Equity security securing the rights of its owner. Types of securities. Shareholder rights

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

I. Share in the ownership of the property constituting 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. The same share in the right of common ownership of the property constituting the 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. Documentary 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 for the return of the principal amount of the debt and (or) for 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 but 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. Eligibility moneyreceived 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 stipulated 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 determined 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. Registered 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 of its nominal value or other property equivalent provided for in it 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 joint stock company in the form of dividends, for participation in the management of a 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 Securities Market", the 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 correct provisions regarding bond collateral

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 (expiration date) of the bond redemption

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

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 the borrower and lender need to consider in order to

to determine the interest rate for using the 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 government's 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 security paper;

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 must 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 person who issues 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"

the bill has the right to be bound by:

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 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 non-payment 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 is the payer of the bill

II. The bank acts as the payee of the bill of exchange

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

IV. The 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 if the payer has paid him the bill of exchange earlier 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 a bill of exchange for this less for early receipt of a certain percentage of this amount

B. The bank collects and forms in writing information on issued and received bills of exchange, 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

Question code: 2.1.125 Income from transactions with a bill of exchange, the issuance of which is based on a loan relationship, is recognized:

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

III. Bill of exchange on an 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 a turn on 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 specified in the 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. Authority implementing state registration rights, before state registration of 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

In the form of dividends, for participation in the management of joint stock companies and for a part of the property remaining after its liquidation.

Stock - a security, from the sum of the denominations of which the authorized capital of a commercial organization is formed, which, due to this property, is usually called a joint-stock company.

By law, the share belongs to the group equity securities, that is, serially issued securities that do not differ in any way in a given series, and not piecemeal, but each issue of it must be registered according to certain rules by the relevant state registration authority.

A share can be issued in the Russian Federation only in non-documentary (in the form of entries on accounts) form. In Russia, all shares are issued in nominal form; bearer shares are absent in practice.

Share as a set of rights and obligations

Legal definition of a share

In the law "On the Securities Market", a share is defined as "an equity security securing the rights of its owner (shareholder) to receive part of the profit of a joint-stock company in the form of dividends, to participate in the management of a joint-stock company and to a part of the property remaining after its liquidation." Briefly, this legal understanding of a share can be formulated so that it is a security endowed with the rights listed above.

The definition reflects the historically formed traditional set of rights of the owner of a share associated with participation in management, receiving income and receiving part of the property of an organization in the event of its liquidation.

Shareholder rights

The owner of a share is a member of a joint-stock company, that is, a shareholder, and as such, he also acts as its owner. Hence, the owner of the share has two groups of rights:

• rights in relation to the person who issued the share, that is, the rights in relation to the joint-stock company, in the authorized capital of which his share is contained, or the rights of a shareholder;
• rights in relation to the share itself as a form of existence of the security, or the rights of the owner of the share as his property.

The right to participate in management as a specific right of the owner of the share.The right to a certain kind of income is inherent in all securities as contributions to joint capital. But only one type of securities - shares - has the right of its owner to participate in management, which is usually also called the right to vote. Holders of other types of securities do not have rights related to the management of those organizations to which they provide their capital on certain terms.

A share as a special type of security ceases to be a share, although it does not cease to be a security if it does not give the right to participate in management, primarily in the form of a voting right. We can say that it is the right to participate in management that turns a security into a share.

Stock Is a security, the owner of which receives the rights to participate in the management of a commercial organization.

The owner of any profitable security has the right to receive this or that income on it, but only the owner of the share also has the right to participate in management.

Ordinary shares or voting shares- these are shares that give their owner the right to vote when deciding all issues at the general meeting of shareholders.

In practice, there are usually varieties of shares that do not give the holder full voting rights compared to other shares issued by the same joint stock company. They are usually called non-voting shares. These are, for example, preferred shares or common voiceless ordinary shares found in the world practice (the issue of the latter is not permitted in Russia by law). They are also considered shares, since they represent a contribution to the authorized capital of a joint stock company. The issue of preferred shares, or shares without voting rights, is often limited by law and their number cannot exceed a relatively small share of the authorized capital (in Russia, no more than 25% of the authorized capital). Expanding the limits of the issue of shares without the right to vote would essentially mean nothing more than the concentration of capital management of many market participants in the hands of their small stratum, which contradicts the very idea of \u200b\u200bpooling capitals and collective management of them in the form of a joint stock company, or contradicts the idea of \u200b\u200ba joint stock company as a collective , a public capitalist.

The existence of varieties of shares without certain rights to participate in management, or without the right to vote, or with restrictions on participation in the management of a joint-stock company is quite possible, but it is impossible for a share to exist as a type of security without the right to participate in management in general. In any joint-stock company, a situation is impossible in which all shares issued by it do not have any voting rights at all, although very often there is a situation when some of its shares have the right to vote in all matters, while others have this right only in solving a limited range of issues. that is, they have this right only partially.

An individual shareholder may not use his personal right to participate in management for any subjective reasons (illness, business trip, travel expenses, etc.), but he can delegate it to another shareholder or just a trusted person. On the whole, a joint stock company cannot function normally without its management by its shareholders (general meeting of shareholders). Expanding the participation of shareholders in the management of a joint stock company is an important feature modern development the latter.

In world practice, there are some differences in the content of the right to manage for certain categories of shareholders. But the tendency is that all these differences are gradually eliminated and only such content of shareholders' rights remains that corresponds to their free and democratic expression of will without any artificial restrictions that put shareholders in unequal conditions.

Capital has no qualitative differences, and therefore each part does not differ from other parts. This means that the rights that any part of the capital grants must be exactly the same.

