If you briefly characterize non-issue-grade securities, then they are non -state-registration securities, which are issued, as a rule, in separate batches or in pieces.
The concept of securities and their issue
If you briefly characterize non-issue-grade securities, they are non -state-registered securities, which are issued, as a rule, in separate batches or in pieces.
The concept of securities and their issue
A security is a document certifying the property rights with which the possibility of presenting this security is associated. This definition is somewhat outdated, since most securities today have a paperless or paperless form.
Under the issue of securities understand the sequence of actions that the issuer must take when placing these financial instruments. This applies only to equity securities.
From the very name “non-issue security” it is clear that it is not subject to issue. This is due to the fact that the mandatory state registration procedures are not applied to it.
Types of Assets Under Consideration
Non-issuable securities include most of all securities that are in circulation in our country. First of all, these are bills of exchange, savings and certificates of deposit, mortgages, checks, bills of lading and others.
The issuance of these securities does not imply a special license, which would greatly complicate it.
Legal framework for non-equity assets
In accordance with the definition given in the Law “On RZB”, non-issue-grade securities cannot be classified as such assets. This follows from Art. 1 of this law, where it is indicated that the legal regulation of this law is the relations that are formed during the issue and circulation of equity securities.
To the best extent reflected in the legal framework of bills. The issuance of these securities is regulated by the Federal Law “On a bill of exchange and a promissory note”, while for other types of financial instruments under consideration, legal relations are regulated by certain provisions of the Civil Code of the Russian Federation and Bank of Russia regulations.
The turnover of non-equity securities is mainly regulated by the same regulatory documents and acts.
The concept of bills
The main non-issue-grade security is a bill of exchange. He appeared on the market not so long ago, but began to enjoy increased entrepreneurial demand.
A bill may be subject to civil law transactions. So, in a loan agreement, this asset acts as evidence of the conclusion of this agreement.
Consider a bill of exchange as an example of a non-issue-grade security.
By it is understood the obligation of the payer to pay the loaned amount at a certain time. But this definition does not show the nature of the bill as a security. If you look at a number of articles of the Civil Code of the Russian Federation, you can attribute this asset to order financial instruments, since the form, details of property rights that can be exercised upon presentation of this paper are respected.
Bills Functions
The Civil Code of the Russian Federation gives a characteristic, from which it follows that the bill is a security. The non-issue basis of this asset is confirmed by the relevant federal law.
In this regard, the bill should be considered as a financial instrument that has a number of functions:
- Registration of credit obligations.
- Means of securing these obligations.
- Instrument of payment.
- Means of monetary regulation and refinancing.
Types of bills
This non-issue-grade security is generally divided into a bill of exchange simple and transferable (the so-called draft).
In the draft there is an unequivocal order from the drawer to pay the drawer a certain amount in a certain period. With the help of this document the relations of three parties are regulated: drawer - drawer, drawer - debtor and remitter - payee or drawer. Trassat is a debtor in relation to the drawer, and the latter is a debtor to a debtor. Responsibility for the payment of this non-issue-grade security is borne by the drawer, who is also responsible for accepting (accepting) the payment of the bill.
A promissory note contains an obligation that is not conditional upon anything and which stipulates that the debtor must pay a certain amount by a specified term to the holder of the bill.
Bank details
This asset must contain the word “bill” in the title, while it must be done in the language of the document.
It should be agreed that a certain amount will be paid for it, which is not conditioned by anything.
The payer is indicated, the payment term, the place where this payment should be made.
The document must specify the person to whom the money will be transferred upon the occurrence of a certain period specified above.
At the end is the date and place where this non-issue-grade security was compiled.
All this is certified by the signature of the drawer.
A bill is a strict form paper and the absence of one of the above details in most cases deprives it of bill power. The law on bills stipulates that this type of security should only be issued on paper.
Other types of assets under consideration
Examples of non-equity securities, in addition to bills of exchange, are mortgage, deposit and savings certificates, bill of lading.
Consider their main features.
A mortgage is a registered security giving its holder the right to receive monetary amounts, the security of which is a mortgage, and other evidence that these obligations exist is not required. In addition, the owner of the mortgage has a right to pledge property that has a mortgage encumbrance.
If a mortgage is issued for real estate that was not pledged, then they talk about the first mortgage. If it is made out on real estate pledged, then they talk about a second mortgage.
Like a bill, a mortgage contains mandatory details and in the absence of such, it is not considered valid.
Savings and certificates of deposit issued by banks. These certificates replace the savings book, certifying the rights of their holders to receive, at the end of the specific period specified in them, the principal amount provided to the bank on credit plus interest on the deposit.
A certificate refers to a deposit certificate when it is issued by a legal entity and a savings one when issued by an individual.
These non-issue-grade securities are issued in documentary form. This financial instrument may be bearer, or may be registered.
Certificate requirements may be assigned to Russian residents, and a certificate of deposit may be assigned to an individual entrepreneur or legal entities, and a savings certificate to an individual who is not an individual entrepreneur.
As for the previous assets under consideration, for certificates there are mandatory details, without which it is invalid.
With the help of the bill of lading, a certificate of conclusion of transportation by sea is obtained, as a result of which the holder is given the right to dispose of the goods indicated in this document and to receive this cargo at the end of transportation. The bill of lading can be bearer, warrant.
Finally
Non-issue-grade securities are those financial instruments that are mainly issued individually or in series. These include bills, checks, bills of lading, certificates of savings and deposits, mortgages. Their issuance and circulation are regulated mainly not by the law "On RZB", but by the law relating to the types of bills, the Civil Code of the Russian Federation and the regulatory documents of the Central Bank of the Russian Federation.