Types of securities. Shares Establishing the right of its owner to

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

I. Share in the right of ownership of the property constituting the unit investment fund II. Ownership of property constituting a unit investment fund

III. The right to demand from management company proper trust management of a mutual fund

IV. Right to receive income (interest)

V. Right to receive monetary compensation upon termination of the agreement on trust management of a unit investment fund with all owners of investment units of this unit investment fund Answers:

A. I, III, V

B. II, IV, V

C. I, IV, V

D. II, III, IV

Question code: 2.1.90 The investment share of one mutual fund certifies: Answers:

A. The same share in the right of common ownership of the property constituting the unit investment fund, and the same rights

b. Different shares in the right of common ownership of the property constituting the mutual fund, but the same rights

C. The same share in the right of common ownership of the property constituting the unit investment fund, but different rights

D. Different shares in the right of common ownership of the property constituting the mutual fund and different rights

Question code: 2.1.91 Investment units can be issued as: Answers:

A. Documentary bearer securities

b. Registered documentary securities

C. Registered non-documentary securities

D. Undocumented bearer securities

Question code: 2.1.92 Restrictions on the circulation of investment shares can be set: Answers:

A. management company

b. release decision

C. federal law

D. Foundation Rules

Question code: 2.1.93 In cases where it is required to compile a list of holders of investment units, the depository, which in

a nominee account is opened in the register of holders, is obliged to provide the register keeper with the information necessary for compiling the list of holders of investment units, no later than:

A. One working day from the date of receipt of the relevant request

b. Two working days from the date of receipt of the relevant request

C. Five working days from the date of receipt of the relevant request

D. Seven working days from the date of receipt of the relevant request

Question code: 2.1.94 Mortgage coverage can be:

I. Claims secured by a mortgage for the return of the principal amount of the debt and (or) for the payment of interest under credit agreements and loan agreements, including those certified by mortgages;

II. Mortgage participation certificates certifying the share of their owners in the common ownership of other mortgage coverage;

III. Cash in the currency of the Russian Federation; IV. Cash in foreign currency;

V. Government securities;

VI. Real estate in cases stipulated by the Federal Law. Answers:

A. All but II

B. All but IV

C. All but VI

D. All of the above

Question code: 2.1.95 A mortgage participation certificate grants the owner the following rights:

I. Share in common ownership of mortgage coverage II. Ownership of mortgage coverage

III. The right to demand from the person who issued it proper trust management of mortgage coverage IV. The right to participate in trust management of mortgage coverage

V. Right to receive income from the trust management of mortgage coverage

VI. Eligibility Money received in fulfillment of obligations, the requirements for which constitute mortgage coverage Answers:

A. I, III, VI

B. II, IV, V

C. II, III, VI

D. I, IV, V

Issue code: 2.1.96 An issuance security that secures the right of its owner to purchase within the period specified in it

and/or upon the occurrence of the circumstances specified in it of a certain number of the issuer's shares at the price specified in this security, is:

A. Issuer option

b. Option contract

C. futures contract

D. forward contract

Question code: 2.1.97 Indicate the correct statements regarding the issuer's option:

I. Is an emissive security

II. Is a non-issued security

III. It is a derivatives market instrument that determines the rights to receive (transfer) property (including money, currency values and securities) or information on the condition that the option holder can unilaterally waive rights to it

IV. Secures the right of its owner to purchase within the stipulated period and / or upon the occurrence of the circumstances specified in this security a certain number of the issuer's shares at a price specified in this security

V. Is a registered security

VI. Is a bearer security Answers:

A. I, IV, V

B.III

C. II, VI

D. VI

Question code: 2.1.98 Indicate correct statements regarding the form of the issuer's option: Answers:

A. Documentary security bearer

b. Order documentary security

C. Registered documentary security

D. Registered non-documentary security

Issue code: 2.1.99 An issuance security that establishes the right of its owner to receive a security from the issuer in

the period of its nominal value or other property equivalent provided for in it Answers:

A. Promissory note

B. Bond

D. Investment share

Question code: 2.1.100 What is the name of a bond on which no interest is paid, and the investor receives income from

the difference between the purchase price and the redemption of the bond at par. I. Coupon;

II. Discount couponless. Answers:

A. I

B.II

C. All of the above

D. Correct answer not specified

Question code: 2.1.101 Indicate the correct statements regarding the bond:

I. A bond is an emissive security

II. The bond is a non-issued security

III. The bond secures the right of its owner to receive from the issuer within the period provided for in it its face value or other property equivalent

IV. The bond secures the rights of its owner to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management joint stock company

V. A bond may provide for the right of its owner to receive a fixed percentage of the nominal value of the bond or other property rights

VI. The yield on a bond is interest and/or discount. VII. Bonds earn dividends

A. I, III, V, VI

B. II, IV, VII

C. I, IV, VII

D. I, IV

Question code: 2.1.102 In accordance with the Federal Law "On the Securities Market", the fulfillment of obligations under bonds can be ensured by:

I. Pledge II. forfeit

III. Withholding of the debtor's property IV. Guarantee

V. Bank guarantee VI. deposit

VII. State or municipal guarantee Answers:

A. Only I, IV, V, VII

B. Only II, III, VI

C. Only V, VII

D. Only I, IV, VI

Question code: 2.1.103 Indicate the correct provisions regarding the security of the bond

I. Only securities and immovable property can be pledged

II. The subject of pledge can be any thing, including money and securities, other property, including property rights

III. The period for which a bank guarantee is issued must exceed the date (expiration date) of the bond redemption by at least 6 months.

IV. The term for which a bank guarantee is issued may be equal to the maturity of bond V. Mortgage-backed bonds must be placed before state registration mortgages

VI. It is prohibited to place mortgage-backed bonds before the state registration of the mortgage Answers:

B. II, IV, V C. I, IV

Question code: 2.1.104 A mortgage-backed bond is: Answers:

A. A bond, the performance of obligations on which is secured in whole or in part by a pledge of mortgage coverage

b. A security that gives its owner the right to pay monetary obligations under an agreement with mortgage coverage

C. A bond, the fulfillment of obligations on which provides for the payment of income by real estate pledged by the issuer

D. A bond, the fulfillment of obligations under which provides for the payment of its nominal value by real estate pledged by the issuer

Question code: 2.1.105 Specify patterns that need to be taken into account by the borrower and lender in order to

determine the interest rate for using the loan?