Share rights

By law, the owner of a share, or shareholder, has a number of obligatory rights:

• to receive part of the profit from the activities of a joint stock company, which is called a dividend;
• to participate in the management of a joint-stock company by participating in the work of its general meeting and the possibility of choosing one or another of its management bodies;
• for the share of property remaining as a result of the termination of the joint-stock company for any reason, in proportion to the number of shares held by the shareholder;
• to freely dispose of a share, that is, the right to buy and sell it, give it, bequeath it, pledge it, exchange it, etc .;
• to preferentially purchase new issues of this joint-stock company in proportion to the number of shares it has;
• other rights in accordance with the charter of the joint stock company.

Ownership per share and joint stock company

In accordance with the listed rights, it is customary to call a share, on the one hand, a share security, because it represents a share in the authorized capital of a joint-stock company, and on the other hand, it is often said that a shareholder is the owner of this company. In fact, a shareholder only owns the shares he owns, and the joint stock company itself is the owner of all property and all property rights.

The fact that ownership of shares is separated from ownership of property of a joint stock company is manifested in the following:

• the shareholder is not responsible for the obligations of the joint stock company (and vice versa);
• a shareholder is not entitled to demand the redemption by a joint-stock company of his shares (except for the cases specified in the law), he cannot freely return his capital in this way (but only by buying and selling shares on the stock market);
• the payment of dividends per share is not guaranteed, and shareholders cannot make decisions in order to increase the level of the dividend in comparison with its amount set by the board of directors of the joint-stock company, that is, by its management team.

When a share is issued, the term of its existence is not set, therefore it is customary to classify the share as a group of perpetual securities. In practice, the duration of the existence of a share is entirely determined by the joint-stock company itself. If we digress from the possibility of replacing one type of stock with another, for example, with a different par value, which may well occur at some intervals and be associated with internal or external reasons for society (for example, the need to increase or decrease the number of shares in circulation, inflation, etc.), then the share exists exactly as long as the joint-stock company that issued it exists.

Action details

According to the law, any share must have mandatory details, the main of which are as follows:

• name - "share";
• the name of the joint stock company and its legal address;
• serial number;
• type of action;
• par value;
• the size of the authorized capital of the joint stock company;
• the number of issued shares (in this issue);
• the name of the owner (in the case of a registered share);
• information about dividends (payment terms, payment methods, etc.);
• information on the registration procedure (for registered shares);
• signatures and seal of the issuer.

As reflected in the charter, shares can be divided into:

• placed, bought out by shareholders;
• declared, shares that the joint-stock company can place additionally. When issuing shares, the charter of a joint-stock company must contain such shares.

Types of shares

Shares can be ordinary and preferred. Ordinary share is a share that grants the right to vote to its owner at the general meeting of a joint stock company, as well as all other rights mentioned above. A preference share is an ordinary share, the owner of which, instead of the voting right, has the right to receive a fixed dividend and a preferential right over the owner of the ordinary share to a part of the property in the event of the liquidation of the joint stock company.

In cases stipulated by law, the owner of the preferred share receives the right to vote at the general meeting of shareholders. This applies to situations in which either the fate of a joint-stock company is being decided, or this company does not fulfill its obligations to pay a fixed amount.

« Gold share"As a specific form of state participation in joint stock companies

« Gold share"Is a special right that allows authorities government controlled participate in the work and, if necessary, block the adoption of critical decisions related to:

• amendments and additions to the charter of the joint stock company;
• its reorganization or liquidation;
• his participation in other enterprises or associations of enterprises;
• pledging or leasing, sale and alienation by other means of property, the composition of which is determined by the enterprise privatization plan.

Legal understanding of the action

The legal understanding of a share is not limited to one or another right of its owner. A share is both a representative of a part of the authorized capital of a joint stock company and a representative of the rights of its owner. Therefore, you can give a more complete definition of the stock.

Stock - evidence of a single contribution to the charter capital of a business company, which is in the form of a security issued by this company and giving its owner the rights established by law and by the charter of this company. Accordingly, a business company issuing shares is called a joint stock company, and the owner of a share is called a shareholder of this company.

Share as the unity of the rights of a shareholder and the obligations of a joint stock company.The owner of a share has the rights of a shareholder. However, rights do not exist in isolation from responsibilities. The right of one person means that some other person has an equivalent obligation.

The rights of the owner of a share as a shareholder are opposed by the obligations of the joint-stock company that issued these shares, or the source of the rights of a shareholder is the obligations of the joint-stock company to him.

The previously listed mandatory (and special) rights of a shareholder can be formulated in the form of obligations of a joint-stock company to pay income per share, to be subordinate to the general meeting of shareholders, to provide shareholders with the necessary information, etc.

There is nothing in the rights of a shareholder that is not contained in the obligations of a joint stock company and vice versa.

The link between the rights of a shareholder and the obligations of a joint-stock company is a share. It contains both the rights of a shareholder and the obligations of a joint stock company. It is released last and purchased first. A shareholder receives (acquires) a share in his ownership, i.e., he is the owner of the share.

Share owner rights

The rights of the owner of a share as a security are absolutely identical to his rights as the owner of any other goods or property.

The owner of a share has all the rights to it as a security, that is, as an object of ownership. The essence of all the rights of the owner of a security as a commodity or property is the right to freely dispose of it, up to complete alienation.

The owner of a share can perform any actions with it provided for by the current legislation, in particular:

• own as long as you like;
• sell;
• give it to trust;
• give;
• bequeath;
• store as he pleases;
• transport, forward, etc.

