutual investment fund and different rights

Question code: 2.1.91 Investment shares can be issued as: Answers:

A. Certified bearer securities

B. Registered documentary securities

C. Registered uncertified securities

D. Non-documentary bearer securities

Question code: 2.1.92 Restrictions on the circulation of investment units can be established: Answers:

A. Management company

B. Decision to release

C. Federal law

D. Fund Rules

Question code: 2.1.93 In cases where it is required to compile a list of investment share holders, the depositary, which in

an account of a nominee holder has been opened in the register of owners, he is obliged to provide the person maintaining the register with the information necessary to draw up a list of holders of investment shares, no later than:

A. One business day from the date of receipt corresponding requirement

B. Two working days from the date of receipt of the relevant request

C. Five working days from the date of receipt of the relevant request

D. Seven working days from the date of receipt of the relevant request

Question code: 2.1.94 Mortgage coverage can be:

I. Claims secured by a mortgage on the return of the principal amount of the debt and (or) on the payment of interest under credit agreements and loan agreements, including those certified by mortgages;

II. Mortgage participation certificates certifying the share of their owners in the common ownership of another mortgage cover;

III. Cash in foreign currency Russian Federation; IV. Cash in foreign currency;

V. Government securities;

Vi. Real estate in the cases provided for by the Federal Law. Answers:

A. All except II

B. All except IV

C. All but VI

D. All of the above

Question code: 2.1.95 A mortgage certificate of participation grants the owner the following rights:

I. Share in common ownership of mortgage coverage II. Ownership of mortgage coverage

III. The right to demand from the issuer of it proper trust management of mortgage coverage IV. The right to participate in the trust management of mortgage coverage

V. The right to receive income from trust management of mortgage coverage

Vi. The right to receive funds received in fulfillment of obligations, the requirements for which constitute mortgage coverage Answers:

A. I, III, VI

B. II, IV, V

C. II, III, VI

D. I, IV, V

Issue code: 2.1.96 Equity security securing the right of its owner to purchase within the period specified in it

and / or upon the occurrence of the circumstances specified in it, a certain number of the issuer's shares at the price specified in this security is:

A. Issuer Option

B. Option contract

C. Futures contract

D. Forward contract

Question Code: 2.1.97 Please provide correct statements regarding the issuer's option:

I. Is an equity security

II. Is a non-equity security

III. It is an instrument of the derivatives market that determines the rights to receive (transfer) property (including money, currency values \u200b\u200band securities) or information on the condition that the option holder can unilaterally waive the rights to it

IV. Secures the right of its owner to purchase within the specified period and / or upon the occurrence of the circumstances specified in this security of a certain number of the issuer's shares at the price specified in this security

V. Is a registered security

Vi. Is a bearer security Answers:

A. I, IV, V

B. III

C. II, VI

D. VI

Question Code: 2.1.98 Please provide correct statements regarding the issuer's option form: Answers:

A. Bearer documentary security

B. Order documentary security

C. Nominal documentary security

D. Nominal uncertified security

Issue code: 2.1.99 Equity security securing the right of its owner to receive a security from the issuer in

the term stipulated in it for its nominal value or other property equivalent Answers:

A. Promissory note

B. Bonds

D. Investment share

Question code: 2.1.100 What is the name of the bond on which no interest is paid, and the investor receives income from

the difference between the purchase price and bond redemption at par. I. Coupon;

II. Discount zero coupon. Answers:

A. I

B. II

C. All of the above

D. No correct answer provided

Question Code: 2.1.101 Please provide correct statements about the bond:

I. A bond is an equity security

II. The bond is a non-equity security

III. The bond secures the right of its owner to receive from the issuer within the period specified in it its par value or other property equivalent

IV. The bond secures the rights of its owner to receive part of the profit of the joint-stock company in the form of dividends, to participate in management joint stock company

V. A bond may provide for the right of its owner to receive a fixed percentage of the par value of the bond or other property rights

Vi. Bond yield is interest and / or discount VII. Bond income is dividends

A. I, III, V, VI

B. II, IV, VII

C. I, IV, VII

D. I, IV

Issue code: 2.1.102 In accordance with the Federal Law "On the Market valuable papers»Fulfillment of obligations under bonds can be ensured:

I. Pledge II. Forfeit

III. Withholding of the debtor's property IV. Surety

V. Bank guarantee VI. Down payment

Vii. State or municipal guarantee Answers:

A. Only I, IV, V, VII

B. Only II, III, VI

C. Only V, VII

D. Only I, IV, VI

Question code: 2.1.103 Please state the correct provisions regarding the collateral of the bond

I. Only securities and real estate can be pledged.

II. Any things, including money and securities, other property, including property rights can be the subject of a pledge.

III. The period for which the bank guarantee is issued must be at least 6 months longer than the date (end date) of the bond redemption

IV. The term for which the bank guarantee is issued may be equal to the maturity of bond V. Bonds secured by a mortgage must be placed before state registration mortgages

Vi. It is prohibited to place bonds secured by a mortgage until the state registration of the mortgage. Answers:

B. II, IV, V C. I, IV

Question code: 2.1.104 The mortgage-backed bond is: Answers:

A. A bond, the fulfillment of obligations under which is secured in full or in part by a pledge of mortgage coverage

B. A security that gives its owner the right to pay monetary obligations under the contract with mortgage coverage

C. A bond, the fulfillment of obligations under which provides for the payment of income by immovable property pledged by the issuer

D. A bond, the fulfillment of obligations under which provides for the payment of its par value by immovable property pledged by the issuer

Question code: 2.1.105 Indicate the patterns that need to be considered by the borrower and the lender in order to

to determine the interest rate for using a loan?

