PROFESSIONAL ACTIVITY IN THE SECURITIES MARKET - Securities market. Theory and practice


After studying this chapter, the student must:


• characteristic signs of professional activity in the securities market;

• types of professional activities in the securities market;

• the basic rules for the functioning of the trade organizer in the securities market;

• principles, requirements and conditions for licensing types of professional activities in the securities market;

• qualification requirements for specialists of organizations engaged in professional activities in the securities market;

be able to

• Apply internal accounting rules to professional securities market participants;

• use legislative acts governing legal relations in the securities market;

• justify the choice of securities in accordance with their properties and the tasks solved with their help;

• carry out trust management of securities;

• execute orders of customers in good faith and in the order they are received;


the technique of recording the movement and fixing the ownership of securities;

• skills of licensing professional activity in the securities market;

• methods of drawing up a depositary contract;

• the skills of providing services that facilitate the conclusion of civil law transactions with securities;

• the right to engage in activities to maintain a register of securities owners;

• the conceptual apparatus in regulating professional activity in the securities market.

Professional activity in the securities market is characterized primarily by the ability and ability of professional participants to fulfill their obligations in a qualified manner, which are related to broker-dealer activities, securities management, custody services, provision of services by the registrar and the organizer of trading in securities.

The main purpose of the stock market is the accumulation of temporarily free cash and their use for investment purposes. Tools for this are chain papers. However, at the same time, stock market instruments - securities are at the same time an obstacle to the realization of the main function of the stock market, because their use generates a long chain of transformations, including bonds "money - papers", "paper money", " paper - papers & quot; etc. At the same time, not only the seller and the buyer are involved in the chain of relationships, but also:

• banks serving the seller and the buyer when performing obligations under the transaction and providing cash settlements between counterparties of transactions;

• Depositaries serving counterparties to transactions and ensuring the re-registration of ownership of securities, performing transactions with securities, similar to those that banks make with money;

• registrars, registering new owners of securities, maintaining the register of shareholders and ensuring compliance with their rights;

• brokers and dealers acting as parties to the transaction or as agents of its participants;

• Trade organizers (trading floors), creating the conditions necessary for making deals.

The licensing of the activities of professional participants in the securities market and the certification of their specialists is a necessary and indispensable condition for conducting transactions with securities. For this purpose, licensing rules have been developed and applied. All participants of the securities market must meet such requirements as compliance with a certain organizational and legal form, the size of equity and the method of its calculation, the level of qualifications of specialists and the conditions for combining various types of professional activity in the securities market.

The license is issued by the federal executive body for the securities market on the basis of the decision taken based on the results of the application submitted by the applicant and the package of documents and gives the right to work in the securities market as a professional participant.

One of the important requirements for the licensing of legal entities as professional participants in the securities market are the qualification requirements for managers and specialists. They refer to managers, supervisors and specialists whose duties include performing functions directly related to the implementation of professional activities in the stock market. Thus, it is established that in the staff of the organization qualification requirements must be satisfied by an official acting as the sole executive body, or at least half of the members of the collegial executive body. In addition, when combining several types of professional activity in the securities market, senior managers must have a qualification certificate for one of the professional activities carried out by the organization. At the same time, for these specialists, the applicant organization must be the main place of work.

Currently, the position of a controller has been introduced into the staff list of the organization - professional participant of the securities market. Its immediate duty is to exercise supervisory functions for the compliance of the organization's professional activities with the requirements of US securities legislation.

The system of qualification requirements is used for attestation of managers, supervisors and specialists of organizations engaged in professional activities in the securities market, managers and specialists of organizations engaged in the management of investment, unit investment and non-state pension funds, as well as managers and specialists of specialized depositories of these funds.

Professional activities in the securities market can be carried out successfully only if there is complete and reliable information about transactions with securities. Performance of this work is the purpose of the organization of accounting on the basis of accounting registers and internal reporting of professional participants of the securities market. This information also provides control over their activities by clients, self-regulatory organizations and the federal executive body for the securities market.

At the present time, unified requirements have been worked out for keeping internal records, drawing up and presenting reports to clients and government bodies. The most important among them are the organization and implementation of internal accounting separately from the accounting of the financial and economic activities of the professional participant who, on the basis of primary documents, is obliged to keep such internal register registers, as registers of accounting transactions, accounting records and securities accounting. In turn, the securities account registers are subdivided into registers of personal accounting and turnover of operations with securities, accounting for customer transactions and summary summaries.

The information in the registers is entered in chronological order and is to be stored for five years. Professional participants periodically provide clients with a report and (upon their request) archival information on transactions with securities. In addition, accounting registers and internal reporting are submitted to the federal executive body for the securities market upon request. Thus, the activity of professional participants in the securities market is monitored.

An important element of increasing confidence in the stock market is its transparency, which implies the disclosure of information by market participants. Under the disclosure of information is understood to ensure its accessibility to all interested in this person, regardless of the purpose of its receipt. The Issuer is obliged to disclose information in the form of a quarterly report and to report on material facts affecting its financial and economic activities. The investor is obliged to disclose information if he took possession of 5% of the total number of the issuer's ordinary shares placed and subsequently changed his share to 10, 15, 25, 30, 50 or 75%. A professional market participant is obliged to disclose information if he made transactions with securities of one issuer, the number of which was not less than 100% of their total number, or made a one-time operation with 15% of the total number of these securities within one quarter.

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