Ownership per share as a source of share income.The owner of a share can make a variety of transactions with it, including those that can bring him income, in addition to the income that he has by right of dividend. The most common ways to generate income from using a stock as property is by buying and selling the stock and using it as a borrowed asset.

The difference between a dividend and other forms of share income.A dividend on a share is the exercise of the rights of its owner as a shareholder. Any other form of income from a share, such as: a positive difference in prices, interest on loans, inheritance income, etc., is the exercise of the rights of the owner of the share as the owner of the goods or property in general.

Obligations of the shareholder as the owner of the property.Ownership is simultaneously an obligation not to violate the property of another person. The owner of a share is obliged to consider other owners of shares as owners. In this sense, the right to property is the obligation to respect the property of others. Otherwise, it is easy to lose your property.

Every right in the market that is a manifestation of a property right carries a right opposite to it. For example, the right of one market participant to buy is simultaneously the right of another market participant to sell and vice versa. However, these equal rights oppose each other as equal obligations, since the realization of the right is impossible without taking on the corresponding obligations.

Consequently, the owner of the share bears both the rights and obligations associated with the holding of the share.

Unity and difference between the rights of a shareholder and the obligations of a joint-stock company for a shareThe rights of the shareholder are opposed by the obligations of the joint stock company to him. They represent the same thing, for example the payment of a dividend per share, but are separated as the rights of a shareholder and as obligations of a public limited company.

A shareholder is not a person liable under the share, and a joint-stock company is not a person having any obligatory rights under the share issued by him.

In other words, the rights and obligations under the shares, in in this case, are divided between market participants, but in their content they represent the same thing.

Unity and distinction of the rights and obligations of the owner to share as property.The situation is different with the ownership per share. In this case, the owner of the share himself bears the rights and obligations under it. There is no division of rights and obligations for each share between different market participants, as is the case from the point of view of the rights of a shareholder, which are secured by the obligations of a joint stock company.

The subject of ownership is a share, which constitutes a single basis for the rights and obligations of its owner. But in relation to himself, a market participant can have neither rights nor obligations.

The division into market rights and obligations is impossible without their simultaneous division between market participants. Both exist, but only in the form of a relationship between market participants as shareholders of a given joint-stock company and its non-shareholders, that is, the owners, first of all, of monetary capital.

Consequently, the rights and obligations of the owner of a share are opposed by the rights and obligations of other owners, but already, for example, to money capital in the market.

As a result, the rights and obligations of the owners of shares are divided between market participants, but not in the form of separation of rights from obligations between them, but in the form of opposing the shares themselves and monetary capitals between different market participants. But capital can only be opposed by capital, and therefore the share takes the form of capital, the possibility of which lies in it both in the right to dividend and in the right to other types of income from it as from property.

Share as a right to income

The essence of a shareholder's rights is his right to a dividend, that is, the right to income paid by a joint-stock company per unit of authorized capital.

The essence of the owner's rights to a share is the right to receive income from the disposal of the share as property.

However, the right of the owner of a share to have income other than a dividend on it is not at the same time an obligation of some other market participants, as is the case in the case of exercising the right to a dividend. A share as a right to dividend and a share as a right to other types of income are two different rights. The first is a valid right, the person obliged under it is always known. The second is only a potential right, only the opportunity to receive income under certain market conditions, but not at all the obligation of the market or any of its participants to ensure the receipt of certain incomes to the owner of the property called a share.

Unlike the right to a dividend, the right of the owner of a share as property is at the same time the possibility of receiving both income from market transactions with him, and equally a loss from them.

Share as capital

In the aggregate of its property rights, a share is a right to income in general. The right to income transforms the share into capital, but not as a part of the authorized capital of the joint stock company, but as capital existing on the market outside the joint stock company.

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 the 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). The 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 the liquidation of the company. If there is a shortage of profit, the payment of dividends on preferred shares is made at the expense of reserve fund society, and in the event of a shortage of funds for the payment of 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, the owner's name of which 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 the joint-stock company or is adopted by a decision of the general meeting of shareholders by a majority of votes. 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 shares of the company, distributed at its foundation, must be paid within three months from the date of state registration of the company, and the remainder - 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 a depository). 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 period 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 certain 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 of various types and types. Several types of bonds can be distinguished depending on which classification criterion is the basis of 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.

According to the type of yield, there are interest-bearing, interest-free 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; short-term 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 the municipal formation of a city or 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 the content of certain types of securities to par by dividing the bond market price by the bond's par price.

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, due date, 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 a certain amount of money to a third party (the payee - the first holder of the bill) or bearer within the specified time period. 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, promissory notes 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 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 the 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.

The legal acts governing 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 to revise the 1921 Hague Rules of Bills of Lading (The Hague-Visby Rules); 1978 UN Convention on the Carriage of Goods by Sea (Hamburg Rules); Merchant Shipping Code of the Russian Federation from 31.03.99

The bill of lading is drawn up on the basis of a 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 "original" stamp 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 stock indexreleased 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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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 period 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;
• 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 stipulated 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. The decision to place the issuer's options and their placement are made 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 the deposit amount and the interest specified in the certificate at the end of the specified period at the credit institution that issued the certificate, or at 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 (pledge of real estate) agreement 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. 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 - security giving its owner preemptive right to buy 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 allows 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 of exchange, 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 sums of money, 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

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 cover. 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 that 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 forgery of a security has the right to submit 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.

If you are planning to start investing and are looking at the stock market, it will be difficult for you to understand the variety of terms and classifications.

Who are ready to fall upon you from all imaginable and inconceivable sources: from Internet portals and scientific libraries to fashion magazines and advice from seasoned well-wishers.