I. The higher the credit rating, the higher the interest rate for using the loan. II. The higher the credit rating, the lower the interest rate for using the loan

III. The more stable the state policy, the higher the interest rate for using the loan IV. The more stable the government policy, the lower the interest rate for using a loan

V. The higher the inflation rate in the country, the higher the interest rate that lenders will require for using the loan

Vi. The higher the inflation rate in the country, the lower the interest rate that lenders will require for using the loan Answers:

A. I, III, V B. II, IV, VI C. I, IV, V

Question Code: 2.1.106 Please provide correct statements regarding the corporate bond form:

I. Certified bearer security; II. Order documentary security;

III. Nominal certified security;

IV. Nominal non-documentary security. Answers:

A. II

B. III

C. I and IV

D. I, III and IV

Question Code: 2.1.107 Please provide correct statement for floating rate bond Answers:

A. The market price of a floating rate bond is less volatile than the market price of a fixed rate bond

B. The market price of a floating rate bond is more volatile than the market price of a fixed rate bond

C. Floating bond interest rate continuously adjusts to inflation

D. Market prices for floating rate bonds and fixed rate bonds move identically

Question Code: 2.1.108 Provide correct statements about market prices for fixed and floating rate bonds

I. The market price of a bond with a fixed coupon rate does not change, since the coupon is a constant value throughout the bond's circulation period

II. The market price of a fixed coupon bond varies with market interest rates

III. The market price of the floating coupon bond does not change as the coupon adjusts

in depending on market interest rates

IV. The market price of a floating coupon bond is less volatile than the market price of a fixed coupon bond Answers:

A. I and III

B. II and III

C. I and IV

D. II and IV

Question Code: 2.1.109 Check the incorrect statement regarding the government guarantee: Answers:

A. Securities issued by third parties, obligations under which are guaranteed by the Russian Federation, are not government securities

B. The term of the state guarantee is determined by the term for the fulfillment of obligations on securities of third parties

C. The decision on securing the fulfillment of obligations on securities of third parties is made by the Government of the Russian Federation

D. The guarantor under the state guarantee shall be jointly and severally liable for the obligation guaranteed by him

Question code: 2.1.110 Document containing the unconditional obligation of the drawer to pay a certain amount of money in

a certain period for the holder of a bill is called: Answers:

A. Promissory note

B. Bill of exchange

C. Tratta

D. Bill of exchange

Question code: 2.1.111 What is the name of the guarantee of payment of a bill of exchange for any person obliged under it: Answers:

A. Acceptance

B. Allonge

C. Endorsement

D. Aval

Question code: 2.1.112 What is the name of the drawer of the bill of exchange: Answers:

A. Trassant

B. Trassat

C. Remittance

D. Avalist

Question code: 2.1.113 What is the name of the payer of the bill of exchange: Answers:

A. Trassant

B. Trassat

C. Remittance

D. Avalist

Question code: 2.1.114 What is the name of the bill holder of the bill of exchange: Answers:

A. Trassant

B. Trassat

C. Remittance

D. Avalist

Question code: 2.1.115 The absence of any details deprives the document of the validity of a bill of exchange:

I. The name "bill" included in the text of the document and expressed in the language in which this document is drawn up

II. Payer's name

III. Specifying the due date

IV. Signature of the person who issues the bill (the drawer)

V. Name of the person to whom or on the order of whom payment should be made VI. Indicating the date of drawing up a bill

Vii. Indication of the place of drawing up a bill

VIII. Indication of the place where the payment should be made Answers:

A. I, II, IV, V, VI

B. III, VII, VIII

C. I, II, III, VII, VIII

D. I, III, V, VII, VIII

Question code: 2.1.116 Obligatory details of a promissory note

I. The name "bill" included in the text itself and expressed in the language in which this document is drawn up

II. A simple and unconditional promise to pay a certain amount III. Specifying the due date

IV. Payer's name

V. Indication of the place where payment is to be made

Vi. The name of the person to whom or on the order of whom payment must be made VII. Dates of preparation of a bill

VIII. Indication of the place of drawing up a bill

IX. Signature of the issuer of the document (drawer) Answers:

A. I, II, V, VI, VII, IX

B. III, IV, VIII

C. I, III, V, VII, IX

D. III, IV, V, VIII

Question Code: 2.1.117 Please provide the correct statements regarding the endorsement:

I. Endorsement must be simple and unconditional

II. The endorsement may be subject to the terms and conditions which are indicated on additional sheet III. Partial endorsement is invalid

IV. Endorsement transfers all rights arising from the bill

V. The endorser has the right to transfer part of the rights under the endorsement, indicating them on additional sheet VI. Strikethrough endorsements are considered unwritten

Vii. A bill of exchange is considered invalid if it contains crossed out endorsements Answers:

A. I, III, IV, VI

B. II, V, VII

C. I, IV, VII

D. None of the above

Issue code: 2.1.118 In accordance with the Federal Law "On bills of exchange and promissory notes"

a bill of exchange has the right to commit itself:

I. Citizens of the Russian Federation

II. Legal entities of the Russian Federation

III. Russian Federation, constituent entities of the Russian Federation, urban, rural settlements and other municipalities only in cases specifically provided for by federal law IV. Foreign citizens

V. Foreign governments and international organizations Answers:

A. I, II, III

B. II, III, IV, V

C. II

D. I, II, III, IV, V

Issue code: 2.1.119 Bills of exchange payable within a specified period of time from presentation must be presented for acceptance within:

A. One year from the date of their issue

B. Three years from the moment when the person found out or should have found out about the violation of his rights

C. Three months from the date of their issue

D. 10 banking days

Issue code: 2.1.120 A bill of exchange can be issued for a period of: I. Upon presentation

II. So much time from presentation

III. So much time from the compilation of IV. On a certain day

V. Before any event occurs

Vi. Sequential payment terms can be set. Answers:

A. I, II, III, IV

B. I, II, III, IV, V, VI

C. I, II, III, V, VI

D. II, III, IV, V

Issue code: 2.1.121 In accordance with the letter of the Central Bank of Russia "On banking operations with bills of exchange", banks perform the following types of operations:

