Professional participants in the securities market are. Main participants of the securities market

(and the stock market as part of it) in the form that it has now, a long period was formed, and it would be premature to say that this is where its development ended. The modern infrastructure of the securities market and its participants have largely inherited the principles of conducting exchange transactions from the “before the information age” of market relations.

It should be noted that at the moment the entire architecture and system of relationships between market counterparties in the securities market is built on the following principles:

• remote interaction,
• certification of transactions based on the application information technologies(security protocols, EDS, etc.)
• the use of innovative means for making calculations and the use of new equivalents of value (cyber currency or block chain technologies).

All this taken together imposes special requirements on those who are going to become a trader or investor in the stock market, and to a greater extent this concerns a clear idea of ​​the structure of the market itself, its main participants and the system of relationships between them.

Before talking about the securities market and those who are directly (or indirectly) connected with it, it is necessary to determine the functional purpose of the market as such. When a transaction is made between two counterparties (buyer and seller), it is initially assumed that they more or less represent who they are dealing with, and the transaction is made with varying degrees of confidence (otherwise, there can be no talk of trading if such no trust at all).

For such cases, in fact, there are market intermediaries who take on the function of a certain arbitrator, who establishes the same trading rules for everyone. On the one hand, such an arbitrator is the state (in the form of supervisory and judiciary) on the other hand, such an intermediary can be, for example, (auction, tender system public services And so on).

Initially, the legal status of securities market participants is established by the state, which should protect the rights of the owner, seller or buyer, since these are the fundamental foundations of the entire economy of any country. These standards are set out in various legislative acts, such as the Civil Code of the Russian Federation, laws “on the securities market”, a license of a professional participant in the securities market, etc.

On the other hand, there is a large number of market institutions who directly or indirectly participate in the creation of market rules governing the activities of participants in the securities market. This list starts from the stock exchange and ends with various professional communities (for example, NAUFOR or NLU-national league of managers).

The securities market is inherently open and free, where anyone can make transactions. However, there are some rules regarding access to the securities market only for participants who have passed special training(training, certification).

This is connected, for example, with those cases when a purchase / sale is made financial assets managing clients' capital - on their behalf and on their behalf. Such market participants assume all responsibility and have the status of a professional participant in the securities market. AT general view Professional participants in the securities market are legal entities or individuals that carry out activities on a permanent basis in the securities market and directly execute orders (instructions) of clients or third parties on the basis of their competence and responsibility.

The responsibility of participants in the securities markets is determined within the framework of civil and criminal legislation and is clearly spelled out both in regulatory state documents and in the internal regulations of companies and organizations. Bankruptcy of professional participants in the securities market also has a special regulation and is clearly stated in civil code RF.

The main types of professional participants in the securities market

In general, the infrastructure of the securities market and its participants can be represented as follows:

1. Trade organizer. Key link in common system circulation of securities on the market. First of all, it is the stock exchange. In most cases, it has the status of a commercial organization with the task of ensuring the conduct of trading, informing market participants about the schedule and course of trading, auditing companies when they are included in the quotation list (listing), and providing technical support for trading. The exchange, which has the form of a joint-stock company as a participant in the securities market, is interested in making a profit on the market. Its main profit is commission fees from all participants for providing conditions for conducting transactions.
2. The second group of professional market participants are:

• Broker is a professional participant in the securities market, whose main task is to carry out transactions and all financial settlements on the market floor on behalf of the client and at his expense.
• Dealer is an intermediary, the main function of which is to, at the expense of the client, provide him with the opportunity to conduct transactions on the securities market both independently and with the help of the dealer's traders.
• Trustee- a type of activity that has recently been widely developed, the basis of which is the management of the client's capital by a specially hired manager (company, fund) at his expense and risk. Trust management involves the mandatory licensing of such an agent, since a professional participant in the securities market is a subject of market relations that is directly responsible for the loss of the client's money (if it is proved that it occurred through the fault of the manager).

