The regulation of investment activity on a securities market of Russia will have allowing characterSuch order is entered by Position “ About activity licensing on a securities market as investment institutes “ extended yesterday on official channels. The document does not mention the questions, concerning investment funds with participation of physical persons and commercial banks.
As the experts mark, the registered statutory act does not bring in activity of investment institutes of any additional restrictions. Position defines only three basic conditions at which observance activity on a securities market is supposed. In - the first, the necessary minimum size of an authorised capital stock for various categories of participants of the market is defined. For the intermediary (the financial broker) and the adviser - 50 thousand roubles; for the investment company - 2,5 million roubles. Thus, according to Position, the real capital defined according to the balance sheet under the formula will be considered only: the declared authorised capital stock - non-material actives - not paid part of the capital.
the second necessary condition is presence at experts of the made an application investment institute of the qualifying certificates which are given out also by the Ministry of Finance. However at first, taking into account real circumstances, licences will stand out at presence at least one certified expert.
the third condition consists that investment activity of persons applying for licences should have exclusive character. However, according to Position “ About release of securities of RSFSR and stock exchanges in RSFSR “ the confirmed governmental order from December, 28th, 1991, for achievement “ exclusiveness “ There is enough, that the sum of the incomes received from activity, connected with securities, exceeded 50 % of the cumulative income.
the licences which are given out by the Russian Ministry of Finance, will have termless character, however can be withdrawn in cases: inclusions in the documents represented to the Ministry of Finance, unreliable information; their recognitions the insolvent; recognitions court of their fault in drawing of a damage to the client; infringements of tax laws by them, Position requirements “ About release of securities and stock exchanges “ and the present Position.
the Ministry of Finance of Russia will grant licences to investment institutes with the authorised capital in 1 billion rbl. and more, and also to legal bodies, entirely or partially controllable foreign capital. Licensing of activity of other persons on a securities market will be carried out at level of subjects of the Russian Federation. Position does not mention investment activity of commercial banks and investment funds with participation of physical persons as documents regulating their activity prepare in other departments.
estimating the document as a whole, experts mark progressive character of the entered mechanism of licensing of activity on a securities market. The accepted Position, not too having complicated process of creation and activity of investment institutes, will allow to lower essentially risk of operations with securities that is essential advancement to creation in Russia civilised stock market.
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