I. Accounting for bills

II. Issuance of loans on demand on a special loan account secured by promissory notes III. Acceptance of bills of exchange for collection to receive payments and to pay bills on time Answers:

A. Only I B. Only II

C. Only I and II

D. All of the above

Question code: 2.1.122 Specify the correct sequence of actions for the collection of bills by banks

I. The holder submits the bill to the bank

II. The bank assumes responsibility upon presentation of the bill to the payer at the time specified by the holder of the bill to receive payment

III. Upon receipt of payment, the bill is returned to the debtor

IV. Upon receipt of payment, the bill is returned to the drawer

V. If payment is not received, the bill is returned to the creditor, but with a protest in default Answers:

A. I, II, III, V

B. II, IV, V

C. I, II, IV

D. II, III, IV, V

Question code: 2.1.123 Indicate the signs of domiciliation of bills by the bank:

I. The bank acts as the payer of the bill

II. The bank acts as the payee of the bill

III. The external sign of a domiciled bill is the words "payment" or "payment to .... bank", placed under the signature of the payer

IV. An external sign of a domiciled bill is the indication in the name of the bill of exchange the word "domiciled"

V. The bank pays the domiciled bill of exchange in the event that the payer has previously paid him the bill of exchange or if the client has a sufficient amount on his current (current) account and authorizes the bank to write off the amount necessary to pay the bill from his account

Vi. The bank pays for the domiciled bill of exchange from its own funds, which it then has the right to collect from the payer in the manner prescribed by article 851 of the Civil Code of the Russian Federation Answers:

A. I, III, V

B. II, IV, VI

C. I, IV, V

D. II, III, VI

Question code: 2.1.124 The essence of bills accounting is as follows: Answers:

A. The holder of a bill transfers (sells) the bills of exchange to the bank under the endorsement before the due date and receives for this the bill of exchange, minus the early receipt of a certain percentage of this amount

B. The bank collects and forms in writing information on issued and received bills, as well as on bills of exchange loans, indicating the name of the drawer (drawer), payer, amount of bill, payment term

C. Bill of exchange accounting is a subsection of accounting

D. Accounting for promissory notes issued in an amount equal to or exceeding 600 thousand rubles is one of the programs carried out in order to counter the legalization (laundering) of proceeds from crime and the financing of terrorism

Issue code: 2.1.125 Income from transactions with a promissory note, the issuance of which is based on a loan relationship, is recognized as:

I. Bill of exchange on interest-bearing bill of exchange II. Interest on a bill

III. Bill of exchange on interest-free bill IV. Discount amount

A. II, IV

B. I, II, IV

C. I, III

D. All of the above

Question code: 2.1.126 The endorser may disclaim responsibility for payment of the bill by way of a clause: Answers:

A. Not ordered

B. Turnover without costs

C. Pay the order

D. Without turning back to me

Question code: 2.1.127 The mortgage deed certifies the following rights of its owner

I. The right to receive performance on a monetary obligation secured by a mortgage, without providing other evidence of the existence of this obligation

II. The right of pledge over property encumbered with a mortgage

III. The right to receive part of the profit in the form of dividends

IV. The right to receive, after a specified period of time, the amount of the deposit and the interest stipulated in this security Answers:

A. I, II

B. II, III

C. I, IV

D. III, IV

Question code: 2.1.128 The mortgage is: Answers:

A. Bearer security

B. In registered securities

C. Order security

D. Is not a security

Question code: 2.1.129 Who issues the mortgage to the original mortgagee? Answers:

A. Pledger

B. The body carrying out the state registration of rights, before the state registration of the mortgage

C. The body carrying out the state registration of rights after the state registration of the mortgage

D. The body that registers the rights to registered securities

Question code: 2.1.130 A security certifying the amount of the deposit made to the bank and the depositor's right to receive

the expiration of the specified period of the deposit amount and due interest is called: Answers:

A. Savings book

B. Warrant

C. Bill of lading

D. Deposit (savings) certificate

Question code: 2.1.131 Drawing up and issuing a certificate of deposit confirms the conclusion of an agreement: Answers:

A. Storage

B. Bank deposit

C. Custodian

D. Trust management

Types of securities

The type of securities is understood as such a set of them, for which all the characteristics inherent in securities are common, the same. The following main types of securities are distinguished:

o stock - an issue-grade security securing the rights of its owner (shareholder) to receive part of the joint-stock company's profit in the form of dividends, to participate in the management of the joint-stock company and to a part of the property remaining after its liquidation. A share is a registered security;
o bond - an issue-grade security securing the right of its owner to receive a bond from the issuer within the term stipulated in it for its par value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the bond's par value or other property rights. Bond income is interest and / or discount;
o mortgage-backed bond - a bond, the fulfillment of obligations under which is provided in full or in part by a pledge of mortgage coverage. With the transfer of rights to a mortgage-backed bond to the new owner, all rights arising from the mortgage of the mortgage cover are transferred to him. It is an equity security. It can be issued in documentary and non-documentary forms;
o issuer's option - an issue-grade security securing the right of its owner to purchase within the period specified in it and (or) upon the occurrence of the circumstances specified in it, a certain number of shares of the issuer of such an option at the price specified in the option. The issuer's option is a registered security. Decisions on the placement of the issuer's options and their placement are carried out in accordance with the rules for the placement of securities convertible into shares established by federal laws. In this case, the placement price of shares in fulfillment of the requirements for the issuer's options is determined in accordance with the price specified in such an option;
o savings (deposit) certificate - a security certifying the amount of the deposit made to the credit institution and the rights of the depositor (certificate holder) to receive, after the expiry of the established period, the amount of the deposit and the interest specified in the certificate in the credit institution that issued the certificate or in any of its branches;
o bill - a written pecuniary obligation of the debtor to repay the debt, the form and circulation of which are regulated by special legislation - - bill of exchange law;
o check - an unconditional written order of the drawer to the bank to pay the check recipient the amount of money indicated in it;
o mortgage - a registered denomination paper, certifying the rights of its owner in accordance with the mortgage agreement (pledge of real estate) to receive a monetary obligation or the property specified in it;
o mortgage certificate of participation - a registered security certifying the share of its owner in the right of common ownership of the mortgage cover and the right to demand from the issuer of the person proper trust management of the mortgage cover. It is not an equity security, has no par value. The rights certified by the mortgage participation certificate are recorded in non-documentary form. The issue of derivatives from mortgage participation certificates of securities is not allowed;
o bill of lading - document (contract) of the standard (international) form for the carriage of goods, certifying its loading, carriage and the right to receive;
o stock warrant - a security that gives its owner the preemptive right to purchase shares or bonds of a company within a certain period of time at a fixed price;
o subscription right - a security that will entitle the shareholders of a company to subscribe to a certain number of newly issued shares (or bonds) of a given company at a set subscription price within a set period. The subscription right enables the shareholder of the company to purchase shares before the start of the general subscription, that is, during a "preferential" subscription and at a preferential price;
o depositary receipt (certificate, certificate) - registered security testifying to the ownership of a share in a portfolio of shares of any foreign company, whose shares cannot be traded on the stock market for some reason. Issued in the form of a certificate for shares of a foreign issuer by a depository bank of world importance.

