Licensing of check fundson November, 4th according to the Decree of the President “ About measures on the organisation of a securities market in the course of privatisation of the state and municipal enterprises “ the State Property Committee has let out Position about licensing of activity of the specialised investment funds accumulating privatisation checks of citizens, operating these funds and about an order of a suspension of action and licence withdrawal. All conditions for formation of new and rather specific financial institutions - investment funds are created. However it is possible to notice that investment funds can be rather limited in the actions.
It would be desirable to pay attention to two positions containing in the mentioned presidential decree and Position about specialised investment funds. In the decree it is written down: it is forbidden to make any operations with privatisation checks to the investment funds which do not have the licences of the State Property Committee. But it is necessary to notice that the presidential decree does not forbid to manipulate privatisation checks to any structures which are not unspecialized investment funds.
this circumstance forces to remember itself because work with checks any commercial structure can to realise the right of specialised fund in a bit different form.
in Position it is told: check investment fund the joint-stock company of open type which makes sale and purchase of another`s and own securities (including vouchers) admits. Thus a number of restrictions is imposed on actions of investment funds. In particular, the investment fund cannot own the indivisible property (on which actions are not let out). According to presidential decrees at sale of objects of privatisation as uniform property complexes payment by privatisation checks 80, 35 and 45 percent from sale price of objects for accordingly property of Russia, republics as a part of Russia and the municipal property is supposed. Does not raise the doubts that purchase of objects of all kinds of the property entirely at auctions and competitions is of special interest for commercial structures. We pay attention that according to Position about specialised investment funds the last cannot participate in this sort of actions. But any can do it physical and legal bodies, including to show for payment vouchers (if only the legal body is not investment fund). Besides, legal and to physical persons it is not forbidden to take freely for privatisation checks of shares of joint-stock companies at property funds.
Advantage of check funds before other commercial structures - the right to change the actions on checks - is essential enough. But it is necessary to pay attention what to change actions for checks many commercial structures (in particular, " have learnt; Hermes “ and “ Permavia “). Besides, it is possible to change for checks not actions, and other obligations, than professional participants of stock market - investment funds - cannot be engaged.
perhaps, the only thing on - to the present valuable advantage of check funds is their special legitimacy in the opinion of investors. That circumstance that the status of the company, having the right to work with vouchers, is officially given not to everything, can raise in the opinion of the population appeal of funds which will be perceived as a sort of the state office.