Gịnị bụ akwụkwọ-ntinye ala? Securities ahịa ke Russia

Financial ahịa na-agụnye a ọnụ ọgụgụ nke ndi. Otu n'ime ha - na Stock Exchange. Market ala - a isi iyi nke ego na redistribution. Investors ịzụta mbak nke ekwe na ụlọ ọrụ na anoghi n'ulo oba, ngwa ngwa ha ibu. Ebe a na-ekesa bụ akwụkwọ na uncertificated ala. Banyere atụmatụ nke ha ọrụ na a ga-atụle n'isiokwu na-esonụ.

definition

Market Securities - a set nke aku na uba mmekọahụ nke Central Bank nke nke na mgbasa okwu. Ọ na-akpọ ngwaahịa ahịa. Isi nzube nke ahịa - inye ego na aku na uba. Nke a nwere ike mere na-enyemaka nke ụlọ akụ mgbazinye ego na site ala. Nke abụọ ahụ, ego na-ekenyela site investors:

• emepe emepe ụlọ ọrụ ndị na ike n'ịwa ego na obere okwu;
• na ekwe ndi, nke na n'ikpeazụ nwere ike sakkumulirovat enwetakwa na capitalization.

Ke akpan ahịa nke Central Bank enịm ke ini nke. Nke a bụ ebe ego na-chịkọtara. Issuers, investors, underwriters, FSFM - sonyere na ngalaba ulo oru. Na nke abụọ ahịa na-ewe ebe CB Nregharị, isi obodo direction na ekwe ndi. Ebe a, abụrụ ahịa akpan owo N'ezie.

RZB ọrụ

• Redistribution nke isi obodo n'etiti ndi nke aku na uba.
• Insurance nke ego ize ndụ na nhọrọ ndị ọzọ emepụta.
• Ìgwè free elekọta mmadụ.
• Etinye na aku na uba.
• isi obodo eruba na ọrụ na-enye ụlọ ọrụ.
• The "ekpo oke ọkụ ego." The uru nke ala mgbanwe. Mgbe oké ina capitalization nke akụ emee, ndị price alaghachikwuru ahịa.
• Inye ọmụma banyere larịị nke mmepe nke ahịa.

esite CB

Ọ bụ ihe kasị nkịtị ụdị mbak ke ahịa. Dị otú ahụ CB sikwuo ikike nke onye nwe nke ọrụ na-adabere n'ihe ụfọdụ, mmejuputa iwu, dị ka iwu; bụ n'ihi na ntọhapụ; nwere hà akporo ikike n'agbanyeghị nke oge zuo.

Site esite Central Bank na-agụnye:

• edinam - akọwaputa onye nwe ikike na-enweta dividends, management nke nzukọ, òkè nke ihe onwunwe mgbe liquidation nke nzukọ;
• nkekọ - kwuru nri nke njide na-enweta si issuer elu ọnụ uru nke ala ma ọ bụ ndị ọzọ akụ na a kpọmkwem oge;
• Nhọrọ - na-enye nri njide ịzụta / ere na a kwuru kpọmkwem oge a ụfọdụ ọnụ ọgụgụ nke mbak na a ofu price.

Esite CB dị na abụọ iche-iche, ọ bụ:

• a akwụkwọ na-ekwu na njide;
• ndị na-abụghị akwụkwọ na ụdị nke nyere ala - enye gwara ịgụ na ndekọ.

The akụkọ ihe mere eme nke omume

The definition nke "akwụkwọ-ntinye ala" si American nri. Na 80s nke ikpeazụ nke narị afọ na-eji ugbu a, na ngwaahịa asambodo nke aha na na a dị iche iche iwu ọchịchị nke iwu. Na Art. 8-102 USA wdg kọwaa echiche nke ala na dematerialized ụdị: ọ bụ a òkè isonye na akụ nke issuer, nke na-adịghị anọchite anya ya ọzọ akwụkwọ, na ya nyefe na dere na a pụrụ iche akwụkwọ.

The mbụ "dematerialized" akwụkwọ France. Iwu nke mba ahụ na 1984, entrenching a-ekwe omume na mmekọrita ebuka na agbụ. Na Germany, a mbipụta pụrụ iche nke iwu "zuru ụwa ọnụ asambodo" e kpebiri.