From the standpoint commercial activities enterprises, all securities can be divided into two groups:

o investment securities - securities that are the object of capital investment (shares, bonds, savings certificates, warrants, futures contracts, options);
o non-investment securities - securities that service cash settlements in commodity or other markets (bills, checks, bills of lading, warehouse receipts).

The given classification of securities is shown in Scheme 9.1.

On the modern Russian securities market, the most important are equity investment securities - stocks and bonds.

Division of securities pa debt and ownership equity reflects two possible ways of using cash: either to acquire an asset for ownership, or for temporary use. If securities are issued on limited time with the subsequent return of the invested funds, then they are debt securities. These are bonds, savings (deposit) certificates, bills of exchange, etc.

Ownership securities give ownership of the respective assets. These are shares, warrants, bills of lading, etc. Mortgage certificates of participation, the issuance of which is the basis for the

Scheme 9.1.

nips common share ownership owners of these securities for mortgage coverage, under which they are issued, and institutions trust management such a mortgage coverage. Shared ownership of a mortgage cover arises simultaneously with the institution of its trust.

The level of risk of securities depends on their yield and security: the higher the yield, the higher the risk the purchaser is willing to take; the higher the assurance, the lower the risk. Government bonds are the least risky due to their high guarantee. More risky are corporate bonds, and even more risky are stocks and derivatives.

Transfer and execution of rights under a security

The procedure for transferring and exercising rights under a security is determined by the Civil Code of the Russian Federation (Articles 146, 147,390).

To transfer to another person the rights certified by a bearer security, it is sufficient to hand over the security to this person.

The rights certified by the registered security are transferred in the manner established for the assignment of claims (cession). The transferee of the security is responsible for the invalidity of the relevant requirement, but not for its failure to comply.

The rights under the order security are transferred by making a transfer inscription on this paper - endorsement. The endorser is responsible not only for the existence of the right, but also for its implementation.

An endorsement made on a security transfers all the rights certified by the security to the person to whom or on whose order the rights under the security are transferred - the endorser. The endorsement can be blank (without specifying the person to whom the performance is to be made) or order (with an indication of the person to whom or on whose order the execution should be made). The endorsement may be limited only by an order to exercise the rights certified by the security, without transferring these rights to the endorser (assignment endorsement). In this case, the endorsee acts as a representative.

The person who issued the security and all persons who endorsed it are responsible to its legal owner in solidarity. In case of satisfaction of the claim of the legal owner of the security to fulfill the obligation certified by it reclaim right (recourse) is recognized for one or more persons who have undertaken on a security to its legal owner, have satisfied his claims and have thereby obtained the right to demand reimbursement of the amount paid from the rest of the persons who have undertaken under this security.

Refusal to fulfill an obligation certified by a security with reference to the absence of a basis for the obligation or its invalidity is not allowed.

The owner of a security, who has discovered a forgery or counterfeiting of a security, has the right to present to the person who gave him the paper, the requirement for the proper performance of the obligation certified by the security and for compensation for losses.

Choose the correct judgments about the securities and write down the numbers under which they are indicated.

1) There are registered and bearer securities.

2) A bill of exchange is a certificate of a cash deposit in a bank with the bank's obligation to return this deposit and interest on it after a specified period.

3) In accordance with the Civil Code of the Russian Federation, any document issued by the state is called a security.

4) A security that certifies ownership of shares in the capital of an enterprise and gives the right to receive a portion of the enterprise's profits is called a share.

5) The bond gives the owner the right to demand its redemption within the established time frame.

Explanation.

In Russian civil law, securities are classified according to the method of legitimizing the owner of the security (authorized person) to bearer (bearer securities), registered, order (order). According to Russian legislation, securities include:

A share (lat. Actio - order) is a security that testifies to the right to a share of ownership in the capital of a company and to receive income (dividend). Ordinary shares. Preferred shares can impose restrictions on participation in management, and can also give additional rights in management (optional), but they bring permanent (often - fixed as a certain share of the accounting net profit or in absolute monetary terms) dividends.

A bill of exchange (from German Wechsel) is a strictly established form that certifies the unconditional obligation of the drawer (promissory note), or an offer to another payer specified in the bill (bill of exchange) to pay a certain amount of money upon the onset of the deadline provided for by the bill.

A bond (lat. Obligatio - obligation; English bond - long-term, note - short-term) is an issue-grade debt security securing the right of its owner to receive a bond from the issuer within the specified period of its nominal value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the par value of the bond or other property rights. Bond yield is interest and / or discount.

A check (French chèque, English check) is a security containing an unconditional order of the drawer to the bank to make a payment of the amount indicated in it to the check holder. The drawer is a person who has cash in the bank, which he has the right to dispose of by issuing checks, the check holder is the person in whose favor the check is issued, the payer is the bank in which the drawer's funds are located.