1. The third group consists of special organizations performing the functions of supporting the activities of the main market participants. This is, first of all:

• Clearing centers- special companies engaged in the production of mutual settlements on transactions in the securities market. Due to the large volume of trading, exchanges prefer to outsource this activity to third parties.
• depositaries- special data centers, the main function of which is to record the movement of securities and store data on all transactions conducted on the exchange.
• Registrars- These are special companies that, on behalf of a client (for example, a joint-stock company), register all transactions with the company's shares, track the transfer of ownership (for example, determine who is a shareholder and who is a nominee), form and manage the register of shareholders.

The licensing of securities market participants of this group is described in detail, for example, on the NAUFOR website www.naufor.org, or www.nfa.ru, www.nlu.ru.

In some cases, a professional participant in the securities market is also a bank that can act:

1. as an intermediary in the placement of securities (underwriting)
2. issue loans secured by securities (for example, REPO transactions)
3. invest own funds into stock assets
4. provide brokerage services (on the currency and stock markets).

In conclusion of this article, it makes sense to note that the structure of modern financial market multifaceted and constantly changing. In principle, it is already possible to speak of a large and unified global capital market with its own laws and a complex system of connections.

The main purpose of this text is precisely to understand what the securities market is and how its participants interact.

Types of professional activity in the securities market. The procedure for licensing professional activities at the RZB.

Brokerage and dealer activity in the securities market. Securities management activities.

Depositary activity in the securities market.

Registration activity in the securities market.

clearing activity.

Stock exchange, its tasks and functions. Over-the-counter trading in securities.

Types of professional activity in the securities market. The procedure for licensing professional activities at the RZB.

Professional activity in the securities market refers to the types of activities defined by the Federal Law of April 22, 1996 N 39-FZ "On the Securities Market" - brokerage, dealer, depository, activities for the trust management of securities, activities for the determination of mutual obligations (clearing activities), as well as activities as an organizer of trade and stock exchange.

In addition to this professional activity includes the maintenance of the register of registered securities holders. (Currently, the Regulations on Licensing Activities for Maintaining the Register of Owners of Registered Securities, approved by Resolution of the Federal Commission for the Securities Market dated July 19, 1998 N 24, are in force).

Professional activities in the securities market are carried out solely on the basis of licenses issued by the Federal Commission, or licenses issued by federal executive authorities, the Central Bank Russian Federation licensed by the Federal Commission.

The license of a professional participant in the securities market to carry out brokerage and dealer activities can only be issued to a commercial organization established in the form of a joint-stock company or a limited liability company registered in accordance with the legislation of the Russian Federation.

A license of a professional participant in the securities market to carry out only brokerage activities may be issued to a citizen registered as an individual entrepreneur in accordance with the legislation of the Russian Federation.

The license of a professional participant in the securities market to carry out depository and (or) clearing activities is issued to commercial organizations established in the form of a joint-stock company or a company with limited liability, as well as non-profit organizations registered in accordance with the legislation of the Russian Federation.

The license of a professional participant in the securities market to carry out activities for organizing trading in the securities market may be issued only to commercial organizations established in the form of a joint-stock company or a limited liability company, as well as to non-commercial organizations registered in accordance with the legislation of the Russian Federation.

A stock exchange license can only be issued to an organization established in the form non-profit partnership, registered in accordance with the legislation of the Russian Federation.

The license of a professional participant in the securities market to carry out activities in trust management of securities may be issued only to a commercial organization established in the form of a joint-stock company or a limited liability company registered in accordance with the legislation of the Russian Federation.

A license of a professional participant in the securities market to carry out only the activities of trust management of securities may be issued to a citizen registered as an individual entrepreneur.

Professional participants in the securities market are entitled to carry out the following types of activities in the securities market:

Brokerage activities in the securities market, with the exception of transactions with individuals;

Dealer activity in the securities market;

Brokerage activities, including transactions with individuals;

Securities management activities;

Depository activities;

Clearing activity in the securities market;

Activities for the organization of trade in the securities market;

Stock exchanges operate on the basis of a stock exchange license.