What do you need to pay attention to first of all? The origin and legal status of the document, that is, the specifics of the issue and the degree of confidence in the issuer.

An equity security is an instrument issued in bulk, in series, and characterized by special features.

More details about these signs, as well as about the main types of electronic securities, conditions and nuances of issue and circulation - in the article.

Securities

The regulation of the securities market in the Russian Federation is based on the Civil Code of the Russian Federation and the Federal Law “On the Securities Market”.

In development of the laws, normative acts of ministries and departments were issued, such as, for example, decrees of the Government of the Russian Federation, Orders of the Federal Service for Financial Markets - the main regulator of the securities market in the Russian Federation, Orders of the Central Bank of Russia, regulatory documents of the Ministry of Finance of the Russian Federation.

According to the legislation of the Russian Federation, a security is understood as a document of a certain form containing mandatory requisites for it, which certifies the property rights of its holder. The ownership of the rights certified by the security is directly related to the ownership of the security itself. The ownership of a certain person of the right to a paper determines the fate of the right from it.

Documentary and non-documentary

In cases stipulated by law, property rights may be certified by a non-documentary security. Fixation of rights on them is carried out on the basis of an entry in the register of securities holders or on the basis of an entry on a depo account.

A document confirming the rights of the owner of a book-entry security is issued at the request of the owner by the person responsible for maintaining such a register.

In documentary form, bearer securities are issued, in uncertificated form - registered securities, with the exception of cases provided for by federal laws.

The right to a bearer documentary security passes to the acquirer at the time of the transfer of the certificate of the security to the acquirer, and if the certificates are kept in the depository - at the time of making a credit entry on the acquirer's depo account.

The right to a registered non-documentary security passes to the acquirer from the moment of making a credit entry on the personal account (depo account) of the acquirer.

In Russia, a distinction is made between equity and non-equity securities.

Equity security is any security that is characterized by the following features at the same time:

1. secures the totality of property and non-property rights, which, in compliance with the form and procedure established by law, are subject to certification, assignment and unconditional implementation,
2. hosted by issues

Equity securities include shares, bonds, options of the issuer, Russian depositary receipts.

A share is an equity security that secures the rights of its owner (shareholder) to receive part of the profit of a 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. A share is a registered security.

A bond is an issue-grade security that certifies the right of its holder to receive from the person who issued the bond, within the period stipulated by it, the par value of the bond or other property equivalent, as well as a fixed percentage of the par value of the bond or other property rights. Bond yield is interest and / or discount.

Issuer's option is an equity security that secures 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 of such an option at the price specified in the issuer's option.

The issuer's option is a registered security. The decision to place the issuer's options and their placement are made in accordance with the rules for the placement of securities convertible into shares established by federal laws.

In this case, the price of the placement of shares in fulfillment of the requirements for the issuer's options is determined in accordance with the price specified in such an option.

Issue of equity securities - a set of all securities of one issuer, granting the same amount of rights to their owners and having the same par value (if any). All securities of the same issue have a single state registration number or identification number, if the issue is not subject to state registration.

Additional issue of equity securities - a set of securities placed in addition to previously placed securities of the same issue of equity securities. Additional issue securities are placed on the same terms.

Non-equity securities include a bill of exchange, check, bill of lading, savings (deposit) certificates, investment shares, mortgage participation certificates, etc.

State, Municipal Central Banks and Option Certificates

Federal government securities are securities issued on behalf of the Russian Federation.

Government securities of the constituent entities of the Russian Federation are securities issued on behalf of the constituent entity of the Russian Federation.

Municipal securities are securities issued on behalf of the municipality (clause 1 of article 2 of the Federal Law of July 29, 1998 N 136-FZ "On the specifics of the issue and circulation of state and municipal securities").

Government and municipal securities can be issued in the form of bonds or other securities related to equity securities, certifying the right of their owner to receive funds (in Russian rubles) or other property from the issuer, established percent of the par value or other property rights within the terms stipulated by the terms of the issue.

In the case of issuance of registered government and municipal securities in documentary form with obligatory centralized storage, the name of the owner of the said securities is not a mandatory requisite of the security certificate.

In this case, the certificate shall indicate the name of the depository, to which the issuer transfers the specified certificate for storage, with the indication “depositary” against its name.

Regarding registered securities of the Russian Federation, the register of owners of registered securities is not kept.

The issue of state and municipal securities can be carried out in separate issues. Within the framework of the issue of state or municipal securities, series, categories, numbers of securities can be established.

Information on the conditions for the issue of government and municipal securities is subject to disclosure in accordance with the Federal Law "On the Securities Market" (Article 12 of the Federal Law of July 29, 1998 N 136-FZ "On the Specifics of the Issue and Circulation of Government and Municipal Securities").

Option certificates - a type of registered security that circulated on the territory of the Russian Federation before October 13, 2003 - before the entry into force of the Decree of the Federal Commission for the Securities Market of Russia dated 13.08.2003 N 03-35 / ps, which invalidated the Decree of the Federal Commission for the Securities Market of Russia dated 09.01.97 N 1 "On the Option Certificate, its Application and Approval of the Issue Standards for Option Certificates and their Prospectus."

The option certificate secured the right of its owner within the terms and on the conditions specified in the option certificate certificate and the decision to issue option certificates for the purchase or sale of securities (underlying asset) of the issuer of option certificates or third parties, the report on the results of which was registered before the date of issue of the option certificates. evidence.

At present, instead of option certificates, the issuer's options, similar to them, are circulating in the Russian Federation.