1) There are registered and bearer securities - yes, that's right.

2) A bill of exchange is a certificate of a cash deposit in a bank with the bank's obligation to return this deposit and interest on it after a specified period - no, it is wrong.

3) In accordance with the Civil Code of the Russian Federation, any document issued by the state is called a security - no, it is wrong.

4) A security certifying ownership of a share in the capital of an enterprise and giving the right to receive a part of the enterprise's profit is called a share - yes, that's right.

5) The bond gives the owner the right to demand its redemption on time - yes, that's right.

Investment transactions of banks are mainly limited to transactions with securities. Securities are understood as specially prepared financial documents, the presentation of which is necessary for the exercise of the right expressed in them. The specifics and patterns of the processes of primary and secondary circulation of securities are determined depending on their type.

1. Equity securities certify the owner's right to a share in the capital of the enterprise. These include promotions.IN Federal law "On the securities market" dated 20.03.96 stockis defined as “an equity security, securing the rights of its owner (shareholder) to receive part of the profit of the joint stock company in the form of dividends, to participate in the management of the joint stock company and to a part of the property remaining after its liquidation. The issue of bearer shares is permitted in a certain relation to the amount of the paid-up authorized capital of the issuer in accordance with the standards established by the Federal Commission for the Securities Market. "

Based on the differences in the method of paying dividends, we can distinguish common and preferred shares,providing any benefits to their holders. The content and specific forms of benefits realization are determined in the constituent documents. As a rule, these special benefits consist in the preferential right to receive dividends over the holders of ordinary shares. At the same time, the charter may provide for owners of preferred shares that they do not have the right to vote at the general meeting of shareholders. This restricts the rights of their holders to participate in the management of economic activities.

The rights of preferred shareholders can also be exercised in the possibility of receiving a preferred dividend, paid every year, in a predetermined proportion to the par value of the preferred share. In the event of insufficient distribution of profits, the preferred dividend is usually carried over to the next financial year and paid on a priority basis.

Preferred shares are most attractive to individual holders who have little funds and have neither the time nor the opportunity to participate in the management process.

2. Debt securities certify the right of a specific monetary claim (but not ownership). These include bonds, bills, checks and certificates of indebtedness.

Bond - issue-grade security, securing the right of its holder to receive a bond from the issuer within the period stipulated by it, its par value or other property equivalent. A bond may provide for other property rights of its holder, if this does not contradict the legislation of the Russian Federation. Bonds can be bearer or registered, freely tradable, or with a limited range of circulation.

One of the important characteristics of a bond is the maturity period. This is the term of the contractual agreement for this issue, after which the holder receives the value of the bond, that is, its full redemption occurs. Maturity can be very different, including perpetual types of bonds.

Bonds have nothing to do with profit. Interest on them must be paid even if they are unprofitable. Before the maturity period, bonds, like shares, can be sold on the stock exchange or on the free stock market, and just like shares, their market price can be higher or lower than par.

Bill of exchangeis a security that certifies the unconditional monetary obligation of the drawer to pay a certain amount of money at maturity to the owner of the bill. As a written promissory note of a strictly established form, a bill of exchange gives its owner an indisputable right, upon the expiration of the obligation, to demand from the debtor the payment of the amount indicated on the bill.

A bill of exchange can be issued only to legal entities and individuals registered on the territory of the Russian Federation or on the territory of another state that uses the ruble as an official currency. The bill of exchange is not subject to export to the territory of a state that does not use the ruble as an official currency.

A bill of exchange is not only an easier, but also a more reliable way of repaying a debt for an entrepreneur providing a loan. The bill can be used to defer or installment payment, that is, it is a kind of purchase on credit. For example, in a sale and purchase transaction, payment for goods can be partially made by transferring money in cash or by means of a bill. It is possible to issue a bill of exchange for the entire value of the goods. Thus, payment is made not at the time of purchase of the goods, but after a while - purchase on credit. By the time the bill is paid, the price of the goods may rise. Thus, the bill is convenient to use in the face of growing inflation.

We will consider the rest of the types of securities in less detail and dwell only on the definitions, since for the formation of a portfolio of securities of a commercial bank they are not as important as those listed above.

By checka security is recognized that contains an unconditional written order of the drawer to the bank to pay the amount indicated in it to the holder of the check. The check must be presented for payment within the period established by law.

Various certifications are issued to raise additional funds. There are two main types of bank certificates: certificates of deposit and savings.

Certificate of Depositis a document that is the bank's obligation to pay deposits placed with it, the right of claim under which can be transferred from one person to another. A certificate of deposit can only be issued to an organization that is a legal entity registered on the territory of Russia or on the territory of another state that uses the ruble as an official currency.

Savings certificatea document that acts as an obligation of the bank to pay off the savings deposits placed with it may be referred to.

3. Derivative securities certify the right of their owner to purchase or sell primary securities. These include options and warrants.

Optionis a security in the form of a contract concluded between two persons, one of whom writes and sells an option, and the other buys it and gets the right to buy or sell other securities at a fixed price within a specified period.

Warrantis a security, the owner of which receives the right to purchase securities at a set price within a certain period time or indefinitely.

4. Commercial securities include such documents of title as bills of lading and warehouse receipts.

Bill of ladinga document of title is recognized, certifying the right of its holder to dispose of the cargo specified in the bill of lading and receive the cargo after the completion of transportation. It can be bearer, order or nominal. When a bill of lading is drawn up in several original copies, the delivery of the goods under the first presented bill of lading terminates the remaining copies.

Warehouse certificatescan be simple or double.

Simple warehouse receiptis a bearer security, the holder of which acquires the right to dispose of the goods, owning not this good, but the security.

Feature double warehouse receiptis that it consists of a warehouse receipt and a pledge receipt (or warrant), which can be separated from each other and applied independently.

