If to take into consideration the purposes of issue of securities, character of the transactions which are the cornerstone of their release, ways of granting means and payment of the income, securities can be subdivided on share (or imushchestvenna, debt and derivative.
The issuer, and also the professional participants of securities market who are carrying out placement of issue securities are obliged to provide to any potential owners possibility of access to disclosed information before acquisition of securities.
– production of production or consumer appointment which possesses certain, well-known for sellers and buyers properties (grain, coffee, cocoa, sugar, oil and oil products, non-ferrous and precious metals, etc.);
The organizer of trade on securities market carries out activities for the organization of trade on securities market, that is promotes the conclusion of transactions with securities between participants of securities market.
If issue of securities is carried out in a documentary form, procedure of issue in both cases is supplemented with production of certificates of securities which are attached to the decision on issue of securities.
The clearing organization makes collecting, verification and updating of information on transactions with securities, defines mutual obligations of participants of transactions, carries out offset on deliveries of securities and calculations for them.
In a case when the total amount of release exceeds 50 thousand minimum wages or when placement happens among an unlimited circle of owners or in advance known circle of owners which number exceeds 500, procedure of issue looks slightly more difficult and includes the following stages:
If the issuer within two months does not provide repayment and repayment of the securities released over the quantity declared to release, the Federal commission on securities market has the right to appeal to court about collecting the means which are unreasonably received by the issuer.
In case of the open (public) issue demanding registration of a prospectus of the issue, the issuer is obliged to provide access to information containing in a prospectus of the issue and to publish the notice of an order of disclosure of information in the periodic printing edition with a circulation not less than 50 thousand copies.
For actions the list of the owners owning a package of issue securities which size is defined by the Federal commission on a ring of securities is in addition specified in the report on results of issue of issue securities.
In case of the violation which is expressed in issue of securities in the address over declared in a prospectus of the issue, the issuer is obliged to provide repayment and repayment of the securities released over the quantity declared to release.
Only the legal entity can be the holder of the register. In case the number of owners of securities does not exceed 500, the issuer can be the holder of the register. If the number of owners of securities exceeds 500, only the independent organization can be the holder of the register.
The registering body is obliged to register issue of issue securities or to make the motivated decision on refusal in registration not later than in 30 days from the date of receipt of the above documents.
Primary and secondary securities markets carry out different functions. Function of primary market consists in giving the chance to issuers to accumulate funds, necessary for implementation of certain investment programs, by issue of share or debt securities. Function of the secondary market consists first of all in providing liquidity of issued securities, that is possibility of sale by their owners in case of need.
Issue of securities in the address or issue is a sale of securities to their first owners. The person issuing securities is called as the issuer, and getting them – the investor. Securities are issued by generally legal entities. Natural persons can issue only bills and mortgages.
– entering into a prospectus of the issue or the decision on issue of securities (other documents which are the basis for registration of release valuable boom of false data or data, untrue (false information).