ECB numbering procedure

The state registration number identifying a specific issue of equity securities consists of nine digits (numbers and letters):

1-23-45678-9 (X - XX - XXXXX - X,) in which:

• 1 digit denotes the type (category) of the equity security;
• 23rd category - serial number of the issue of this type (category) of the equity security for this issuer;
• 45678-9 - unique code of the issuer, where the ninth digit indicates the issuer

1. 1 - for ordinary shares;
2. 2 - for preferred shares;
3. 3 - for the issuer's options;
4. 4 - for bonds;
5. 5 - for Russian depositary receipts;
6. 6-8 - reserved;
7. 9 - for other types of equity securities.

(clause 2.2 of the Procedure for assigning state registration numbers to issues (additional issues) of equity securities approved by Order of the Federal Financial Markets Service of Russia dated 13.03.2007 N 07-23 / pz-n).

Ninth digit values:

• B - the issuer is the bank (regardless of its organizational - legal form);
• С - the issuer is a non-bank credit organization (regardless of its organizational and legal form);
• A, D, E, F - the issuer is an open joint stock company (except for banks, non-bank credit institutions, joint stock investment funds, insurance organizations);
• H, J, K, N, P - the issuer is a closed joint stock company (except for banks, non-bank credit institutions, joint stock investment funds, insurance organizations);
• Y - the issuer is a joint stock investment fund (regardless of its organizational and legal form);
• Z - the issuer is an insurance organization (regardless of its organizational and legal form);
• L, R, T - the issuer is another organization not specified above;
• G, U, V, W, X are reserved.

(clause 2.4 of the Procedure for assigning state registration numbers to issues (additional issues) of emissive securities, approved by Order of the FFMS of Russia dated 13.03.2007 N 07-23 / pz-n).

If the issuer is a credit institution, the fourth category in the state registration number of the issue of equity securities has a zero value, the fifth, sixth, seventh and eighth digits duplicate the number of the credit institution's banking license.

The state registration number of the additional issue of equity securities has 13 digits, in which the tenth, eleventh, twelfth digits indicate the serial number of the additional issue of this type (category) of equity securities placed by the issuer in addition to the previously placed equity securities of the same issue.

The thirteenth digit indicates that this release is optional and has a value of "D".

The individual number (code) of the additional issue of equity securities is canceled after three months from the date of state registration of the report on the results of the additional issue or submission to the registering authority of a notification of the results of the additional issue of equity securities (clause 4.1 of the Procedure for assigning state registration numbers to issues (additional issues) issue-grade securities approved by Order of the FFMS of Russia dated 13.03.2007 N 07-23 / pz-n).

The procedure for the formation of the state registration number assigned to issues of government securities of constituent entities of the Russian Federation and municipal securities was approved by Order of the Ministry of Finance of Russia dated January 21, 1999 No. 2n.

The state registration number assigned to the issue of government securities of the constituent entities of the Russian Federation or municipal securities consists of eleven categories X1X2X3X4X5X6X7X8X9X10X11X12, in which:

1. Х1Х2 - letter code indicating the issuer's affiliation to the Russian Federation;
2. Х3Х4 - type of security, circulation period and type of income on it;
3. Х5Х6Х7 - serial number of the issue of securities of this type of the issuer;
4. Х8Х9Х10 - letter code indicating the issuer of the securities (identical to the letter code of the registration number assigned to the conditions of issue and circulation of government securities of the constituent entities of the Russian Federation or municipal securities during state registration);
5. X11 equals zero for government securities of the constituent entities of the Russian Federation and equals one for municipal securities.

The values \u200b\u200bof the X3X4 categories (type of security, circulation period and type of income on it):

• 21 - for zero-coupon government securities of the constituent entities of the Russian Federation or municipal securities with a maturity of less than 1 year;
• 22 - for government securities of constituent entities of the Russian Federation or municipal securities with a maturity of less than 1 year and variable coupon yield;
• 23 - for government securities of constituent entities of the Russian Federation or municipal securities with a maturity of less than 1 year and a constant coupon yield;
• 24 - for government securities of the constituent entities of the Russian Federation or municipal securities with a maturity of 1 to 5 years with variable coupon yield;
• 25 - for government securities of RF subjects or municipal securities with a maturity of 1 to 5 years with a constant coupon yield;
• 26 - for government securities of constituent entities of the Russian Federation or municipal securities with a maturity of more than 5 years with a constant coupon yield;
• 27 - for government securities of constituent entities of the Russian Federation or municipal securities with a maturity of more than 5 years with variable coupon yield;
• 28 - for government securities of the constituent entities of the Russian Federation or municipal securities, the terms of the issue of which presuppose their redemption mainly by non-monetary funds, with a maturity of 1 to 5 years;
• 29 - for government securities of the constituent entities of the Russian Federation or municipal securities, the terms of issue of which presuppose their redemption mainly by non-monetary funds, with a maturity of more than 5 years;
• 30 - for government securities of constituent entities of the Russian Federation or municipal securities with a maturity of less than 1 year and a fixed coupon yield;
• 31 - for government securities of constituent entities of the Russian Federation or municipal securities with a maturity of 1 to 5 years with a fixed coupon yield;
• 32 - for government securities of constituent entities of the Russian Federation or municipal securities with a maturity of more than 5 years with a fixed coupon yield;
• 33 - for government securities of constituent entities of the Russian Federation or municipal securities with debt amortization with a maturity of less than 1 year;
• 34 - for government securities of constituent entities of the Russian Federation or municipal securities with debt amortization with a maturity of 1 to 5 years;
• 35 - for government securities of constituent entities of the Russian Federation or municipal securities with debt amortization with a maturity of more than 5 years.