I. The higher the credit rating, the higher the interest rate for using the loan II. The higher the credit rating, the lower the interest rate for using the loan

III. The more stable the policy of the state, the higher the interest rate for using the loan IV. The more stable the policy of the state, the lower the interest rate for using the loan

V. The higher the inflation rate in the country, the higher the interest rate that lenders will require for using the loan

VI. The higher the inflation rate in the country, the lower the interest rate that lenders will require for using the loan Answers:

A. I, III, V B. II, IV, VI C. I, IV, V

Question code: 2.1.106 Indicate the correct statements regarding the form of a corporate bond:

I. Documentary security to bearer; II. Order documentary security;

III. Registered documentary security;

IV. Registered non-documentary securities. Answers:

A.II

B.III

C. I and IV

D. I, III and IV

Question code: 2.1.107 Indicate the correct statement about a floating rate bond Answers:

A. The market price of a floating rate bond is less volatile than the market price of a fixed rate bond

b. The market price of a floating rate bond is more volatile than the market price of a fixed rate bond

C. The floating interest rate on the bond is continuously adjusted depending on the level of inflation

D. The market prices of a floating rate bond and a fixed rate bond move identically

Question code: 2.1.108 Indicate correct statements regarding the market prices of bonds with a fixed and floating interest rate

I. The market price of a bond with a fixed coupon rate does not change, since the coupon is a constant value throughout the life of the bond

II. The market price of a fixed-coupon bond varies with market interest rates.

III. The market price of a floating rate bond does not change because the coupon is adjusted

in depending on market interest rates

IV. The market price of a bond with a floating coupon rate is less volatile than the market price of a bond with a fixed coupon rate Answers:

A. I and III

B. II and III

C. I and IV

D. II and IV

Question code: 2.1.109 Check the incorrect statement regarding the state guarantee: Answers:

A. Securities issued by third parties, obligations under which are guaranteed by the Russian Federation, are not government securities

b. The period of the state guarantee is determined by the period of fulfillment of obligations on securities of third parties

C. The decision to secure the fulfillment of obligations under the securities of third parties is taken by the Government of the Russian Federation

D. The guarantor under the state guarantee is jointly and severally liable for the obligation guaranteed by him

Question code: 2.1.110 A document containing an unconditional obligation of the drawer to pay a certain amount money in

a certain period of time to the holder is called: Answers:

A. Promissory note

b. bill of exchange

C. Draft

D. Rekta-bill

Question code: 2.1.111 What is the name of the guarantee of payment on a bill for any person obligated under it: Answers:

A. Acceptance

B. Allonge

C. Endorsement

D. Aval

Question code: 2.1.112 What is the drawer of a bill of exchange called? Answers:

A. Drawer

B. Drawer

C. Remittent

D. Avalist

Question code: 2.1.113 What is the payer of a bill of exchange called? Answers:

A. Drawer

B. Drawer

C. Remittent

D. Avalist

Question code: 2.1.114 What is the name of the holder of a bill of exchange: Answers:

A. Drawer

B. Drawer

C. Remittent

D. Avalist

Question code: 2.1.115 The absence of what details deprives the document of the force of a bill of exchange:

I. The name "bill" included in the text of the document itself and expressed in the language in which this document is drawn up

II. Payer's name

III. Specifying the due date

IV. Signature of the person who issues the bill (drawer)

V. Name of the person to whom or to whose order the payment is to be made VI. Indicate the date of drafting the bill

VII. Indication of the place of drawing up the bill

VIII. Indication of the place where the payment should be made Answers:

A. I, II, IV, V, VI

B. III, VII, VIII

C. I, II, III, VII, VIII

D. I, III, V, VII, VIII

Question code: 2.1.116 Mandatory details of a promissory note

I. The name "bill" included in the text itself and expressed in the language in which this document is drawn up

II. A simple and unconditional promise to pay a certain amount III. Specifying the due date

IV. Payer's name

V. Indication of the place where the payment is to be made

VI. Name of the person to whom or to whose order the payment is to be made VII. Dates of drafting a bill

VIII. Indication of the place of drawing up the bill

IX. Signature of the person who issues the document (drawer) Answers:

A. I, II, V, VI, VII, IX

B. III, IV, VIII

C. I, III, V, VII, IX

D. III, IV, V, VIII

Question code: 2.1.117 Indicate the correct statements regarding endorsement:

I. Endorsement must be simple and unconditional

II. The endorsement may be limited by the conditions indicated on supplementary sheet III. Partial endorsement is invalid

IV. The endorsement transfers all rights arising from the bill

V. The endorser has the right to transfer by endorsement a part of the rights, indicating them on the additional sheet VI. Crossed out endorsements are considered unwritten

VII. A bill of exchange is considered invalid if it contains crossed out endorsements Answers:

A. I, III, IV, VI

B. II, V, VII

C. I, IV, VII

D. None of the above

Question code: 2.1.118

A bill of exchange has the right to undertake:

I. Citizens of the Russian Federation

II. Legal entities of the Russian Federation

III. Russian Federation, subjects of the Russian Federation, urban, rural settlements and others municipalities only in cases specifically provided for by federal law IV. Foreign citizens

V. Foreign governments and international organizations Answers:

A. I, II, III

B. II, III, IV, V

C.II

D. I, II, III, IV, V

Question code: 2.1.119 Bills of exchange payable within a certain period of time from presentation must be presented for acceptance within:

A. One year from the date of issue

b. Three years from the moment when the person knew or should have known about the violation of his rights

C. Three months from the date of issue

D. 10 banking days

Issue code: 2.1.120 A bill of exchange can be issued for a period: I. Upon presentation

II. So much time from presentation

III. At so much time from the compilation of IV. On a certain day

V. Before any event occurs

VI. Successive due dates can be set Answers:

A. I, II, III, IV

B. I, II, III, IV, V, VI

C. I, II, III, V, VI

D. II, III, IV, V

Question code: 2.1.121 In accordance with the letter of the Central Bank of Russia “On banking operations with bills of exchange”, banks perform the following types of operations:

I. Accounting for bills

II. Issuance of demand loans on a special loan account secured by bills of exchange III. Acceptance of bills of exchange for collection to receive payments and to pay bills on time Answers:

A. Only I B. Only II

C. I and II only

D. All of the above

Question code: 2.1.122 Specify the correct sequence of actions for the collection of bills by banks

I. The holder of the bill presents the bill to the bank

II. The bank assumes responsibility upon presentation of the bill of exchange to the payer within the period specified by the holder of the bill in order to receive payment

III. Upon receipt of payment, the bill is returned to the debtor

IV. Upon receipt of payment, the bill is returned to the drawer

V. If payment is not received, the bill is returned to the creditor, but with a protest in non-payment Answers:

A. I, II, III, V

B. II, IV, V

C. I, II, IV

D. II, III, IV, V

Question code: 2.1.123 Specify signs of domiciliation of bills by the bank:

I. The bank is the payer of the bill

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

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

IV. An external sign of a domiciled bill is the indication of the word “domiciliated” in the name of the bill

V. The bank pays the domiciled bill of exchange if the payer paid him the bill amount earlier or if the client has a sufficient amount on his settlement (current) account and authorizes the bank to write off from his account the amount necessary to pay the bill

VI. The bank pays the domiciled bill of exchange from its own funds, which is then entitled to recover from the payer in the manner prescribed by Article 851 of the Civil Code of the Russian Federation Answers:

A. I, III, V

B. II, IV, VI

C. I, IV, V

D. II, III, VI

Question code: 2.1.124 The essence of bills accounting is as follows: Answers:

A. The holder of the bill transfers (sells) the bills to the bank by endorsement before the due date and receives the bill amount for this minus the early receipt of a certain percentage of this amount

b. The Bank collects and forms in writing information on promissory notes issued and received, as well as on promissory notes, indicating the name of the drawer (bill holder), payer, promissory note amount, payment term

C. Bill accounting is a subsection of accounting

D. Accounting for promissory notes issued for an amount equal to or exceeding 600 thousand rubles is one of the programs implemented in order to counteract the legalization (laundering) of proceeds from crime and the financing of terrorism

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

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

III. Amount of a bill of exchange on an interest-free bill IV. Discount amount

A. II, IV

B. I, II, IV

C. I, III

D. All of the above

Question code: 2.1.126 An endorser may relieve himself of liability for payment of a bill of exchange by stipulating: Answers:

A. Not ordered

b. Turnover without costs

C. Pay Order

D. No turnover on me

Question code: 2.1.127 A mortgage certifies the following rights of its owner

I. The right to receive performance under a monetary obligation secured by a mortgage without presenting other evidence of the existence of this obligation

II. The right to pledge property encumbered with a mortgage

III. The right to receive part of the profits in the form of dividends

IV. The right to receive after the expiration of the established period the amount of the deposit and the interest stipulated in this security Answers:

A. I, II

B. II, III

C. I, IV

D. III, IV

Question code: 2.1.128 Mortgage is: Answers:

A. bearer securities

b. registered security

C. order security

D. Not a security

Question code: 2.1.129 Who issues the mortgage bond to the original pledgee? Answers:

A. Pledgor

b. The body carrying out the state registration of rights, before the state registration of the mortgage

C. The body carrying out the state registration of rights, after the state registration of the mortgage

D. The body that registers the rights to registered securities

Question code: 2.1.130 A security certifying the amount of the deposit made to the bank and the right of the depositor to receive

the expiration of the established period of the deposit amount and conditional interest is called: Answers:

A. savings book

B. Warrant

C. Bill of lading

D. Deposit (savings) certificate

Question code: 2.1.131 Drawing up and issuing a certificate of deposit confirms the conclusion of an agreement: Answers:

A. Storage

b. bank deposit

C. Depository

D. Trust management

Corporate emissive securities, which form the basis of the modern Russian securities market, include:

Bonds;

Issuer options.

Stock is an issuance security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation. A share is a registered security.

The most important features of the action:

1. Shares may be issued only by joint-stock companies. Other persons are not entitled to issue them.

2. The share provides its owners with the following rights:

a) non-property rights - participation in the management of a joint-stock company and the right to receive information about its activities;

b) property rights - a dividend (part of the profit of a joint-stock company received by a shareholder in the distribution of profit remaining after taxation) and a liquidation quota in the event of termination of the joint-stock company.

3. Availability of nominal value - the initial price at which a share is acquired by a shareholder in the process of establishing a joint-stock company. The par value of ordinary shares must be the same.

There are no requirements for the size and procedure for determining the par value of shares in the legislation. However, the nominal value of the shares is tied to the parameters authorized capital. According to Art. 25. Federal Law "On Joint Stock Companies" the authorized capital of a company is made up of the nominal value of the company's shares acquired by shareholders. The authorized capital of a company determines the minimum size of the company's property that guarantees the interests of its creditors, and when a company is established, all its shares must be placed among the founders.

In Art. 26. The Federal Law "On Joint Stock Companies" establishes the amount of the minimum authorized capital of an open joint stock company, which must be at least a thousand times the amount of the minimum wage established by federal law on the date of registration of the company.

4. The share has a market or market value.

The market value of a share or rate is the value of a transaction made on the market with certain shares at a certain time. The share price is a variable value, it can change every single specific period of time.

The main factors that determine the market value of shares are:

Growth of interest rates on deposits in commercial banks. If interest rates rise, then there is an overflow of money into banks and, as a result, the demand for shares decreases and their market value drops;

Indicators of industries in which investments are made. These indicators directly affect the expected profit and, as a result, the market value of the shares;

Own characteristics development of the company: competitiveness, creditworthiness, ease of circulation of shares on the stock exchange.

Attention to rights minority shareholders. In this case, the market value of shares may increase.

The normative classification of shares is carried out according to the following criteria:

According to the criterion scope of rights of owners shares are divided into:

- ordinary stock;

- preference shares.

Their legal status is disclosed in Art. 31.32 of the Federal Law "On Joint Stock Companies". Each ordinary share of the company provides the shareholder - its owner with the same amount of rights, namely, the owners of ordinary shares of the company can participate in the general meeting of shareholders with the right to vote on all issues of its competence, and also have the right to receive dividends, and in the event of liquidation of the company - the right to receiving part of his property. Ordinary shares may not be converted into other corporate securities.

Shareholders - owners of preferred shares of the company, according to general rule do not have the right to vote at the general meeting of shareholders. Preferred shares of a company of the same type provide shareholders - their owners with the same amount of rights and have the same nominal value.

The charter of the company must determine the amount of the dividend and (or) the value paid upon liquidation of the company (liquidation value) on preferred shares of each type. The amount of the dividend and the liquidation value are determined in a fixed amount of money or as a percentage of the par value of preferred shares. The holders of preferred shares, for which the amount of the dividend has not been determined, are entitled to receive dividends on an equal basis with the holders of ordinary shares.

The charter of the company may provide for the conversion of preferred shares of a certain type into ordinary shares or preferred shares of other types at the request of shareholders - their owners. The conversion of preference shares into bonds and other securities, with the exception of shares, is not allowed.

According to the criterion status shares are divided into:

- placed stock;

- announced stock.

According to the provisions of Art. 27 of the Federal Law "On Joint Stock Companies", outstanding shares are shares that are acquired by shareholders.

Declared shares are shares that the company has the right to place in addition to the placed shares. Their number, par value, categories (types) of shares must be determined by the charter of the company. In the absence of these provisions in the charter of the company, the company is not entitled to place additional (declared) shares.

According to the criterion fractions shares are divided into:

- fractional stock;

- whole stock.

In accordance with paragraph 3. Art. 25 of the Federal Law “On Joint Stock Companies”, a fractional share is a share that grants its owner the rights secured by a share of the corresponding category (type) in an amount corresponding to the part of the whole share that it constitutes. Here, the legislator establishes a closed list of cases when fractional shares can be formed:

When exercising the pre-emptive right to acquire shares sold by a shareholder of a closed company;

When exercising the pre-emptive right to acquire additional shares;

When consolidating shares, when the acquisition by a shareholder of a whole number of shares is impossible.

The second fundamental corporate emissive security is a bond.

