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The reference of securities and stock exchanges in RSFSR (the Governmental order

RSFSR N 78 from 28.12.91). This document was accepted without the public

Discussions though some groups of professionals of already developed market could

To influence process of the mutual coordination of separate points Decisions. Some details are mentioned more low.

Regulating securities market functioning, is put in them Basis the assumption that institutes of the share market arising in Russia In accuracy will correspond to institutes with the same name existing in

The present in the USA. Silently it is supposed that on a securities market all

Will be "as at them". Developers of the legislation practically do not turn

Attention to real experience of the organisations already actively working in the market, on

The developed features, traditions and job rules. It is ignored even such, It would seem, the obvious fact, as absence at us corresponding Economic-legal infrastructure (storage of securities, communication systems, Defining efficiency of the market, the rules of accounting adapted for Functioning of open societies). For example, aspiration to protect the right Investors (and to put under the control economy functioning) have led

To interdiction of bearer shares. At the same time, a total absence of traditions and

Mechanisms of a re-registration of registered stocks, together with aspiration to establish

The rigid control over all kinds of activity of market agents, can To lead to a paralysis of the share market.

The policy of an establishment of the rigid control over a securities market becomes all

More obvious. Except licensing speech about which will go more low, it is possible to mention

Aspiration of the state by all means to save monopoly for the monetary

The market and not to admit its convergence with a securities market. For example,

Direct interdiction for use of depositary certificates in quality

Settlement means has entered in regulating the market of certificates documents

The central bank. Conversations with experts of the Central bank have shown that

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Large Weather Icons Large Weather Icons represent a number of weather conditions that are common for software, weather Web sites, and mobile gadgets. The icons are supplied in all sizes standard to Windows, Mac OS, and other platforms. The largest versions are huge 512x512 pixel icons with vector sources in Adobe Illustrator (.ai) format easily available and ready to be printed or used in presentations in highest resolution.

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