Securities ahịa ke Russia

Na mmepe nke ozi teknụzụ ụdị nkwenye nke ihe onwunwe nri ahụ agbanwewo electronic ka akwụkwọ. Ndị a asambodo na-akpọ ala, ma ha bụ isiokwu iwu iwu nke nwe. Nke a na-emekarị n'ụzọ doro anya na-egosipụta na agagharị securitization nke ego mmekọrịta. Ntụgharị "dematerialnyh 'CB ofu ihe. 142-149 nke Civil Usoro. Issuer, na-anata ikike ikike nwere ike idekọ iji nkà na ụzụ kọmputa. The usoro na iwu nke ndị a arụmọrụ na-usoro iwu.

Uncertificated ala - bụ electronic akwụkwọ. Iwu na-akọwa usoro nke fixation, ma na-egosi azụmahịa na ha. Ọrụ maka nchekwa ndia gābu onye mmelite nke ndekọ. Ọ na-kasị a 'mkpebi inye ndị Central Bank ", aha ya na ọchịchị. A na-akwụkwọ certifies nri nwe. Ọ bụ na e mere atọ mbipụta. Otu bụ na onye nwe, nke abụọ bụ mmasị na ndekọ, na nke ikpeazụ na-agafere na repository.

The peculiarity nke akwụkwọ ndị a bụ na ọrụ nke issuer na-kwupụtara na ụdị nke Ndenye a pụrụ iche na akaụntụ "ebusa", nke nwere niile dị mkpa nkọwa. N'ụdị a, iwu kwere ka issuance nke mbak na agbụ. Ma nke nke ego nke mgbanwe rụrụ a n'ụzọ a, a ka amachibidoro.

mgbasa nsogbu

Domestic iwu nwekwara e kwere ka na-eji "dematerialnye" ala. AO mgbe umu anwuru ga na-aha a tọhapụsịrị ha na akwụkwọ, na ike-nọrọ na njikere nke iche-iche. Short-okwu ọchịchị nkekọ - atụ ọzọ nke uncertified CB. Iwu kwere ka emission niile ụdị asambodo dị otú ahụ ụdị. Ma iwu ọchịchị esemokwu ọ dịghị adị. All mbipụta na-kpebiri na ndabere nke ndokwa nke Art. 28 nke Federal Iwu "On ala ahịa", nke kwuru na onye ahụ nwe nke ndị a ihe na-aga dị ka nke ọma dị ka ihe.

iwu ya kwadoro

Na American iwu, ihe onwunwe na ikike na-onwe ha. Maka Russian iwu, a na obibia bụ adịghị anakwere. Na American iwu, e nwere echiche nke nkwa. Ya mere, na akpaka nyefe nke a ịkọwa nke iwu na ụkpụrụ nke anụ ụlọ ahịa agaghị ekwe omume. Ịzụta na ire nke ala a ga-usoro na ndabere nke ugbua ẹdude iwu.

Tupu mgbanwe CG RF emission mbipụta usoro "ndị Central Bank inye Regulations» nọmba 78. Nke a akwụkwọ e nyere maka na o na-adị n'ụdị akwụkwọ-ntinye asambodo. The echiche ọhụrụ nke ala nke Civil Code enye na isi nzube nke akwụkwọ bụ idozi ụfọdụ ikike arịa. Ha nnyefe bụ omume na-enweghị a akwụkwọ. Na Art. 149 nke Civil Code kwuru na onye ahụ ikike na ala na-e dere na a pụrụ iche aha. Na na ọ na-ama na-eme ka obere uche maka onye nke ọrụ nke ngwá.

Inyocha ihe ndị a ndokwa nke iwu, ọ ga-kwubiri na akwụkwọ-ntinye ala - ikike, nke nwere ike ichere ka a n'ozuzu na-achị, ma ọ bụ site na gwara ndekọ Ndenye.