Bond is an issuance security that secures the right of its owner to receive a bond from the issuer within the period specified in it of its nominal value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the nominal value of the bond or other property rights. The yield on a bond is interest and/or discount.

Corporate bonds allow issuers to receive the necessary investments for business development from an unlimited range of individuals and legal entities. For investors, corporate bonds are one of the financial instruments of the stock market, allowing them to transform their temporarily free cash resources into assets.

Bonds provide corporations with access to so-called long money, bypassing bank loans, thereby diversifying their sources of long-term financing. economic growth. In addition, corporations issuing bonds cannot ignore the fact that bonds do not give their holders the right to participate in the affairs of corporations.

The Russian corporate bond market tends to grow. Yes, for 2013 Russian companies attracted almost 2 trillion. rub. by issuing bonds. This is 34% more than in 2012. However, most Russian corporate bonds, mainly due to high inflation, have short term for repayment, on average, it is one and a half to two years. Small and the volume of the Russian corporate securities market: 2 trillion. rub. in new placements, against over 40 trillion. rub., disposed by our banking system. Therefore, experts conclude that as the economic situation stabilizes, the corporate bond market in Russia will continue to grow.

Corporate bonds are classified according to the following criteria:

1. For the purpose of the bond issue corporate bonds are divided into:

Bonds issued to finance new investment projects;

- bonds issued to refinance the issuer's debt;

- bonds issued to finance activities not related to production activities issuer.

2. By criterion - term of circulation:

- short-term - up to 5 years;

- medium-term - from 5 to 15 years;

- long-term - over 15 years.

3. By criterion - possibility of conversion:

- non-convertible corporate bonds;

- convertible corporate bonds.

4. By criterion - repayment procedure corporate bonds are divided into:

- with a one-time maturity;

- maturing by series.

5. According to the criterion - ensure, the law distinguishes:

Corporate bonds with security;

- corporate bonds without security.

In accordance with the provision of Art. 27.2. Under the Federal Law “On the Securities Market”, secured bonds are recognized as bonds, the fulfillment of obligations on which is fully or partially secured by a pledge, surety, bank guarantee, state or municipal guarantee.

The third corporate emissive security is an issuer's option.

Issuer option - this is a registered issue security that secures the right, but not the obligation, of its owner to purchase a certain number of shares of the issuer of such an option at the price specified in the issuer's option within the period specified in it and / or upon the occurrence of the circumstances specified in it.

In world and domestic practice, corporate emissive securities - issuer options - have appeared as financial instruments for attracting qualified management and motivating their effective activities. The fact is that successful development Corporation in modern conditions largely depends on the degree of professionalism and motivation of people involved in its management. The ability of managers - managers to effectively organize the activities of the company and achieve its strategic goals has a significant impact on its financial performance and capitalization level.

An issuer option gives executives - managers the right to buy back a specific number of shares of the corporation after a certain period at a price set at the beginning of the program.

Since the successful development of a corporation significantly affects the market value of its shares, insofar as the use of the financial instrument in question makes it possible to combine the motivational effect of the material benefits received by managers - managers, option owners, who get the opportunity to purchase shares at a price less than the market price, due to the increase in the market value of the company's shares, with interests of shareholders - founders of the corporation.

For example, according to the received option, the top manager in 5 years has the right to buy the company's shares at the price agreed in the option at this point in time - 200 rubles. If the shares rise in price within a specified period of time (for example, from 200 rubles to 300 rubles), the manager will be able to exercise his option - to buy shares at 200 rubles, and immediately sell them on the market for 300 rubles. A material incentive in the form of an option keeps many top managers in their companies, forcing them to work with greater returns. The benefit is also obvious for the founders of the corporation, because the capitalization of the company according to this species shares increased by 100 rubles per share.

Legal status issuer option, regulated by the Federal Law "On the Securities Market" allows you to distinguish two types of options:

- urgent;

- fixed terms.

In the first case, the acquisition of a security is associated with the onset of a predetermined calendar date, which guarantees the employee the right to purchase company shares. This option is aimed primarily at attracting a highly qualified top manager.

The second type of option does not yet give its owner a 100% guarantee of the acquisition of shares. The fact is that this option stipulates that the corporation agrees to sell its shares only when circumstances favorable for it occur. For example, increasing the level of sales, improving financial performance to certain parameters, or implementing a specific project. Therefore, a term option under conditions is aimed primarily at motivating effective work top managers.

The issuer's option belongs to the category of derivative securities, since it certifies the right of its owner to acquire other securities - shares. The option is exercised by converting it into shares at the request of the option owner. If the option holder fails to exercise his right to acquire the issuer's shares in the manner and within the timeframe stipulated by the decision to issue securities, then such options shall be canceled and the funds paid by the option holder shall not be refunded.

According to the requirements of Art. 2 of the Federal Law "On the Securities Market", the decision to place the issuer's options and the procedure for their placement are carried out in accordance with the stipulated federal laws rules for the placement of securities convertible into shares. Currently, such rules are established by the Federal Laws “On Joint Stock Companies” and “On the Securities Market”, “Regulations on the Standards for the Issue of Securities, the Procedure for State Registration of an Issue (Additional Issue) of Equity Securities, State Registration of Reports on the Results of an Issue (Additional Issue) ) issuance securities and registration of securities prospectuses”, approved by the Bank of Russia on August 11, 2014 N 428-P. Thus, the issuer is not entitled to place the issuer's options if the number of authorized shares of the issuer is less than the number of shares, the right to purchase of which is provided by such options.

The number of shares of a certain category (type), the right to acquire which is granted by the issuer's options, cannot exceed 5 percent of the shares of this category (type) placed as of the date of submission of documents for state registration of the issuer's option issue.

Placement of the issuer's options is possible only after full payment of the authorized capital of the joint-stock company.

The price of the issuer's option in case of a closed subscription is determined in the decision to issue the option. In some cases, issuer options are issued by a corporation as a free addendum when it sells its preferred shares.

The price of an issuer's option upon public offering on the stock market is determined in the same way as the price of any other issuable security. The market value of the issuer's option depends, on the one hand, on the difference existing at each point in time between the market price of the underlying share and its price fixed in the issuer's option. On the other hand, from the time remaining until the expiration of the issuer's option, or from investors' expectations regarding the dynamics of the market price of the underlying share in the future.

Option programs began to develop and be used in Russia relatively recently. Currently, they are used by such companies as SITRONICS, RusHydro, Polymetal, Vimpelcom, MTS and others.

A bond is an issuance security that secures the right of its owner to receive a bond from the issuer within the period specified in it of its face value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the nominal value of the bond or other property rights. Bond income is interest and or discount Art. Bonds are issued for a fixed period in order to attract additional financial resources.

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Lecture #2-3

Types of securities

Let us dwell in more detail on the most widely used in Russian economy securities.

1. Promotion issuance security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation (Article 2 of the Law "On the Securities Market"). Only joint-stock companies have the right to issue shares. Earnings per share, which is generated from the profits of the joint-stock company (or other issuer) that issued the shares, is a dividend.