Source: "lin.ru"

Equity security is a paper with special characteristics

Equity security - any security, including uncertified security, which is characterized simultaneously by the following features:

1. secures the totality of property and non-property rights subject to certification, assignment and unconditional exercise in compliance with the form and procedure established by the Federal Law on the Securities Market;
2. posted by issues;
3. has the same volume and terms of exercising rights within one issue, regardless of the time of purchase of the security.

Documentary form of equity securities - a form of equity securities, in which the owner is established on the basis of the presentation of a duly executed certificate of the security or, if such is deposited, on the basis of an entry in the securities account.

A non-documentary form of equity securities is a form of equity securities in which the owner is established on the basis of an entry in the system for maintaining the register of securities holders or, in the case of depositing securities, on the basis of an entry on the depo account.

Source: "akm.ru"

The concept and types of securities, equity securities

Securities include:

• government bond;
• bond;
• bill of exchange;
• certificates of deposit and savings certificates;
• bearer bank passbook;
• bill of lading;
• stock;
• privatization securities;
• other documents that are classified as securities by the laws on securities or in the order established by them.

Consequently, a prerequisite for the recognition of a document as a security is to classify it as such by virtue of the law or in the manner prescribed by it.

So, in accordance with the Federal Law "On Mortgage Securities", a mortgage certificate is a security document certifying the share of its owner in the right of common ownership of the mortgage cover, the right to demand from the issuer of the mortgage cover proper trust management, the right to receive funds received in fulfillment of obligations, requirements for which constitute mortgage coverage, as well as other rights.

Types of rights that are certified by securities, mandatory details of securities, requirements for the form of a security and others necessary requirements determined by law or in the manner prescribed by it.

The absence of mandatory requisites of a security or non-compliance of a security with the form established for it shall entail its nullity.

Securities may differ in the nature of the property rights embodied in them and in the method of legitimation (legalization) of the person entitled to the paper. Depending on the type of rights, there are:

1. money securities, i.e. documents securing the right to receive a monetary amount, for example, bills of exchange, checks, bonds;
2. commercial papers securing real rights (most often the right of ownership and the right of pledge to goods that for some reason are in the possession of another person), for example, bills of lading, delivery orders (under certain conditions), warrants;
3. papers securing the right to participate in any company, for example, shares, certificates of shares.

Depending on the method of legitimizing a person as a subject of law, papers are distinguished:

• bearer;
• registered;
• order.

The bearer security is a document, from the content or form of which it follows that the possession of it gives certain rights; the debtor not only can, but is also obliged to provide performance under this document, without requiring other legitimation of the owner.

In a registered paper (for example, a registered bill of lading, a personal check, registered shares) the subject of the law is indicated. The rights to a security are transferred in the course of transactions of purchase and sale, donation, etc., the rights from registered securities are transferred in the manner of a general civil assignment.

For the assignment of rights from the order paper, it is necessary to endorse it and transfer it to a new person.

The order paper (for example, order bill of lading, order check) provides for the obligation of the debtor to fulfill the obligation to the person specified in this document or on the order of the latter to a new entity, which, in turn, has the right to transfer the document further by means of a similar order.

The owner of the order paper is legitimized both by the presentation of the document and by a continuous series of endorsements, and the continuity is determined by purely formal criteria: it is necessary that each endorsement bears the signature of the person indicated in the previous inscription as the endorser (endorser).

The functions of order papers can be performed not only by bills of lading, bills of exchange, checks, but also by other papers.

Depending on the type of entity issuing securities, they can be divided:

1. on state;
2. subjects of the Russian Federation;
3. municipal;
4. corporate.

Government securities are issued by the Russian Federation represented by the Ministry of Finance of Russia, these include state short-term zero-coupon bonds (GKO), federal loan bonds with a variable coupon (OFZ-PK), bonds of the state savings loan of the Russian Federation (OGSZ), bonds of the domestic government foreign currency bonded loan (OVVZ).

Bonds and other securities may be issued by constituent entities of the Russian Federation, as well as by local governments in the manner prescribed by the current legislation.

Securities are:

• internal;
• external.

Domestic securities include securities, the issue of which is registered in the territory of the Russian Federation, the nominal value of which is expressed in the currency of Russia, or securities certifying the right to receive the currency of the Russian Federation and the issue of which was carried out in the territory of Russia.

Other securities are external. According to the information carrier, securities can be divided:

1. on documentary (for example, on paper, polymer carriers);
2. uncertified, where information is stored on various other media (for example, electronic, optical, etc.) and additional technical means are required to read it.

To carry out transactions with uncertified securities, it is necessary to involve special subjects of these legal relations - a registrar, a depository, who register and transfer ownership of securities.

Undocumented securities, which emerged as an economic category together with the Russian stock market, are still the subject of numerous legal discussions. Practice has confirmed the validity of the most balanced approach in the assessment of this legal category, expressed by L.G. Efimova and D.V. Murzin.

Uncertified securities should be classified under the category of "incorporeal things", which is still known to Roman law.

Depending on the order of placement, securities can be:

• emission;
• non-emission.

Conditions of issue and circulation of electronic securities

Equity security - any security, including uncertified, which, in accordance with the Law on the Securities Market, simultaneously secures a set of property and non-property rights subject to certification, assignment and unconditional exercise in compliance with the established form and procedure, is placed in issues, has equal volume and the timing of the exercise of rights within one issue, regardless of the time of purchase of the security.

By virtue of the said Law, equity securities may be recognized as any property and non-property rights enshrined in documentary and non-documentary forms, regardless of the name, if the conditions of their issue and circulation correspond to those.