Ụzọ-agwọta nsogbu nke anụ ụlọ ala ahịa

1. Redistribution nke shareholdings, ntụziaka nke ego ego maka mweghachi na mmepe nke mmepụta ke Russia.
2. Imeri na ndọrọ ndọrọ ọchịchị akwusighi, aku nsogbu.
3. Improvement nke iwu.
4. Ịba ọrụ nke ala: ikpeazụ oke nke ihe nlereanya nke na ngwaahịa ahịa, na definition nke replenishment isi mmalite, guzobere irè onyunyo usoro.
5. Cheb'obi gị ulo oru mbo ke certificated na uncertificated ala.
6. Mmepe nke Depository, mezie na gị n'ụlọnga netwọk, nke ndekọ ije nke akwụkwọ.
7. Mụbara ọmụma na-eme nke issuers. Oruru nke a nkịtị usoro nke na-egosi tụọ ahịa, iwebata nke ratings, mmepe nke netwọk nke akwụkwọ bụ ọkachamara kpọmkwem ndi nke aku na uba dị ka onye na ego.

Atụmatụ nke European nlereanya

The American ahịa - kasị mepụtara na larịị nke akụrụngwa, profitability, capitalization, ọsọ, liquidity. Regulatory kpuchie a tọrọ ala mgbe aku nsogbu nke 30-ies. ikpeazụ nke narị afọ. N'otu oge ahụ echiche nke ego management e adi. Anyị tiri a iwu "Na Central Bank" (1933), "Na Stock Exchange" (1934) na ndị ọzọ omume. Ya mere, taa uncertificated ala kpamkpam atụgharị na United States.

The Western European ahịa na-arụ ọrụ n'ụzọ dị irè karị domestically, n'agbanyeghị na usụhọde na US. Ke akwa nweta nke a mega-regulator, gbanwee ọrụ ya. Onye ọ bụla ego ahịa oru ịrụ ụfọdụ ọrụ ndepụta. Na na ikpe nke isi obodo ụkọ emee redistribution nke ego. All ndị a omume na-achịkwa mkpa ministri (Finance na Economic Affairs).

Development na ọnọdụ nke zuru ụwa ọnụ ala ahịa

• Ịta nke akụ - ịta nke isi obodo na ọkachamara ndị na-kasị ibu n'ụwa ngwaahịa mgbanwe. A na-enwekwu ndị a pụrụ ịdabere asambodo na ndị na-ahazi nke okushon.
• Ụwa - na-eto ngwa ngwa nke Central Bank okwu.
• Computerization nke ahịa - ojiji nke ọhụrụ teknụzụ na ha mgbe nile mmelite, na-enye n'aka nkwurịta okwu dị ka ọ bụla ọṅụ.
• Iwusi nke ụkpụrụ - ruru ka mkpa iji kpuchido ikike nke investors, melite ntụkwasị obi nke akwụkwọ, issuers, nghọta nke ngwaahịa mgbanwe, na nche nke na kọmputa data nhazi usoro.
• The mmeghe nke Internet teknụzụ.
• Mgbasa nke ngwá ọrụ ọhụrụ, usoro na akụrụngwa.
• Securitization - ntughari nke ego si omenala forms (ego na ego) na Central Bank, iji mee ka ọnụ illiquid akụ na-atụgharị ha n'ime mgbasa.
• Mergers na mbụ na-eduga mgbanwe nke mmekọ.

Aha akwụkwọ VS CB andikama

N'ihi na a mgbe niile ala nke Russian Federation achịkwa otu ụkpụrụ. Na mgbanwe iwu nri njide mgbe ofufe nke asambodo natara onwe ha uru. Ndị dị otú ahụ akwụkwọ adịghị na Njirimara nke ihe, ma na-agbanwe usoro nke nsogbu. N'ihi ya, e nwere mkpa ka mma nchedo ọdịmma nke ndị nwe ha. "Nnọchi" akwụkwọ ebu na-eduga ná ofufe nke kpochapụwo aha asambodo. Non-akwụkwọ ụdị onye ala na o siri ike na-egosi. A "dematerialized" iji, na-adịghị ahụ machibidoro iwu (Art. 149 nke Civil Code), ma ha agaghị enwe ebe nile. Ya mere, naanị ihe na-esite CB anọgide undocumented.

ọgwụgwụ

The ala ahịa ke Russia, na-arụ ọrụ na-enye ego mmepe nke aku na uba. Na azụ e nwere asambodo akwụkwọ-ntinye ụdị. N'ezie, nke a otu achịcha, nke na-egosi na onyinye nke ndị nwe na ụlọ ọrụ, nke bụ eziokwu nke nyefe nke ofu ndekọ Ndenye.