A share as a security has a number of characteristic properties that are unique to it. They are the following:

* share is a title of ownership, i.e. the owner of the share is the owner of the joint-stock company;

* the share has no circulation period, i.e., it is unlimited, it is limited by the period of existence of the joint-stock company;

* Shares may be split and consolidated. During splitting (split), the number of shares increases (one share turns into several), their nominal value decreases with the same amount of authorized capital. During consolidation, the number of shares decreases, the nominal value increases, and the size of the authorized capital does not change;

* the share is characterized by limited liability, since the shareholder is not liable for the obligations of the joint-stock company itself;

* the share is characterized by indivisibility, i.e. joint ownership of a share is not associated with the division of rights between the owners, they act together as one person;

* the owner of the share has the right to withdraw his part from the total capital of the joint-stock company by selling, transferring it to the legislative
way their shares.

The practice of attracting financial resources to joint-stock companies has developed a large number of varieties of shares that satisfy the most diverse needs of investors. Shares differ depending on the issuer, the method of registration of shareholder rights, investment qualities, etc.

Depending on the subjects among which the shares are distributed, there are: shares of the labor collective, shares of the enterprise, shares of the joint-stock company. Shares of the labor collective are distributed only among employees this enterprise, the company's shares are also distributed among other legal entities. They do not give their holder the right to participate in the management of the enterprise and are only a means of mobilizing additional financial resources. Shares of a joint-stock company are distributed among shareholders, i.e. co-owners of this company.

Depending on the method of exercising the rights of a shareholder, the shares of a joint-stock company are ordinary and preferred. Ordinary shares give the right to participate in the management of a joint-stock company (1 share = 1 vote when resolving issues at a shareholders' meeting). The share of ordinary shares, concentrated in the hands of one owner and giving him the opportunity to exercise actual control over the joint-stock company, is called a controlling stake. Theoretically, the stake should be 50% of all issued ordinary shares plus 1 share. Practically less. Dividends on these shares are paid after the payment of dividends on preferred shares.

Preferred shares do not give the right to vote at the general meeting of shareholders (with the exception of decisions on the reorganization and liquidation of the company), but they bring a constant (fixed) income, the amount of which is established when the shares are issued. These shares have an advantage over ordinary shares in the distribution of profits and liquidation of the company. If there is a shortage of profit, dividends on preferred shares are paid from the reserve fund of the company, and in case of a shortage of funds for the payment of dividends on ordinary shares, they are not paid. Preferred shares may be issued in the form of convertible shares, i.e. shares that can be exchanged at the request of the owner for ordinary shares of the same issuer. According to the Law of the Russian Federation "On Joint Stock Companies", the nominal value of preferred shares should not exceed 25% of the authorized capital of the company.

According to the order of ownership, securities are: registered and bearer. According to the Law "On the Securities Market" (Article 2) and the Law "On Joint Stock Companies", shares are registered securities. Registered share is a security, the name of the owner of which is indicated on its letterhead and (or) in the register of owners. It can be transferred to another person through a cession, only through notarial registration or brokerage houses, banks. Owners of registered shares are registered in the register of shareholders.

Depending on the stage of issuing shares into circulation and their payment, the following types of shares are distinguished: declared, placed and paid. Declared shares is the maximum number of shares of the corresponding type that can be issued by the enterprise in addition to the shares already placed. The number of authorized shares is not related to the size of the authorized capital and may be more or less than its value. This number is fixed in the charter of the joint-stock company or is decided by general meeting shareholders by majority vote. Outstanding shares are shares that are purchased by shareholders. Paid-in shares are shares for which their owner has made 100% payment and the funds have been credited to the account of the joint-stock company. Not all outstanding shares are paid-up, as payment by installments may be provided for. At least 50% of the company's shares distributed during its establishment must be paid within three months from the date of state registration of the company, and the remaining part - within a year from the date of registration.

Depending on the form of issue, shares are divided into: documentary (blank, in the form of separate documents) and non-documentary (blank or non-cash, in the form of entries on personal accounts with the registrar and on depo accounts with the depository). The decision on the form of issue is made by the issuer. At present, less and less shares are issued in documentary form, more and more often this form is replaced by records of the relevant data in the computer's memory, and a share certificate is issued to shareholders.

2. Bond - an issuance security that secures the right of its owner to receive from the issuer a bond within the period specified in it of its nominal value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the nominal value of the bond or other property rights. Bond income is interest and/or discount (Article 2 of the Law "On the Securities Market", Article 816 of the Civil Code of the Russian Federation).

Bonds are issued for a certain period in order to attract additional financial resources. Unlike shares, bonds do not give the right to participate in the management of a joint-stock company to their owners, but they have a number of advantages. A bond is a security that:

1) expresses loan, debt relations between the bondholder and the issuer;

2) brings a guaranteed income;

3) independently circulates on the stock market until its redemption by the issuer and has its own exchange rate;

4) has the properties of liquidity, reliability, profitability and other investment qualities;

5) has a priority compared to a share in receiving income, the payment of income on them is made in priority order in comparison with the payment of dividends on shares;

6) gives the owner the right to priority satisfaction of his claims in comparison with the shareholder in the liquidation of the enterprise;

7) investing in government bonds gives certain tax benefits.

Issuers issue bonds various kinds and types. Depending on what classification feature underlies the grouping, several types of bonds can be distinguished.

Depending on the realization of the owner's rights, bonds can be registered and bearer.

Depending on the method of collateral, bonds are classified as secured and unsecured. Secured bonds are issued against the security of specific property, land or securities owned by the issuer. Unsecured bonds are debt obligations that are not secured by any collateral.

According to the presence of a conversion privilege, convertible and non-convertible bonds are distinguished. Convertible bonds give the holder the right to exchange them for ordinary shares of the same issuer. Non-convertible bonds do not give such a right.

According to the type of yield, interest-bearing, interest-free bonds, bonds with a zero coupon (bonds of winning loans) are distinguished. Interest-free (discount) bonds are sold at a discount at a price below face value. Income on interest-bearing (coupon) bonds is paid by paying coupons for bonds. Coupon part of a bond certificate, which, when separated from the certificate, gives the owner the right to receive interest (income). The amount of interest and the date of its payment are indicated on the coupon, so the coupon is main characteristic bonds. The interest paid can be fixed or floating. The yield on winning bonds is presented in terms of the good or service for which they were issued.

Depending on the term of the bond, there are bonds with a specified maturity date and without a fixed maturity date. Bonds with a specified maturity date are divided into short-term term up to 1 year, medium-term term up to 5 years, long-term term from 5 to 30 years. Bonds without a fixed maturity date are divided into returnable bonds issued by the issuer before the end of the term, with the payment of a bonus to the holder for lost material opportunities; extendable bonds the holder has the right to exchange them for more
long-term bonds of the same value and with a higher percentage of payments; Contracting Bonds The holder has the right to present their bonds for redemption at face value before the maturity date of the loan.