Brokerage operations with individuals are understood as transactions made by a broker with individuals, in which the broker acts on behalf and at the expense of an individual or on its own behalf and at the expense of an individual.

The combination of professional activity in the securities market (except for the organization of trading in the securities market) with other types of activity, except for banking activities, is not allowed.

The FCSM establishes certain requirements for participants in the securities market, which must be observed by professional participants in the securities market during the entire term of the license.

According to the Decree of the Federal Commission for the Securities Market dated June 3, 1998 N 22, professional participants in the securities market engaged in brokerage, dealer, depositary activities, activities in trust management of securities are required to become members of the self-regulatory organization of professional participants in the securities market (NAUFOR, PARTAD - "National Association of Stock Market Participants", "Professional Association of Registrars, Transfer Agents and Depositories").

The size equity of a professional participant in the securities market must be at least the amount equivalent at the ECU rate established on the date of the calculation of the amount of equity capital, to the following amounts:

000 ECU - to obtain a license of a professional participant in the securities market to carry out brokerage activities, with the exception of individuals;

000 ECU - to obtain a license of a professional participant in the securities market to carry out dealer activities;

000 ECU - to obtain a license as a professional participant in the securities market to carry out brokerage activities, including transactions with individuals;

450,000 ECU, and from January 1, 1998 - 1,000,000 ECU for obtaining a license as a professional participant in the securities market to carry out activities in trust management of securities;

1,000,000 ECU - to obtain a license as a professional participant in the securities market to carry out depositary activities;

1,000,000 ECU - to obtain a license as a professional participant in the securities market to carry out clearing activities;

2,000,000 ECU - to obtain a license as a professional participant in the securities market to carry out activities for organizing trading in the securities market by organizers of over-the-counter trading in the securities market;

2,000,000 ECU - to obtain a license as a professional participant in the securities market to carry out activities to organize trading in the securities market by currency and commodity exchanges;

2,000,000 ECU - to obtain a stock exchange license.

When carrying out on the terms of combining several types of professional activities, the equity capital is determined in accordance with the requirements for that of the types of activities carried out by him or transactions in the securities market, in respect of which the largest amount of equity capital is established.

From April 22, 1999, the applicant organization must have at least one specialist with a qualification certificate established by the Federal Commission for the relevant specialists for each type of professional activity in the securities market specified in the application for obtaining, replacing or reissuing a license.

Legal entities (other than credit institutions) engaged in professional activities in the securities market are required to have a full-time employee - controller, whose competence includes monitoring the compliance of professional activities with the requirements of the legislation of the Russian Federation on securities. In the structure of a credit institution carrying out professional activities in the securities market, a service internal control. A professional participant in the securities market who is not a credit institution has the right to create an internal control service.

Only a person who is a full-time employee of an organization that is a professional participant in the securities market and has a higher education may be appointed to the position of controller and head of the internal control service.

It is not allowed to combine work in the position of a controller with work in other positions in one organization - a professional participant in the securities market.

The license is issued for a period of 3 years.

The grounds for suspension of a license are:

violation of the requirements of the legislation of the Russian Federation on securities, other regulatory acts of the Federal Commission for the activities of professional participants in the securities market;

violation by a professional participant in the securities market of the requirements established by the Federal Commission for the amount of equity capital;

non-fulfillment by a professional participant of the securities market of all types of professional activities and operations in the securities market specified in the license within six months;

carrying out by a professional participant in the securities market of activities in the securities market or transactions with securities, the combination of which is not provided regulations Federal Commission;

making transactions by a professional participant in the securities market in his favor in the presence of a conflict of interest between this professional participant and his clients;

other violations of the requirements of the legislation of the Russian Federation on securities, legal acts of the Russian Federation, these Regulations and other regulatory acts of the Federal Commission.

