Fees on securities lending and reversible gold transactions

Article 61 The securities firm shall not provide financing or warranty to other people using the assets of the securities brokerage customers or securities assets management customers.

No units or individuals shall force, incite, assist or accept the securities firm to provide financing or warranty with the assets of the securities brokerage customers or securities assets management customers.

Article 20 If a securities firm has two or more kinds of securities brokerage business, securities assets management business, financing with capital and securities, securities underwriting, securities sponsors, its board should set up remuneration and nomination committee, auditing committee and risk control committee to perform rights prescribed in company regulation.

Article 31 If a securities firm is engaged in such businesses as securities assets management and capital and securities financing, it should develop reconciliation statement and send it to customers on monthly basis.

Article 30 Before the securities firm signs securities dealing entrustment, securities assets management, capital and securities financing contracts with customers, it should appoint specialist to introduce business rule and contract content to customers and let customer sign and confirm on risk disclosure letter.

Analysis of reported transactions focuses on both money laundering and financing of terrorism.

Article 29 The securities firm that is engaged in securities assets management business, capital and securities financing business, securities related finance product sales should get knowledge of identity, property, income status, securities investment experience and risk preference of customers according to prescribed procedure, and record as well as keep the information in written or electronic form.

Such transactions will also be more difficult to trace, thus enhancing opportunities for terrorist financing and corruption.

(b) (i) Transactions on a regulated exchange (ii) foreign exchange transactions (iii) inter bank payment systems, inter bank payment agreements or clearance and settlement systems relating to securities or other financial assets or instruments (iv) the transfer of security rights in sale, loan or holding of or agreement to repurchase securities or other financial assets or instruments held with an intermediary.

(2) Where any shareholder and actual holder of a securities firm force, incite, assist or accept the securities firm to provide financing or warranty with assets of stock brokerage clients or stock asset management clients

Belarus intends to establish a special State entity responsible for detecting suspicious transactions and preventing the financing of terrorism.

Indicators to report transactions relating to terrorist financing to the Unusual Transaction Reporting Centre (the FIU) have been adopted.

Enact and enforce anti money laundering legislation to prevent financing of terrorism and make international financial transactions more transparent.

The securities broker should have securities working qualification.

Obligate entities to report suspicious transactions related not only to money laundering, but also related to the financing of terrorism

It introduces i.a. the duty to report suspicious transactions associated not only with money laundering, but also with terrorist financing.

The securities firm should sign entrustment contracts with securities brokers who accept such entrustment, issue securities broker certificate, define authorized scope of securities broker and supervise working behavior of securities broker.

Without securities business license, the securities firm and its domestic branch shall not run securities business.

The Law of the Republic of Armenia on the Fight Against Legalizing the Illegal Income and Financing of Terrorism stipulates an obligation to report both suspicious transactions relating to the prevention of the financing of terrorism and money laundering activities and or transactions linked to other criminal activities.

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The concern was expressed that allowing access to data about financing transactions to the public might prejudice the rights of assignors.

Securities brokers should work within authorized scope of the securities firm and show securities broker certificates to customer.

3 Trade securities or maneuver securities market with insider information

(5) Securities service agencies provided services for a securities firm.

Article 56 Where a securities firm carries out securities lending and borrowing but does not have sufficient funds or securities, it can borrow from the securities financial companies.

129, financial institutions are mandated to report to the Anti Money Laundering Authority, inter alia, transactions that involve the financing of terrorism .

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Securities brokers shall not handle securities subscription or trading for customers.

Article 41 A securities firm engaged in securities business for its own account is limited to trading of legally issued stocks, bonds, warrants, securities investment funds or other securities recognized by the securities regulatory agency under the State Council.

As a result, transactions suspicious of financing terrorist acts will undergo the same reporting and suspension system as those suspicious of money laundering.

1 Customers purchase of securities, settlement of securities trading or customers withdrawal

1 Illegally buying securities issued by shareholder of the securities firm or other issuer with major relationship to securities firm against regulation

(ii) Securities Act

(g) Securities regulation

See, for instance, David Folkers Landau, Peter Garber and Dirk Schoenmaker, The reform of wholesale payment systems , Finance and Development, June 1997, pp. 25 28. 37. The continued growth in cross border securities transactions in cash and derivative markets has raised concerns with regard to clearance and settlement practices within the securities industry.

Article 32 A securities firm should establish information inquiring system to ensure customers inquiring entrustment record, trading record, securities and balance during business hours of the securities firm, as well as other information such as name, practice license of the business operator and securities broker of the securities firm, certificate number of securities broker, etc.

Article 26 If a securities firm and its domestic branch are engaged in securities business prescribed in Article 125 of the Securities Law, they should follow the Securities Law and provisions of this Regulation.

Article 38 If a securities firm is engaged in securities brokerage business, it can entrust staff outside of the securities firm as securities broker, engaging in attracting and providing service for customers as agent.

Securities account opened by the securities firm for securities assets management customer should be submitted to stock exchange for filing within 3 trading days.

The securities firm shall not provide customer s capital account and securities account to others.

Article 48 Securities lending and borrowing referred to in this article means that in the securities trading at the stock exchange or other securities trading places that have been approved by the State Council, securities firms lend capital or securities to customers for them to buy or sell securities based on the corresponding collaterals provided by the customers.

As of now, Europe s Tobin tax proposals are not well targeted. Sound transactions would be taxed along with destabilizing, overnight financing of fragile financial institutions.

Article 44 If a securities firm is engaged in self run securities business, its risk controlling indicators such as ratio of total securities value and company net capital, ratio of value of one type of securities and net corporate capital, and ratio of quantity of one type of securities and total issuing quantity of this type of securities should comply with prescription of the securities regulatory agency under the State Council.

Article 50 A securities firm that carries out securities lending and borrowing business shall sign a securities lending and borrowing contract with the customer, and shall open a customer securities guarantee account with the securities registration and settlement organs, and a customer funds guarantee account with the designated commercial bank in the name of the securities firm in accordance with the provisions of the securities regulatory agency under the State Council.