Depending on the issuer, corporate bonds and state bonds are distinguished. State bonds are divided into federal bonds issued on behalf of the Russian Federation, and municipal bonds issued on behalf of the municipality of the city, district. The state issues the following bonds: bonds of the state republican internal loan RSFSR 1991 GDO (long-term); government short-term zero-coupon GKO bonds; internal currency loan; bonds federal loan; gold federal loan bonds; bonds of the Russian Internal
loan in 1992, etc.

Corporate bonds are issued to attract additional financial resources. Bonds of internal state and municipal loans are issued to bearer; corporate bonds both nominal and bearer.

The bond has basic characteristics face value, rate, point, coupon, discount, etc. Payment on bonds is made by accruing interest to the face value. An investor, having a bond, knows in advance how much money he will receive on it by a certain time. It is also necessary to know the nominal value in order to determine the current bond rate, since this security is quoted as a percentage of its nominal value (ie, the amount indicated on the bonds). The bond rate is determined as a percentage and the content certain types securities to face value by dividing the market price of the bond by the face value of the bond.

Total income from the bond consists of the following elements: 1) periodically paid interest (coupon income); 2) change in the value of the bond for the relevant period; 3) income from the reinvestment of interest received.

3. Promissory note a security certifying an unconditional monetary obligation of the drawer to pay a certain amount of money to the owner of the bill (bill holder) at maturity. A bill can be: simple and transferable (Law of the Russian Federation “On transferable and promissory notes” dated March 11, 1997 No. 48-FZ).

The bill has a number of significant features:

* abstractness;

* indisputability;

* negotiability;

* Monetary;

* the right to protest;

* joint responsibility.

The types of bills of exchange are quite diverse and differ depending on the issuers, the maturity period, the order of ownership, etc.

Depending on the entity making the payment of the bill of exchange, bills are divided into simple and transferable. Simple (solo-bill) obligation of the debtor to pay a certain amount of money on time to the recipient of money or, at his order, to any other person who presented the bill for payment. A promissory note is issued by the payer (debtor) himself. A bill of exchange (draft) is issued and signed by the creditor (drawer) and is an order from the creditor (drawer) to the debtor (drawee) to pay a certain amount of money to a third party (remittent - the first holder of the bill) or bearer within a specified period. According to the bill of exchange, the debtor becomes the payer.

According to the issuer principle, public and private bills are distinguished. Government bills are debt obligations issued by the government of the country through the mediation of the Central Bank of Russia and the Ministry of Finance of the Russian Federation. Municipal bills of exchange are issued by the administrations of the constituent entities of the Federation and local administrations. Private bills include bills issued by corporations, financial groups, commercial banks. Bank bills are issued by banks (usually at a discount). Corporate bills of exchange are used to formalize credit obligations and are issued by business entities.

According to the order of ownership, there are: registered bills and bearer bills.

Depending on the income received, the bills are divided into discount ones imply a discount (the difference between the purchase price and the redemption price (face value) of the bill); Interest involves receiving interest.

Depending on the territory in which the bills are circulating, they can be divided into local ones, which can only be circulated in a certain territory; national, which circulate on the territory of the state; international. Domestic and foreign bills can also be distinguished.

According to the guarantee of payment, bills are divided into avalized (guaranteed) and non-avalized (non-guaranteed). Guaranteed bills are marked with a bill of exchange guarantee, a guarantee of banks and credit institutions - aval.

4. Deposit and savings certificates

Deposit and savings certificates can be issued in a single order and in series; both nominal and bearer; interest and discount.

The following methods of interest payment can be established for interest certificates: fixed interest rate, fluctuating interest rate, the value of which is tied to some financial indicator(refinancing rate, estimate of GKO profitability). Initial placement of discount certificates is carried out at prices below face value, the interest is paid as the difference between the face value and the redemption price.

Deposit and savings certificates are circulated by assignment of rights of claim (cession). The assignment of the right to claim to the bearer is carried out by simply handing the certificate to the new owner. As for the nominal certificate, the cession is issued on its reverse side.

5. Bill of lading this is a non-issued security issued by the carrier of sea cargo or his authorized representative to the owner of the cargo or his representative. A bill of lading is a transport document containing the terms of a contract of carriage by sea, certifying the fact of acceptance of the cargo for shipment, giving the right of disposal and the right of ownership of the holder of the bill of lading to the cargo, the right of the holder of the bill of lading to own and dispose of it.

A bill of lading is issued for any cargo, regardless of how the transportation is carried out: with the provision of the entire ship, separate ship premises, without such a condition.

The legal acts governing the issuance and content of a bill of lading are: the International Convention for the Unification of Certain Rules Concerning Bills of Lading of 1921 (The Hague Rules); Brussels Protocol 1968 Revising the Hague Bills of Lading Rules 1921 (The Hague-Visby Rules); UN Convention on the Carriage of Goods by Sea, 1978 (Hamburg Rules); Merchant Shipping Code of the Russian Federation dated March 31, 1999

The bill of lading is drawn up on the basis of a loading order signed by the consignor of the cargo, who sends the export order to the port with the necessary details. The bill of lading shall indicate the language in which the text of the bill of lading is printed, bilingual execution of the bill of lading is possible. Usually a bill of lading is a printed form. A bill of lading is a document standard form accepted in international practice for the carriage of goods.

Bills of lading are drawn up in triplicate with the same content and date: one for the consignor, the second for the consignee, the third for the carrier. All copies of the bill of lading are originals, as evidenced by the stamp "original" on them. In some cases, the serial number of the original is indicated first, second, third. The bill of lading indicates the number of originals drawn up, however, only one of them can be a document of title. If goods are issued for one of them, then the rest become invalid. Copies of the bill of lading are printed on paper other than
from the original, or have a stamp "copy".

Depending on whether the bill of lading includes insurance
policy, allocate an insured bill of lading. An insured bill of lading is a combination of a transport document with an insurance policy and serves as proof of both the acceptance of goods for transportation,
and his insurance. It is usually used in the transport of goods in containers.

There are also the following types of bills of lading.

Shared bill of lading an order to transfer a certain part of the cargo being transported at the port of destination to another person. It is used in the case of a partial sale by the consignee of the goods before
he took delivery.

Collective bill of lading a bill of lading for several goods intended for different consignees.

6. Warrant has two uses.

First, a warrant is a certificate that gives the holder the right to buy securities at a specified price for a specified period of time or indefinitely. Sometimes a warrant is offered along with a security as an incentive to buy it.

The following types of warrants can be distinguished (Fig. 2.4.7).

A share warrant is a certificate that gives its holder the right to buy a company's shares at a specified price within a specified period of time.