The grounds for revocation of a license are:

liquidation of a legal entity carrying out professional activities in the securities market;

recognition of a professional participant in the securities market as insolvent (bankrupt) on the basis of a court decision (with the exception of professional participants in the securities market that are non-commercial partnerships);

repeated and (or) gross violation of the requirements of the legislation of the Russian Federation on securities, these Regulations and other regulatory acts of the Federal Commission;

manipulation of prices in the securities market;

for credit institutions - revocation of a banking license and other cases of liquidation of a credit institution;

The license of a professional participant in the securities market is terminated in the following cases:

expiration due date validity of the license;

revocation of a license;

replacement or renewal of a license.

Brokerage and dealer activity in the securities market. Securities management activities.

As noted earlier, the functioning of the market requires sellers, buyers and intermediaries representing their interests on it. As intermediaries, as a rule, brokers and dealers act.

In accordance with the Law “On the Securities Market”, “brokerage activity is the performance of civil law transactions with securities as an attorney or commission agent acting on the basis of an agency or commission agreement, as well as a power of attorney for such transactions.”

Both individuals and organizations can act as a broker. Professional brokerage activities in the stock market are carried out on the basis of a license obtained in the prescribed manner.

A professional participant in the securities market engaged in brokerage activities is called a broker.

The broker and the client build their relationship on a contractual basis. In this case, commission agreements and commissions can be used. If an agency agreement is concluded, this means that the broker will act on behalf of the client and at the expense of the client, i.e. the client is a party to the concluded transactions and he is responsible for the execution of the transaction. If a commission agreement is concluded, then when concluding a transaction, the broker acts on his own behalf, but acts in the interests of the client and at his expense. The party to the transaction in this case is the broker and he is responsible for its execution.

The execution of the contract of commission or commission is considered to be the transfer to the client of the broker's official notice of the conclusion of the transaction.

If the broker acts as a commission agent, the commission agreement may provide for an obligation to keep funds intended for investment in securities or received as a result of the sale of securities with the broker on off-balance accounts and the right to use them by the broker until the funds are returned to the client in accordance with the terms of the contract.

Reassignment of transactions by brokers is allowed only to brokers. Reassignment is allowed if it is stipulated in the commission or commission agreement, or in cases when the broker is forced to do so by force of circumstances to protect the interests of his client with the notification of the latter.

The transfer of trust is carried out in accordance with the civil legislation of the Russian Federation.

The broker receives its main income from commissions charged from the amount of the transaction. Therefore, the task of the broker is to have clients, among whom would be both suppliers of securities and their buyers, owners of temporarily free funds.

The broker must execute clients' orders in good faith and in the order in which they are received, unless otherwise provided by the contract with the client or his order. Transactions carried out on behalf of clients are in all cases subject to priority execution in comparison with dealer operations of the broker himself when he combines the activities of a broker and a dealer.

If the broker has an interest that prevents the execution of the client's order on the most favorable terms for the client, the broker is obliged to immediately notify the latter of such an interest.

If the conflict of interests of the broker and his client, about which the client was not notified before the broker received the corresponding order, led to the execution of this order to the detriment of the interests of the client, the broker is obliged to compensate for the losses at his own expense in the manner prescribed by the civil legislation of the Russian Federation.

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

A professional participant in the securities market carrying out dealer activities is called a dealer. Only a legal entity that is a commercial organization can be a dealer.

The dealer's income consists of the difference between the selling and buying prices. Therefore, the dealer must constantly monitor and take into account the changing market conditions. It usually specializes in certain types of securities, but large organizations may serve the securities market as a whole.

Acting as a market operator, the dealer has the right to announce the essential terms of the securities purchase and sale agreement: the minimum and maximum amount purchased and/or sold securities, as well as the period during which the declared prices are valid. If there is no indication in the announcement of other essential terms, the dealer is obliged to conclude an agreement on the essential terms proposed by his client. If the dealer avoids concluding an agreement, a claim may be brought against him for the forced conclusion of such an agreement and / or for compensation for losses caused to the client.