In addition, the listed types of securities may differ in the following characteristics:

a) by the form of release:

- to documentary, that is, the owners of which are established on the basis of the presentation of a properly executed security certificate or, if such is deposited, on the basis of an entry on the securities account;

- uncertificated,the owners of which are established on the basis of an entry in the system of maintaining the register of owners of securities or, in the case of depositing securities, on the basis of an entry on the securities account;

b) by the form of certification of property rights:

- bearer - securities, the transfer of rights to which and the exercise of the rights enshrined by them do not require identification of the owner;

- registered- securities, information about the owners of which should be available to the issuer in the form of a register of the owner of securities, the transfer of rights to which and the exercise of the rights assigned by them require identification of the owner;

- order - securities, the rights of the holders of which are confirmed both by the bearer of these securities and by the presence of appropriate inscriptions;

c) by the form of placement:

- for emission- any security, including paperless, which is characterized simultaneously by the following features: placed in issues; fixes the totality of property and non-property rights subject to certification, assignment and unconditional exercise; has the same volume and terms of exercising rights within one issue, regardless of the time of purchase of the security;

- non-emission - other securities that are not characterized by the above characteristics.

Moreover, in the very general view the classification of the main instruments of the securities market can be presented as follows. Depending on the nature of the transactions underlying the issue of securities, as well as the purpose of their issue, they are divided into stock (stocks, bonds) and commercial papers (commercial bills, checks, warehouse and pledge certificates). It is in accordance with this classification of securities that banking operations with them are divided into stock and commercial.

A bond is an emissive security securing the right of its owner to receive a bond from the issuer within the period stipulated therein of its par value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the par value of the bond or other property rights. Bond income is interest and or discount st. Bonds are issued for a specific period to attract additional financial resources.

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Lecture number 2 -3

Types of securities

Let us dwell in more detail on the most widely used securities in the Russian economy.

1. Promotion - issue-grade security, securing the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to a part of the property remaining after its liquidation (Article 2 of the Law "On the Securities Market"). Only joint stock companies have the right to issue shares. Earnings per share, which is generated from the profits of the joint stock company (or other issuer) that issued the shares, is a dividend.

A share as a security has a number of characteristic properties inherent only to it. They are as follows:

* share is a title of ownership, i.e. the owner of the share is the owner of the joint-stock company;

* the share has no circulation period, that is, it is unlimited, it is limited by the life of the joint-stock company;

* shares can split and consolidate. When splitting (splitting), the number of shares increases (one share turns into several), their par value decreases with the same amount of the authorized capital. Upon consolidation, the number of shares decreases, the par value increases, and the size of the authorized capital does not change;

* the action is typical limited liability, since the shareholder is not responsible for the obligations of the joint stock company itself;

* a share is characterized by indivisibility, that is, joint ownership of a share is not associated with the division of rights between owners, they act together as one person;

* the owner of the share has the right to withdraw his share from the total capital of the joint-stock company by selling, transferring to the legislative
the way their promotions.

The practice of attracting financial resources to joint-stock companies has developed a large number of varieties of shares that satisfy the most diverse needs of investors. Shares differ depending on the issuer, the method of registering shareholder rights, investment qualities, etc.

Depending on the subjects among which the shares are distributed, they distinguish: shares of the labor collective, shares of an enterprise, shares of a joint-stock company. Labor collective shares are distributed only among employees this enterprise, the company's shares are distributed among others legal entities... They do not give their holder the right to participate in the management of the enterprise and are only a means of mobilizing additional financial resources. The shares of a joint-stock company are distributed among shareholders, that is, co-owners of this company.

Depending on the method of exercising the rights of a shareholder, shares of a joint-stock company are ordinary and preferred. Ordinary shares give the right to participate in the management of a joint-stock company (1 share \u003d 1 vote when resolving issues at a meeting of shareholders). A share of ordinary shares, concentrated in the hands of one owner and giving him the opportunity to exercise actual control over the joint-stock company, is called a controlling stake. In theory, the stake should be 50% of all issued ordinary shares plus 1 share. Practically less. Dividends on these shares are paid after the payment of dividends on preferred shares.

Preferred shares do not give the right to vote at the general meeting of shareholders (with the exception of decisions on the reorganization and liquidation of the company), but they bring a constant (fixed) income, the amount of which is set upon the issue of shares. These shares take precedence over ordinary shares in the distribution of profits and liquidation of the company. If there is a shortage of profit, dividends on preferred shares are paid at the expense of the company's reserve fund, and if there is a shortage of funds to pay dividends on ordinary shares, they are not paid. Preferred shares can be issued in the form of convertible shares, that is, shares that can be exchanged at the request of the owner for ordinary shares of the same issuer. According to the Law of the Russian Federation "On Joint Stock Companies", the par value of preferred shares should not exceed 25% of the authorized capital of the company.

According to the order of ownership, securities are: registered and bearer. According to the Law "On the Securities Market" (Art. 2) and the Law "On Joint Stock Companies", shares are registered securities. A registered share is a security whose owner's name is indicated on its letterhead and (or) in the register of owners. It can be transferred to another person through an assignment, only through notarial registration or brokerage offices, banks. The owners of registered shares are registered in the register of shareholders.

Depending on the stage of issue of shares into circulation and their payment, the following types of shares are distinguished: declared, offered and paid. Declared shares is the maximum number of shares of the corresponding type that can be issued by an enterprise in addition to the shares already placed. The number of authorized shares is not related to the size of the authorized capital and may be more or less than its value. This number is fixed in the charter of a joint stock company or is adopted by a decision general meeting shareholders by a majority vote. Outstanding shares are shares that are purchased by shareholders. Paid shares are shares for which their owner has made 100% payment and the funds are credited to the account of the joint stock company. Not all offered shares are paid up, as payment for shares in installments may be provided. At least 50% of the company's shares distributed at its foundation must be paid up within three months from the date of state registration of the company, and the rest - within a year from the date of registration.