A subscription warrant is an instrument through which shareholders exercise their subscription rights or subscription privileges. It is issued by the corporation, which itself determines the number of shares that a shareholder can acquire, and the conditions for their acquisition in the event of an additional issue. A subscription warrant is legal evidence of ownership of subscription rights and is assignable to others. Its variation is an ex-warrant, a certificate certifying the shareholder's right to purchase new ordinary shares of the company at a reduced price prior to their public offering.

Depending on the form of existence, inseparable and detachable warrants are distinguished. A non-removable warrant is a long-term or perpetual security issued together with a bond or preferred share and giving the right to purchase a certain number of ordinary shares of the same issuer, cannot be sold separately. A tear-off (movable) warrant is a warrant that can be sold separately from the securities to which it was originally attached.

Warrant bonds are a combination of an ordinary bond and a warrant to buy shares. Warrant bonds may or may not be able to separate the warrant from the bond. At the same time, the realization of a warrant does not mean the termination of the bond. Warrants allow you to issue bonds at a lower interest rate.

Dividend warrant a certificate of receipt of a warrant, an order to pay a dividend to a shareholder.

An interest warrant is an order by a corporation to pay interest due on its bonds and other securities.

An index warrant is an option on a stock index issued as
part of the issue of securities and guaranteed by the clearing house.

Currency warrants options included in securities issues and giving their holder the right to purchase from the issuer additional securities denominated in another currency. In this case, the coupon and the rate of securities are fixed at the time of the sale of the main issue.

A covered warrant is a warrant to buy or sell certain securities held in an investment firm's portfolio.

European warrant a warrant that is used only on certain days or periods.

Purchasing a warrant makes sense if the value of the shares is expected to increase by the time they are issued. Selling a warrant is one of the ways to place a new share issue. Warrants may be traded on an exchange.

Secondly, a warrant certificate of a goods warehouse on acceptance for
storage of certain goods. In this case, the warrant is a document of title and is used in the sale and pledge of goods.

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We continue to analyze questions and answers to the basic exam of the FSRF. We are nearing the end of Topic 1.3 and are approaching the first 10 percent of all questions. A small milestone, so to speak. Don't forget ours. You will like it, help in the preparation..

This time, the explanations will not be written in italics. Tell me, is it better or worse? Previously, if I inserted a quote from the law, I wrote it in italics to somehow separate it, but it seems to me that it is more difficult to read. What do you think?

Question code: 1.1.158

An issuance security that secures the right of its owner to purchase a certain number of the issuer's shares at the price specified in this security within the period specified in it and / or upon the occurrence of the circumstances specified in it at the price specified in this security is:

Answers:

A. Issuer option
B. Option Contract
C. Futures Contract
D. Forward contract

Question code: 1.2.163

Indicate the correct statements about the bond.

I. A bond is an emissive security;

II. A bond is a non-equity security:

III. The bond secures the right of its owner to receive from the issuer within the period provided for in it its face value or other property equivalent;

IV. The bond establishes the rights of its owner to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company;

V. A bond may provide for the right of its owner to receive a fixed percentage of the nominal value of the bond or other property rights:

VI. The yield on a bond is interest and/or discount;

VII. The income from bonds is dividends.

Answers:

A. I, III, V, VI
B. II, IV, VII
C. I, IV, VII
D.I.IV

Question code: 1.1.167

Indicate the correct statements regarding the form of a corporate bond:

I. Documentary security to bearer;
II. Order documentary security;
III. Registered documentary security;
IV. Registered non-documentary securities.

Answers:

A.II
B.III
C. I and IV
D. I, III and IV

Question code: 1.1.168

Indicate the correct statement about a floating rate bond.

Answers:

A. The market price of a floating rate bond is less volatile than the market price of a fixed rate bond

B. The market price of a floating rate bond is more volatile than the market price of a fixed rate bond

C. The floating interest rate on a bond continuously adjusts to the rate of inflation

D. Market prices of a floating rate bond and a fixed rate bond move identically

Once upon a time in 1997 it was tutorial titled "Basic Course on the Securities Market". The questions were partly compiled from there and have been wandering for many years. In general, we read:

"Some of the bonds may have a floating rate coupon. In order to issue floating rate bonds, the same "quality" criteria must be met, and the floating rate itself will be updated as a value or percentage above the base rate. Thus, the market price bonds will be less volatile as the interest rate will be adjusted, for example, every six months in order to reflect current market conditions."

Question code: 1.1.169

Indicate correct statements about the market prices of bonds with a fixed and floating interest rate.

I. The market price of a bond with a fixed coupon rate does not change, since the coupon is a constant value during the entire period of circulation of the bond;

II. The market price of a fixed-coupon bond varies with market interest rates;

III. The market price of a floating rate bond does not change because the coupon is adjusted to market interest rates;

IV. The market price of a floating coupon bond is less volatile than the market price of a fixed coupon bond.

Answers:

A. I and III
B. II and III
C. I and IV
D. II and IV

See the answer to the previous question.

Question code: 1.1.170

Answers:

A. Promissory note
B. Bill of exchange
C. Draft
D. Rekta-bill

Believe it or not, but the question is under the Federal Law, which became invalid 10 years ago. There was such a Federal Law "On banking operations with bills", according to which:

"A promissory note is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the holder or his order."

The new questions are...

Question code: 1.1.171

What is the name of the guarantee of payment on a bill for any person liable under it?

Answers:

A. Acceptance
B. Allonge
C. Endorsement
D. Aval

"The endorsement must be simple and unconditional. Any condition limiting it is considered unwritten. Partial endorsement is invalid. Crossed out endorsements are considered unwritten."

Question code: 1.2.176

In accordance with the Federal Law "On a bill of exchange and a promissory note", a bill of exchange and a promissory note have the right to undertake:

I. Citizens of the Russian Federation;

II. Legal entities of the Russian Federation;

III. the Russian Federation, constituent entities of the Russian Federation, urban, rural settlements and other municipalities only in cases specifically provided for by federal law;

IV. Foreign citizens;

V. Foreign governments and international organizations.

Answers:

A. I, II, III
B. II, III, IV, V
C.II
D. I, II, III, IV, V

"Citizens of the Russian Federation and legal entities Russian Federation.

The Russian Federation, subjects of the Russian Federation, urban, rural settlements and other municipal formations have the right to be bound by a bill of exchange and a promissory note only in cases specially provided for by federal law."

Question code: 1.2.177

A bill of exchange may be issued for a period of:

I. On presentation;
II. At so much time from presentation;
III. So much time from compilation;
IV. On a certain day;
V. Before the occurrence of any event;
VI. Consecutive payment terms can be set.