In the domestic market, an investment company can act as a dealer, one of the functions of which is to invest in securities, carry out transactions with them on its own behalf, including through quotation. Credit institutions were the main dealers in the government debt market.

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

securities;

cash intended for investment in securities;

cash and securities received in the course of securities management.

A professional participant in the securities market, carrying out activities in the management of securities, is called a manager.

The procedure for carrying out securities management activities, the rights and obligations of the manager are determined by the legislation of the Russian Federation and agreements.

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

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

Professional participants in the securities market are called legal and individuals who conduct official business activities in the securities market.

They can be conditionally considered as 8 conditional groups:

1. Professional traders.
2. Brokerage companieswho are intermediaries between sellers and buyers.
3. Dealers- they trade securities exclusively on their own behalf and at their own expense.
4. Companies that accept investors' moneyinto management and trade on their behalf.
5. Registrars- maintain lists (registries) of securities.
6. depositaries- account and store securities, for which they have the authority from market participants.
7. Clearing organizations- Maintain accounting and reporting trading operations with securities.
8. Market Organizers(for example, the stock exchange) - create favorable conditions for trading in securities.

The requirements that apply toprofessional participants market - have a licenseto conduct their activities.

All market participants can also be divided according to a different principle into 3 large groups:

• Investors;
• Issuers;
• Intermediaries between them.

Issuers- enterprises that issue securities and sell them. BUT and become new owners.

Professional Members differ in thatare licensedand participate in the auction as intermediaries or organizers. Now let's talk about them in more detail.

Brokers

They make transactions with shares and other securities on behalf of clients and at their expense, but they can also act on their own behalf. Depending on the nature of the transactions,brokers can be attorneys, commission agents and act by proxy in accordance with the contract.

Dealers

They trade on their own behalf and at their own expense, publicly announcing the prices for the purchase and sale of specific securities with an obligation to buy/sell at the announced prices.Only a legal entity can be a dealer.

The dealer has the right to announce other significant terms of the agreement, such as the minimum or maximum number of securities in a transaction, the validity period of the current price.

Securities trust management activities

Below we will talk about trust management. Such market participants are called managers. This does not require a license.

In this case, the trustee operates:

• stocks, bonds and other securities;
• money that is entrusted for the purpose of investment;
• money and securities that are acquired in the process of fiduciary trading.

depositaries

They provide services for storage, calculation of the results of transactions or the transfer of rights to securities. Their activity is regulated by the contract.

Activity on maintenance of the register of holders of securities

Those who keeps registers, called registrars or registry holders. They collect, record, process and store data in registers, and provide information to the owner of securities. This can only be done legal entities.

Registrars issuer's securitiesif their owners appear in the registers they maintain.

Registers- these are lists of registered owners of shares, bonds and other securities, which indicate the number of securities, category and their nominal value.

Clearing services

Clearing organizations undertake to collect, verify and correct information on mutual obligations, and conduct settlements for the supply of securities.

Intermarket and intramarket participants

Intermarketparticipants coordinate or serve the work of several financial markets at the same time. These includeinvestment groupswho invest in different assets - currency, real estate, securities. They also include agencies and private professionals providing services for .

To intramarketParticipants include persons primarily working in the securities market. They can be both professional market participants and non-professional ones.

Can professional activities in the financial markets be combined?

Easy, but within the framework of legal acts.

For example: the law does not allow combining registry maintenance with other professional activities in the financial market.

Rwork of brokers, dealers, depositories and managers may well be performed by one organization.

Depositories may combine their activities with the performance of clearing company functions.

Control over professional market participants

On the territory of the Russian Federation, the work of professional market participants falls under the control of the Bank of Russia, which issues 2 types of licenses:

• a license that allows you to be a professional participant in the securities market
• license to trade

This is the basic minimum that every trader and investor needs to know about market participants. And if you want to move gradually and systematically -, where we will analyze these, and not only questions related to trading.

(market entities) are individuals and legal entities that sell, buy securities or service their circulation and settlements on them, entering into certain economic relations associated with the circulation of securities.