Depending on the form of issue, shares are: documentary (blank, in the form of separate documents) and non-documentary (blank or non-cash, in the form of entries on personal accounts with the registrar and on custody accounts with the depositary). The issuer decides on the form of issue. Currently, less and less documentary shares are issued, more and more often this form is replaced by records of the corresponding data in the computer memory, and a share certificate is issued to shareholders.

2. Bond - an issue-grade security securing the right of its owner to receive a bond from the issuer within the term stipulated in it for its par value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the par value of the bond or other property rights. Bond income is interest and / or discount (Article 2 of the Law "On the Securities Market", Article 816 of the Civil Code of the Russian Federation).

Bonds are issued for a specific period to attract additional financial resources. Unlike a stock, bonds do not entitle their owners to participate in the management of a joint-stock company, but they have a number of advantages. A bond is a security that:

1) expresses debt, debt relations between the bondholder and the issuer;

2) brings a guaranteed income;

3) independently circulates on the stock market until it is repaid by the issuer and has its own rate;

4) possesses the properties of liquidity, reliability, profitability and other investment qualities;

5) has priority over the share in receiving income, the payment of income on them is made in a priority order in comparison with the payment of dividends on shares;

6) gives the right to the owner to meet his claims first in comparison with the shareholder upon liquidation of the enterprise;

7) investing in government bonds provides certain tax benefits.

Issuers issue bonds different types and types. Several types of bonds can be distinguished depending on which classification criterion is the basis for the grouping.

Depending on the exercise of the owner's rights, bonds can be registered and bearer.

Depending on the method of collateral, bonds are secured and unsecured. Secured bonds are issued against a pledge of specific property, land or securities owned by the issuer. Unsecured bonds are debt obligations that are not secured by any collateral.

Convertible and non-convertible bonds are distinguished by the presence of a conversion privilege. Convertible bonds give the owner the right to exchange them for ordinary shares of the same issuer. Non-convertible bonds do not give this right.

By the type of yield, there are interest-bearing, non-interest-bearing bonds, bonds with a zero coupon (bonds of winning loans). Interest-free (discount) bonds are sold at a discount at a price below par. Interest (coupon) bond yield is paid by paying coupons to bonds. Coupon is a part of a bond certificate that, when separated from the certificate, gives the owner the right to receive interest (income). The amount of interest and the date of its payment are indicated on the coupon, therefore the coupon is the main characteristic of the bond. The interest paid is fixed and floating. The yield on winning loan bonds is presented in the form of the goods or services for which they were issued.

Depending on the maturity period, bonds come with an agreed maturity date and no fixed maturity date. Bonds with an agreed maturity date are divided into short-term - validity up to 1 year, medium-term - validity up to 5 years, long-term - validity period from 5 to 30 years. Bonds without a fixed maturity date are divided into returnable - bonds issued by the issuer before the end of the term, with payment to the holder of a premium for lost material opportunities; extended bonds - the holder has the right to exchange them for more than
long-term bonds of the same value and with a higher percentage of payments; narrowing bonds - the holder has the right to present his bonds for redemption at par before the end of the loan term.

Depending on the issuer, corporate bonds and government bonds are distinguished. State bonds are divided into federal - bonds issued on behalf of the Russian Federation, and municipal - bonds issued on behalf of municipal formation city, district. The state issues the following bonds: bonds of the state republican internal loan of the RSFSR 1991 GDO (long-term); government short-term zero-coupon GKO bonds; domestic foreign exchange loan; federal loan bonds; bonds of the gold federal loan; bonds of the Russian domestic
loan of 1992, etc.

Corporate bonds are issued to attract additional financial resources. Bonds of domestic state and municipal loans are issued to bearer; corporate bonds - both registered and bearer.

The bond has basic characteristics - face value, rate, point, coupon, discount, etc. Payment on bonds is made by accruing interest to the face value. An investor, having a bond, knows in advance how much money he will receive on it by a certain time. It is also necessary to know the value of the par in order to determine the current rate of the bond, since this security is quoted as a percentage of its par value (that is, to the amount indicated on the bonds). The bond rate is determined as a percentage and content certain types securities to par by dividing the market price of the bond by the par value of the bond.

The total income from a bond is made up of the following elements: 1) periodically paid interest (coupon income); 2) change in the value of the bond for the relevant period; 3) income from reinvestment of received interest.

3. Bill of exchange - a security certifying the unconditional monetary obligation of the drawer to pay a certain amount of money at maturity to the owner of the bill of exchange (the holder of the bill). A bill of exchange can be: simple and transferable (Law of the Russian Federation "On a bill of exchange and promissory note" dated March 11, 1997, No. 48-FZ)

The bill has a number of essential features:

* abstractness;

* indisputability;

* addressability;

* monetary;

* the right to protest;

* joint responsibility.

The types of promissory notes are quite diverse and differ depending on the issuers, the term of payment, the order of ownership, etc.

Depending on the entity making the payment of the bill of exchange, bills of exchange are divided into simple and transferable. Simple (solo bill) - the obligation of the debtor to pay a certain amount of money on time to the recipient of the money or by his order to any other person who presented the bill for payment. A promissory note is issued by the payer (debtor) himself. A bill of exchange (draft) is issued and signed by the creditor (drawer) and is an order of the creditor (drawer) to the debtor (drawer) to pay in specified period a certain amount of money to a third party (remitter - the first holder of the bill) or bearer. On a bill of exchange, the debtor becomes the payer.

According to the principle of the issuer, there are state and private bills of exchange. State bills are promissory notes issued by the Government of the country through the mediation of the Central Bank of Russia and the Ministry of Finance of the Russian Federation. Municipal bills are issued by the administrations of the constituent entities of the Federation and local administrations. Private bills include bills issued by corporations, financial groups, commercial banks... Bank bills are issued by banks (usually at a discount). Corporate bills are used to formalize credit obligations and are issued by business entities.

