Issue 1 (23) 2014

ChikulaevR.V. KljachinA.A. INFORMATION AND LEGAL FUNCTION OF SUBJECTS OF ISSUE OF MASS SECURITIES

INFORMATION AND LEGAL FUNCTION OF SUBJECTS OF ISSUE OF MASS SECURITIES

R.V. Chikulaev

Perm State National Research University
15, Bukirev st., Perm, 614990

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A.A. Kljachin

Perm State National Research University
15, Bukirev st., Perm, 614990

E-mail:
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Abstract: This article is devoted to questions of information support of a modern securities turn in Russia. The current legislation mainly uses the term "disclosure" of information which isn't quite reflecting an essence and value of this phenomenon. It is offered to enter the category of the information-legal function characterizing right ability of subjects, letting out securities. It is offered to call such subjects as “originator”, and such securities as “mass” securities. These concepts as a whole correspond to concepts of issuers and issue securities, but the Russian legislation provides a number of cases when the securities which aren't recognized as issue securities, have very similar mode with issue securities.

Information-legal function of securities originator in the Russian legislation tends to constant increase and complication. For an originator of mass securities this function is special and status, that is transformed from the general to a special form only at acquisition by the corporate person of the status of the issuer. The content of function has to be rezultatny, to interested persons providing real access to information. Now the law uses the action approaches providing only performance of actions on disclosure of information. The law should be appointed that originally opened that information can be considered not is necessary, actions on which disclosure are undertaken, and that which is really brought to the recipient.

The one-serial phenomena of disclosure and providing information have to be merged in one concept. Only in this case legal regulation of the relations of a securities turn will have social value. The number of the essential facts which are subject to disclosure by the issuer, now makes more than fifty that is obviously excessive. To definition of an essential fact on will of the issuer it is impossible to recognize estimated approach true. Laws On securities market and On protection of the investors rights in many aspects duplicate each other.

The information-legal function of the issuer includes two special subfunctions, constructed in the law by a method of release from a duty under a condition. It is quite uncharacteristic for private law. The first subfunction is the negative-norm instruction exempting from information obligations joint-stock companies under a double condition. The second subfunction is release from information obligations up to a ban on information distribution. The subfunction is conditional, prohibitive-binding and subject-dependent.


Keywords: securities; issuers; information; function; disclosure; turn


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