Answers:

A. I, II, III, IV
B. I, II, III, IV, V, VI
C. I, II, III, V, VI
D. II, III, IV, V

In this case, we are talking about a bill of exchange, for which, according to Article 33 of Chapter V "On the term of payment" of the Decree of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR of 07.08.1937 N 104/1341 "On the Enactment of the Regulations on a Transfer and Promissory Note":

Answers:

A. Only I
B. II only
C. I and II only
D. All of the above

The original source could not be found, but there is such an Association of Bill Market Participants in 1998 issued a standard for the transfer of bills, according to which:

"The bill remains valid in the following cases:

a) if all obligatory and additional details of the bill are kept, except for non-bill ones. Failure to preserve the elements of protection against forgery does not affect the strength of the bill;

b) in the presence of glued torn off pieces, if the torn off parts certainly belong to this bill;

c) in the presence of sealed tears;

d) if there are stains, if they do not prevent the determination of bill details, inscriptions and stamps that do not affect the content of the bill text;

e) in the absence of parts that do not affect the content of bill details.

Question code: 1.1.179

Income from operations with a bill of exchange, the issuance of which is based on loan relations, is recognized:

I. Promissory note amount under an interest-bearing bill;
II. Interest on a bill;
III. Promissory note amount on an interest-free bill;
IV. Discount amount.

Answers:

A. II, IV
B. I, II, IV
C. I, III
D. All of the above

Types of securities

The type of securities is understood as such a set of securities for which all the features inherent in securities are common, the same. The following main types of securities are distinguished:

o stock - issuance security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation. A share is a registered security;
o bond - an issuance security that secures the right of its owner to receive from the issuer a bond within the period specified in it of its nominal value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the nominal value of the bond or other property rights. Bond income is interest and (or) discount;
o mortgage-backed bond a bond, the fulfillment of obligations under which is secured in whole or in part by a pledge of mortgage coverage. With the transfer of rights to a mortgage-backed bond to the new owner, all rights arising from the pledge of mortgage coverage are transferred to the new owner. It is an issuable security. It can be issued in documentary and non-documentary forms;
o issuer option - issuance security that secures the right of its owner to purchase within the period specified in it and (or) upon the occurrence of the circumstances specified in it, a certain number of shares of the issuer of such an option at a price specified in the option. An issuer option is a registered security. The decision to place the issuer's options and their placement are made in accordance with the rules for placement of securities convertible into shares established by federal laws. At the same time, the placement price of shares in fulfillment of the requirements for the issuer's options is determined in accordance with the price specified in such an option;
o savings (deposit) certificate - a security certifying the amount of the deposit made to the credit institution and the right of the depositor (certificate holder) to receive, after the expiration of the established period, the deposit amount and the interest specified in the certificate in the credit institution that issued the certificate or in any of its branches;
o bill - a written monetary obligation of the debtor to repay the debt, the form and circulation of which are regulated by special legislation - - bill of exchange law;
o check - an unconditional written order of the drawer of the check to the bank to pay the payee of the check the amount of money specified in it;
o mortgage - registered bank paper certifying the rights of its owner in accordance with a mortgage agreement (mortgage of real estate) to receive a monetary obligation or the property specified in it;
o mortgage participation certificate - a registered security certifying the share of its owner in the right of common ownership of the mortgage coverage and the right to demand from the issuer the proper trust management of the mortgage coverage. It is not an issue price, has no par value. The rights certified by the mortgage certificate of participation are recorded in non-documentary form. Issuance of securities derivatives from mortgage participation certificates is not allowed;
o bill of lading - a document (contract) of a standard (international) form for the carriage of goods, certifying its loading, transportation and the right to receive it;
o stock warrant - a security that gives its owner a pre-emptive right to purchase shares or bonds of a company for a certain period of time at a set price;
o subscription right - a security that entitles the shareholders of a company to subscribe for a specified number of newly issued shares (or bonds) of that company at a set subscription price within a set period of time. The subscription right enables the shareholder of the company to purchase shares before the start of the general subscription, i.e. during the "preferential" subscription and at a reduced price;
o depository receipt (certificate, certificate) - a registered security evidencing the ownership of shares in a portfolio of shares of any foreign company whose shares cannot, for some reason, be traded on the stock market. It is issued in the form of a certificate for shares of a foreign issuer by a depositary bank of world significance.

From positions commercial activities enterprises, all securities can be divided into two groups:

o investment securities - securities that are the object of capital investment (stocks, bonds, savings certificates, warrants, futures contracts, options);
o non-investment securities - securities that serve cash settlements in commodity or other markets (bills of exchange, checks, bills of lading, warehouse receipts).

The above classification of securities is shown in Scheme 9.1.

In the modern Russian securities market, equity investment securities - stocks and bonds - are of the greatest importance.

Division of securities by debt and ownership shares reflects two possible ways use of funds: either for the acquisition of any asset in the property, or for temporary use. If securities are issued for a limited period with a subsequent return of the invested amounts, then they are debt securities. These are bonds, savings (deposit) certificates, bills of exchange, etc.

Ownership securities give ownership of the underlying assets. These are shares, warrants, bills of lading, etc. Of particular note are mortgage participation certificates, the issuance of which is the basis for

Scheme 9.1.

sinking common share ownership owners of these securities for mortgage coverage under which they are issued, and institutions trust management such mortgage coverage. Common shared ownership of mortgage coverage arises simultaneously with the establishment of its trust management.

The level of risk of securities depends on their profitability and guarantee: the higher the yield, the higher the risk that the acquirer is ready to take; the higher the guarantee, the lower the risk. Government bonds are the least risky due to their high security. More risky are corporate bonds, and even more risky are stocks and derivatives.

Transfer and exercise of rights under a security

The procedure for the transfer and exercise of rights under a security is determined by the Civil Code of the Russian Federation (Articles 146, 147,390).

In order to transfer to another person the rights certified by a bearer security, it is sufficient to hand over the security to this person.

The rights certified by a registered security shall be transferred in accordance with the procedure established for assignment of claims (cession). The person transferring the right under the security is responsible for the invalidity of the relevant requirement, but not for its non-fulfilment.

The rights under an order security are transferred by making an endorsement on this paper - an endorsement. The endorser is responsible not only for the existence of the right, but also for its implementation.

An endorsement made on a security transfers all the rights certified by the security to the person to whom or to whose order the rights under the security are transferred - the endorsee. Endorsement may be blank (without specifying the person to whom the execution is to be made) or order (indicating the person to whom or by whose order the execution should be carried out). An endorsement may be limited only by an instruction to exercise the rights certified by the security, without transferring these rights to the endorsee. (deliberative endorsement). In this case, the endorsee acts as a representative.

The person who issued the security and all persons who endorsed it are liable to its rightful owner. in solidarity. If the demand of the legal owner of the security to fulfill the obligation certified by it is satisfied recourse right (recourse) is recognized for one or several persons who have committed themselves under the security to its legal owner, satisfied his claims and thereby obtained the right to demand reimbursement of the amount paid from the other persons who have undertaken under this security.

Refusal to fulfill an obligation certified by a security with reference to the absence of a basis for the obligation or its invalidity is not allowed.

The owner of a security who discovers a forgery or forgery of a security has the right to bring the person who gave him the paper, a requirement for the proper performance of an obligation certified by a security and for compensation for losses.

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