Life cycle equity securities consists of the following stages:

1. making a decision on the placement of equity securities;
2. approval of the decision on the issue (additional issue) of equity securities;
3. state registration of the issue (additional issue) of equity securities;
4. placement of equity securities;
5. state registration of a report on the results of the issue (additional issue) of emissive securities or submission to the registering authority of a notification on the results of the issue (additional issue) of emissive securities;
6. circulation of equity securities in the secondary market with the implementation of payments provided for them;
7. withdrawal from circulation of equity securities;
8. redemption of equity securities.

Placement of equity securities is possible only after state registration of their issue, at the same time, with respect to certain equity securities, deviations from general order release.

Equity securities include: shares; bonds; issuer's option; depositary receipts.

Trading in these types of securities forms the basis of the modern stock market.

Stock

A share is an equity security securing the right of its owner 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.

A distinction is made between primary release and additional releases. Issues of shares (primarily primary) are accompanied by advertising events, the purpose of which is to attract the attention of potential investors. Subscriptions are made by submission of an application and are accompanied by the payment of either a fraction of the purchase price or the full price.

Upon completion of the subscription, the distribution of securities is carried out among potential shareholders:

• If the number of subscribers exceeds the number of shares, then the company develops a formula for the distribution of shares between applicants.
• If there are insufficient investors, the unallocated shares are redeemed by banks, participants in the issue.

Investors who have applied for shares, whose eligibility is confirmed by the distribution, within the established period, pay in full for the shares reserved for them. After full payment of the shares, the investors are entered in the register of shareholders and issued with share certificates. The transfer of ownership is carried out by writing off, crediting securities to the owner's DEPO account.

An ordinary share is a security that gives the right to a share in the share capital of a company and a proportional part of the profit and balance of assets upon liquidation, as well as the right to vote at general meetings of shareholders when deciding issues submitted to the general meeting of a joint stock company.

Thus, investors participate in the management of the joint-stock company and bear the risks of negative consequences of their own decisions.

The preference share gives its owner the right to dividends in the form of a fixed income from the activities of the joint stock company, ownership of the property of the joint stock company upon liquidation, but gives only a limited voting right at the general meeting of shareholders.

Part of the dividend paid to shareholders is net profit joint-stock company after taxation and payment of interest on loans, paid at the end of the financial year or more often (interim dividends) in money, stocks, property and other securities.

For ordinary shares, the amount of the dividend depends on the amount of profit and the decision of the meeting of shareholders, for preferred shares the dividend has a fixed amount.

Bond

A bond is a debt issue security that grants its owner the right to receive, after a specified period, the par value of the bond and investment income.

Bonds can be registered and to bearer, certified and uncertified.

Distinguish between collateralized and unsecured bonds. Security can be a pledge, surety, bank guarantee, state or municipal guarantee.

According to the method of payment of investment income, bonds are distinguished:

1. discount;
2. interest.

The yield on a discounted bond is the difference between the purchase price of the bond and its par value payable on maturity. A positive difference between the nominal value and the purchase price is called a discount, and a negative one is called a premium. Discount and premium are calculated as a percentage of the bond's par value.

Income on interest-bearing bonds is expressed as a percentage set to the par value of the bond and paid to its owner after a certain period of time, most often a quarter or a year. This income is also called coupon, and bonds are called coupon bonds. For documentary coupon bonds, coupons are attached directly to the bond and trimmed when paid.

Bond issue is a form of raising external financing for the internal purposes of the issuer.

Government bonds are issued on behalf of the Russian Federation and individual constituent entities of the Russian Federation; local governments issue municipal bonds; business companies, corporations issue corporate bonds.

State and municipal bonds are issued to cover the deficit of the relevant budget or for implementation investment projects, corporate bonds - for replenishment working capital and business development.

The exchange bond is issued by open subscription at the stock exchange trading for up to three years. The commercial paper has a simplified issuance procedure and does not require state registration.

Issuer option

An issuer's option is a registered equity security that secures 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 issuer's option.

Decision-making on the placement of the issuer's options and their placement is possible after full payment of the authorized capital of the joint-stock company and is carried out within the limits of the already announced shares of the issuer.

The placement price of shares in fulfillment of the requirements for the issuer's options is formed in accordance with the price specified in such an option.

Depositary receipt

A depositary receipt is a registered issue-grade security that does not have a par value, which certifies the ownership of a certain number of shares or bonds of a foreign issuer and secures the right of its owner to require the issuer of Russian depositary receipts to receive, instead of a Russian depositary receipt, an appropriate number of securities represented and the provision of services, related to the exercise by the owner of the Russian depositary receipt of the rights enshrined in the securities represented.

If the issuer of the presented securities assumes obligations to the owners of Russian depositary receipts, the said security also certifies the right of its owner to demand the proper performance of these obligations.

Depositary receipts of one issue can certify the ownership of the securities presented by only one foreign issuer and only one of their type (category, type). Depositary receipts are freely traded in the market.

A derivative (derivative financial instrument) is a financial instrument whose value is derived from the price of an underlying asset or index indicator.

Derivative financial instruments include:

• futures;
• forwards;
• options;
• swaps.

Used in transactions, they are not related to the actual purchase and sale of tangible or financial assets and serve as protection against the risks of changes in the price of the underlying asset and additional, speculative profit when the value of the underlying asset rises in the future.

Derivative prices reflect the conditions of expected future supply and demand for securities, foreign currencies, and other assets. They are based in part on the current prices of the underlying assets, but also take into account trends in interest rates, inflation and may take into account political and social processes, various natural phenomena.