All participants in the securities market can be conditionally divided into professionals and non-professionals. In accordance with the Law "On the Securities Market", professional participants in the securities market are legal entities, as well as citizens (individuals) registered as entrepreneurs, who carry out the following activities:

1. brokerage;
2. dealer activity;
3. securities management activities;
4. settlement and clearing activities;
5. depository activity;
6. activity on maintenance of the register of holders of securities;
7. activity on the organization of trade in securities.

Depending on the position taken by the participants in the securities market in relation to the market, they are divided into sellers, buyers and organizations serving market processes.

In their book, V. S. Torkanovskiy and V. I. Kolesnikov divide securities market participants into 4 groups:

1. the main participants in the securities market (the state, municipalities, large national and international companies), whose securities are highly reliable, but do not always provide high returns;
2. institutional investors - financial and credit institutions that carry out transactions with securities (banks, insurance companies, pension funds etc.);
3. individual investors - private individuals, including owners of small venture capital enterprises;
4. securities market professionals (brokers, dealers, etc.).

Depending on the functional purpose All participants in the securities market can be divided into:

1. issuers;
2. investors;
3. fund intermediaries;
4. regulatory and control bodies;
5. organizations serving the market.

Issuers of securities- these are business entities seeking to obtain additional sources of financing, as well as public authorities issuing loans to cover part of public spending. Law of the Russian Federation No. 39-F3 dated April 22, 1996 “On the Securities Market” establishes that the issuer is “a legal entity or executive authorities or local government who, on their own behalf, bear obligations to the owners of securities to exercise the rights enshrined by them.

The issuer is always a seller who supplies the market with a security, the quality of which is determined by its status, economic and financial results of its activities. Issuers include:

• state (central government, regional and municipal authorities, large national companies);
• joint-stock companies (corporations of the manufacturing sector, the credit sector, large international companies, stock exchanges, financial institutions);
• private enterprises (can only issue debt securities (bonds and bills));
• individuals (only IOUs and checks can be issued).

Investors- individuals and legal entities having temporarily available funds and those wishing to invest them to receive additional income. Investors purchase securities in their own name and at their own expense.

Distinguish:

• institutional (collective) investors - 1) the state; 2) corporate investors (joint stock companies); 3) specialized institutes: specialized funds and companies (banks, Insurance companies, pension funds), investment institutions ( investment companies, investment funds);
• market professionals - stock intermediaries (brokers, dealers);
• individual investors - individuals who use their savings to purchase securities;
• other investors - enterprises, organizations.

Depending on the purpose of investment, the following main investment strategies are distinguished:

strategic - long-term investments, the purchase of securities for a period of one month to several years in order to profit from the sale at the end of the investment period;

• speculative - designed for short-term and frequent purchase / sale of securities both during the day and for up to a month with the highest profit from each transaction;
• insurance - the use of securities to insure against possible losses in business or when investing in financial markets.
• Depending on this, investors can be classified into:
• strategic investors who intend to acquire ownership by taking control of joint stock company, and expect to receive income from the use of this property is significantly greater than the income from simple ownership of shares;
• portfolio investors who rely only on income from their securities.

According to Alfa-Bank experts, at the end of May 2003, management controlled 31.5% of shares, persons close to management - 14.3, strategic investors had 11.6, the state - 13.6, and remained in free float 27.7% of shares. The concentration of controlling stakes in the hands of insiders leads to a further narrowing of the instrumental base of the Russian stock market, to a reduction in opportunities for investors, and an expansion of the field for manipulating prices.

According to the Ministry economic development and trade, the participants of the Russian stock market in Russia are 0.1% of the population, in South Korea- 8.3, in Japan - 26.6, Australia - 36.5, in the USA - 48.2% of households.

In practice, there is no clear distinction between issuers and investors; often an economic entity or an investment institution that issues its own securities can be an investor, i.e., buy securities of other issuers.

