Commercial law. Dealer activities (lecture notes)

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Commercial law. Dealer activities (lecture notes)

Lecture notes, cheat sheets

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LECTURE No. 21. Dealer activity

Dealer activity is the performance of securities purchase and sale transactions on one's own behalf and at one's own expense by publicly announcing the purchase and sale prices of certain securities with the obligation to purchase and (or) sell these securities at prices announced by the person carrying out such activities (Art. 4 of the Federal Law of April 22, 1996 No. 39-FZ "On the Securities Market").

The dealer carries out its activities in the securities market in accordance with the legislation of the Russian Federation. The dealer has the right to announce the minimum and maximum number of purchased and (or) sold securities, as well as the essential terms of the securities purchase and sale agreement, the period during which the prices declared in the agreement are valid. A dealer can only be a commercial organization that is a legal entity. An essential condition in the contracts for the sale of securities concluded by the dealer is the price. The dealer is obliged to conclude a securities purchase and sale agreement on the terms publicly announced by him, which are, in essence, a public offer.

If the dealer does not stipulate in the offer such conditions as the minimum and maximum number of securities to be bought or sold and the period during which the prices declared by him are valid, then he is obliged to conclude an agreement on these conditions in the form as they are offered by the client. Dealer's evasion from the conclusion of the contract leads to the fact that he may be sued to force the conclusion of the contract or to compensate for the losses caused to the client. Transactions carried out on behalf of clients on the basis of commission and commission agreements are subject to priority execution in comparison with dealer operations of a broker.

The structure of the dealer network consists of departments related to the process of execution and accounting of the transaction:

1) a trading department engaged in the conclusion of securities transactions on behalf of the company and on behalf of its clients. The trading department is entrusted with a minimum of accounting and settlement operations, since they are transferred to the back office;

2) a back office, whose main task is to prepare documents that are an integral part of the transaction: confirmation of the transaction, sale and purchase agreement, transfer order for re-registration of property rights;

3) accounting, whose task is to record, conduct transactions directly related to trading in securities. The accounting department draws up financial statements in accordance with the rules of Russian accounting and carries out the usual business processes characteristic of any enterprise.

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