The level of reliability of equity securities is determined by its issuer. Traditionally, the most reliable are government securities, securities of companies with state participation, securities of the Central Bank of the Russian Federation. From this point of view, government bonds are considered the most reliable, but the 1998 default affected this particular category of securities.

The short circulation period increases the security level. The reliability of corporate bonds is determined by the level of liquidity of the collateral provided.

The profitability of investments in equity securities is determined as a percentage of the annual increase in market value and other payments on it to the purchase amount. The liquidity level of a security, of a particular issuer, is determined by a combination of its reliability, profitability and the volume of these securities freely traded on the market.

Non-equity securities, in contrast to equity securities, are issued individually, the decision to issue them, as a rule, has no statutory significance.

Usually, the issue of non-equity securities into circulation (or their issuance) does not need special regulation and control by state bodies, and therefore, is not subject to state registration, unlike equity securities, the state registration of which is mandatory.

Source: "sci.house"

The essence of the concept of "emission security"

Modern market securities can be described as a gigantic capital industry in terms of its size and variety of instruments, which has no boundaries.

For those who are just starting to study the securities market or are looking at it, in order to start investing, it is quite difficult to understand all this abundance of classifications, terminologies and definitions, which, one might say, are full of all available informational resources - ranging from university libraries to investment Internet portals.

In order to apply in practice (to make money on the stock market, for example), all this knowledge with a little effort can be reduced to a few short and capacious statements and axioms that anyone who is going to deal with securities should know.

One of such basic chains of knowledge about financial markets is the classification of securities, on which the correct and appropriate choice of a financial instrument directly depends.

For the purposes of both trading and investing, it is very important to have an understanding of the origin of the security and its legal status, which are the main element of such a concept as the liquidity of a security, directly related to the definitions of "issue" and "issuer".

First of all, must be given general characteristics security, which is a document that is equivalent to the value of a material object (goods, commercial relations and money) on the basis of an established agreement between persons using the security for business transactions.

As can be seen from this essential definition, one of the main components of a security is the concept of a contract.

This, in fact, is the main feature of securities. Depending on who issued them, how the rights of the buyer (holder) of this security are secured and on the basis of which agreements the rules for its circulation are established, and the value of the security is determined as an element of trust between counterparties.

If, for example, a security is issued (issued) by a company that does not inspire a certain degree of confidence in the market, then it is natural that the market will assess its value as negligible.

Or vice versa, if a security is issued by the government of a superpower (with a guarantee ranging from the banking system to the aircraft carrier group), then such a security will be in great demand.

Thus, it can be stated that an emission security is a document confirming the property rights contained in it, issued into circulation in accordance with certain rules enshrined in the relevant agreements or legislative acts.

In order to clearly understand how an equity security differs from others, one should be guided by certain formal signs, using which one can draw a conclusion about the status of a financial instrument.

For this, there is a certain characteristic of the emissive security:

1. Strict issuance procedure (emission) which is regulated by acts state power (represented by the Central Bank), including mandatory registration.
2. Implementation of the emission of securities as part of a certain package.
3. The issue takes place by placing on open markets (in most cases on stock market exchanges) or public subscription via credit institutions... The concept of emission is fully disclosed through the study of the national legislation of the country of circulation of securities.
4. Unlike non-equity securities, equity securities may have a non-documentary form of issue, such as options or futures contracts.
5. Equity Financial Assets can be freely traded both on stock exchanges and outside them.

Main varieties

As mentioned above, equity securities are financial documents that can be issued by companies and organizations that have passed special state registration procedures and have the status of public entities.

Directly to equity securities are:

• Shares of public companies and corporations, whose shares have passed the issue process and can be traded both on stock exchanges and within the framework of normal commercial turnover.
• Corporate debt obligations. Equity corporate securities are, first of all, bonds and some forms of promissory notes.
• Equity debt securities in the form of government bonds and municipal authorities authorities. These financial instruments, designed to attract investors' funds for the implementation of socially significant projects, may have their own special form of issue.
  
• Derivative securities. Equity order securities are, first of all, different kinds options and futures, widely used for various trading operations (mainly for risk insurance or hedging operations).
• Some types of bills. At present, the question: is a bill of exchange an emissive security, is determined by the specific objectives and types of issue (issue). In practice, cases when a promissory note is an equity security are quite rare.

This method of attracting debt financing is used, for example, by banks, when a large package (in one tranche) of bills is issued to the market for the short-term repayment of their own obligations (for example, a cash gap, payments on claims or for urgent redemption of their own shares from the market).

General concept of the issue and the procedure for its implementation

The above types of equity securities, stocks and bonds (and their derivatives) are dominant in the securities market, since the issue procedure itself presupposes a certain check of the issuer (its debt solvency, general financial condition etc.).

In general, the placement of equity securities is carried out through special and clearly regulated procedures determined by the legislation:

1. The release decision is approved, for example, general meeting shareholders who decide by direct secret ballot.
   

   This decision, drawn up accordingly, is a necessary formal procedure for the preparation of the Prospectus.

2. The prospectus, which has been audited and registered with the state, is a document that defines the entire technical and legal aspects of the process.
3. Underwriting, the IPO procedure is the very technology of the issue, which starts from the formation of customer lists among potential investors to the placement of a block of shares on the stock exchange.
4. The whole process of placement necessarily undergoes state registration, which is precisely the factor that determines the liquidity of a security, and hence the level of confidence in it.

Since equity securities are a very important element of the financial system, such a costly and thorough preparation of securities for entering the market is a guarantee that the work of this finely tuned structure will not be disrupted by the entry of low-quality (very risky) assets into the market.

At the end of this article, it makes sense to say a few words about the fact that equity and securities of other types and classes are effective tools capital management and its growth.