Some of the main issuers and investors of securities are:

investment companies

Introduction

The concept and signs of professional activity in the securities market

2 Signs of professional activity in the securities market

Types of professional participants in the securities market

3 Clearing organization

4 Securities Trustee

5 Depositary

Conclusion

Bibliography

Introduction

The stock market is currently an integral part of social and economic life modern Russia: the events taking place in this area are inextricably linked with the development process national economy and arouse interest both from a narrow circle of professionals and among the population.

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

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

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

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

This goal is implemented by solving the following tasks:

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

study the types of professional participants in the securities market

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

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

1 The concept of professional activity in the securities market

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

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

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

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

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

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

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

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

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

1.2 Signs of professional activity in the securities market

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Special legitimation of professional activity in the stock market includes not just some formal recognition by the state for this or that subject of the possibility of its implementation. The license applicant, when undergoing the licensing procedure, as well as the licensee who has received a license from the FFMS, must comply with the license requirements and conditions and comply with them.

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

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

2. Types of professional participants in the securities market

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

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

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

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

The above requirements do not apply to credit organizations.

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

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

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

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

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

3 Clearing organization

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

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

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

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

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

The clearing organization has the right to conclude an agreement with the credit organization on the performance of its functions settlement organization only if the said credit institution is a non-bank credit institution.

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

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

Carrying out operations with in cash according to the results of clearing, it is carried out on the accounts of clearing members and (or) their clients (cash trading accounts) and (or) on the accounts of clearing organizations in the settlement organization on the basis of instructions and (or) other documents of the clearing organization in accordance with the requirements established in the documents of the settlement organization and in the conditions of clearing activities.

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

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

Clearing can be carried out on the following transactions:

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

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

for the sale (purchase) of emissive securities (the first part of the repo) with the obligatory subsequent repurchase (sale) of securities of the same issue in the same amount (the second part of the repo) through certain period on the terms established at the conclusion of such a transaction (repo transaction);

other transactions with securities.

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

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

market security participant

2.4 Securities Trustee

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

securities;

cash intended for investment in securities;

cash and securities received in the course of securities management.

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

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

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

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

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

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

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

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

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

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

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

2.5 Depository

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

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

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

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

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

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

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

The responsibilities of the depositary include:

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

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

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

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

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

6 Registry holders (registrars)

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

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

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

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

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

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

The register of holders of securities (register) is a part of the registry system, which is a list of registered holders indicating the number, face value and categories of registered securities belonging to them, drawn up as of any specified date and allowing identification of these owners, the number and category of securities belonging to them. The register is a set of data recorded on paper and (or) using an electronic database that provides identification of registered persons, certification of rights to securities recorded on the personal accounts of registered persons, and also allows receiving and sending information to registered persons.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

7 Organizer of trading in the securities market

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

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

rules for admitting a securities market participant to trading;

rules for admission to trading in securities;

rules for concluding and reconciling transactions;

rules for registering transactions;

procedure for execution of transactions;

rules limiting price manipulation;

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

regulations for making changes and additions to the above positions;

list of securities admitted to trading.

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

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

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

In case of combination of activities by a legal entity currency exchange and/or commodity exchange(activities for the organization of exchange trading) and/or clearing activities with the activities of the stock exchange for the implementation of each of these types of activities, a separate structural unit must be created.

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

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

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

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

8 Financial Market Specialists

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

persons providing guidance current work organizations operating in the financial market;

controllers;

specialists.

The first ones are:

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

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

leaders (deputy leaders) structural unit organizations whose job responsibilities include the direct implementation of activities in the financial market, including a structural subdivision of the organization that performs the functions internal accounting in this organization.

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

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

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

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

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

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

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

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

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

Conclusion

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

This institution has the following characteristics.

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

Professionalism of activity.

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

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

Professional activity is an entrepreneurial activity

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

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

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

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

brokerage

dealer activity

securities management activities

activities to determine mutual obligations (clearing)

depository activity

maintenance of the register of holders of securities

organization of trading in the securities market

Bibliography

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

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

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