The order of ownership is distinguished: registered bills and bearer bills.

Depending on the income received, promissory notes are divided into discount ones - they imply a discount (the difference between the purchase price and the redemption price (par) of the promissory note); interest rates - imply interest.

Depending on the territory in which the bills are circulated, they can be divided into local ones, which can only circulate in a certain territory; national, which circulate on the territory of the state; international. Domestic and foreign bills can also be distinguished.

According to the guarantee of payment, bills of exchange are divided into avalied (guaranteed) and non-avaliable (non-guaranteed). Guaranteed promissory notes are marked with a bill of exchange guarantee, a guarantee of banks and credit institutions - an aval.

4. Certificates of deposit and savings

Certificates of deposit and savings certificates can be issued on a one-off basis and in series; both registered and bearer; interest and discount.

The following methods of interest payment can be established on interest certificates: fixed interest rate, fluctuating interest rate, the value of which is tied to some financial indicator (refinancing rate, estimate of the profitability of T-bills). Initial placement of discount certificates is carried out at prices below par, interest is paid as the difference between par and redemption price.

Certificates of deposit and savings certificates are traded by assignment of claims (cession). The assignment of the rights of claim to the bearer is carried out by simply handing over the certificate to the new owner. As for the personalized certificate, the assignment is made out on its reverse side.

5. Bill of lading - This is a non-emission security issued by the carrier of sea cargo or his authorized representative to the owner of the cargo or his representative. A bill of lading is a transport document containing the terms of the contract of carriage by sea, certifying the fact of acceptance of the goods for shipment, giving the right of disposal and ownership of the holder of the bill of lading to the goods, the right of the holder of the bill of lading to possess and dispose of it.

A bill of lading is issued for any cargo, regardless of how the carriage is carried out: with the provision of the entire vessel, individual ship premises, without such a condition.

Legal actsgoverning the issue and content of the bill of lading are: International Convention for the Unification of Certain Rules Relating to Bills of Lading, 1921 (The Hague Rules); 1968 Brussels Protocol Revision of the Hague Rules on Bills of Lading 1921 (The Hague-Visby Rules); 1978 UN Convention on the Carriage of Goods by Sea (Hamburg Rules); Merchant Shipping Code of the Russian Federation of 03.31.99

The bill of lading is drawn up on the basis of the loading order signed by the consignor of the cargo, who transfers the export order to the port with the necessary details. The bill of lading indicates the language in which the text of the bill of lading is printed, possibly bilingual design of the bill of lading. Typically, a bill of lading is a type-printed form. A bill of lading is a document of a standard form, accepted in international practice, for the carriage of goods.

Bills of lading are drawn up in triplicate with the same content and date: one for the consignor, the second for the consignee, and the third for the carrier. All copies of the bill of lading are originals, as evidenced by the stamp "original" on them. In some cases, the serial number of the original is indicated - first, second, third. The bill of lading indicates the number of originals drawn up, but only one of them can be a document of title. If goods are issued for one of them, then the rest become invalid. Copies of the bill of lading are printed on excellent paper
from the original, or have the stamp "copy".

Depending on whether the bill of lading includes insurance
policy, allocate an insured bill of lading. The insured bill of lading is a combination of a transport document with an insurance policy and serves as proof of both acceptance of the goods for carriage,
and his insurance. It is usually used when transporting goods in containers.

There are also the following types of bills of lading.

A shared bill of lading is an order to transfer a certain part of the transported cargo at the port of destination to another person. It is used in the event of a partial sale by the consignee of the goods before
he took delivery.

Consolidated bill of lading - a bill of lading for several goods intended for different consignees.

6. Warrant has two uses.

First, a warrant is a certificate that gives the holder the right to buy securities at a specified price for a specified period of time or indefinitely. Sometimes a warrant is offered along with a security as an incentive to buy them.

The following types of warrants can be distinguished (Fig. 2.4.7).

A warrant per share is a certificate that gives its holder the right to buy shares of a company for a specified price within a specified time.

A subscription warrant is a tool through which shareholders exercise their subscription rights or subscription privileges. It is issued by a corporation, which itself determines the number of shares that a shareholder can acquire and the conditions for their acquisition in the event of an additional issue. A subscription warrant is legal evidence of ownership of the subscription rights and is transferable to others. Its variation is an ex-warrant - a certificate that certifies the right of a shareholder to purchase new ordinary shares of the company at a reduced price prior to their public offering.

Depending on the form of existence, there are continuous and tear-off warrants. A permanent warrant is a long-term or perpetual security, issued together with a bond or preferred share and giving the right to purchase a certain number of ordinary shares of the same issuer, cannot be sold separately. A tear-off (movable) warrant is a warrant that can be sold separately from the securities to which it was originally attached.

Warrant bonds are a combination of an ordinary bond and a warrant to buy shares. Warrant bonds may or may not be able to separate the warrant from the bond. At the same time, the implementation of the warrant does not mean the termination of the bond. Warrants make it possible to issue bonds at a lower interest rate.

Dividend warrant - a certificate of receipt of a warrant, an order to pay a dividend to a shareholder.

Interest rate warrant - an order by a corporation to pay interest due on its bonds and other securities.

Index warrant - an option on a stock index issued as
part of the issue of securities and guaranteed by the clearing house.

Currency warrants - options included in securities issues and giving their holder the right to purchase additional securities denominated in another currency from the issuer. In this case, the coupon and the rate of securities are fixed at the time of the sale of the main issue.

A covered warrant is a warrant for the purchase or sale of certain securities held in the portfolio of an investment company.

European Warrant - A warrant used only on certain days or periods.

It makes sense to buy a warrant if the price of shares is expected to increase by the time of their issue. The sale of a warrant is one of the ways to place a new issue of shares. Warrants can be traded on an exchange.

Secondly, a warrant is a certificate of a warehouse of acceptance for
storage of a specific product. In this case, the warrant is a document of title and is used in the sale and pledge of goods.

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