LECTURE No. 26. Legal regulation of trading on the stock exchange

Exchange trading participants are:

1) members of the exchange;

2) visitors.

Exchange visitors - legal entities and individuals who are not members of the exchange and have the right to make exchange transactions. Visitors are divided into permanent, who carry out activities by paying a fee for participation in exchange trading, and one-time, taking part in the auction from time to time. Members of the exchange can be legal entities or individuals who participate in the formation of the authorized capital of the exchange or make membership or other targeted contributions to the property of the exchange and become members of the exchange in the manner prescribed by its constituent documents (clause 1, article 14 of the Law of the Russian Federation "On commodity exchanges and stock trading). Exchange members are divided into two categories:

1) full members - with the right to participate in exchange trading in all sections (departments, departments) of the exchange and for the number of votes determined by the constituent documents at the general meeting of members of the exchange and at general meetings of members of sections (departments, departments) of the exchange;

2) incomplete members - with the right to participate in exchange trading only in the relevant section (department, department) and for the number of votes determined by the constituent documents of the exchange at the general meeting of the exchange members and the general meeting of the members of the section (department, department) of the exchange (Article 15 of the Law RF "On Commodity Exchanges and Exchange Trade").

Exchange members cannot be:

1) higher and local bodies of state power and administration;

2) banks and credit institutions that have received, in accordance with the established procedure, a license to carry out banking operations;

3) insurance and investment companies and funds;

4) public, religious and charitable associations (organizations and foundations);

5) individuals who, by virtue of law, cannot carry out entrepreneurial activities;

6) employees of this or any other commodity exchange;

7) persons whose participation in the authorized capital of the exchange exceeds 10%;

8) enterprises, institutions and organizations, if their heads, deputies or heads of branches and other separate divisions are employees of this exchange.

Exchange members have the right to:

1) participate in exchange trading;

2) participate in decision-making at general meetings of members of the exchange, as well as in the work of other management bodies of the exchange in accordance with the provisions of the constituent documents and the rules of the exchange (clause 3, article 14 of the Law of the Russian Federation "On Commodity Exchanges and Exchange Trade");

3) receive dividends, if they are provided for by the constituent documents of the exchange;

4) members of the exchange who are its founders. Within 3 years from the date of registration, they have special rights and obligations on the exchange outside the scope of exchange trading, defined in the charter of the exchange and not violating the equality of rights of the founders and other members of the exchange in exchange trading.

Brokers are specially authorized intermediaries for trading on the stock exchange. Brokers can act as brokerage firms, brokerage houses, independent brokers.

An exchange transaction is a contract (agreement) registered by the exchange, concluded by participants in exchange trading in relation to exchange goods during exchange trading. The main types of transactions made on the stock exchange are:

1) forward transactions;

2) futures transactions;

3) option transactions;

4) ordinary commercial transactions.

An exchange commodity is a commodity of a certain kind and quality that has not been withdrawn from circulation, including a standard contract and a bill of lading for the specified product, admitted in the prescribed manner by the exchange for exchange trading (clause 1, article 6 of the Law of the Russian Federation "On Commodity Exchanges and Exchange Trading") . Real estate and objects of intellectual property cannot act as exchange goods.

To resolve disputes on the exchange, an exchange arbitration commission is created, which performs the functions of an arbitration court at the exchange. In addition, disputes arising in the course of exchange trading may be considered in court and arbitration court.

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