The securities market infrastructure - is a complex system of institutions that ensure the smooth functioning of the securities market by creating the necessary conditions for the activities of its participants.
The securities market infrastructure includes the following elements:
- The regulatory framework for the functioning of the securities market;
- Professional securities market participants;
- Organizations providing information services to securities market participants;
- Organizations printing securities certificates;
- Organizations providing legal services to securities market participants, etc.
Professional participants in the securities market are recognized as persons carrying out one of the types of activities provided for in the Law of Turkmenistan “On the Securities Market”.
A broker - is a legal entity that carries out activities related to the execution of civil transactions with securities on behalf of and at the expense of a client (including the issuer of securities during their placement) or on its own behalf and at the expense of a client on the basis of compensated agreements with the client.
A dealer - is a legal entity that carries out transactions for the purchase and sale of securities on its own behalf and at its own expense by publicly announcing the purchase and/or 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.
A manager - is a legal entity that carries out, in its own name, for a fee, for a specified period of time, the trust management of assets transferred to its possession and belonging to another person in the interests of that person or third parties specified by that person:
- securities;
- cash intended for investment in securities;
- cash and securities received during the management of securities.
When conducting their activities, the manager is obligated to indicate that they are acting as a manager.
A clearing organization - is a legal entity that carries out activities to determine mutual obligations (collection, verification, adjustment of information on transactions with securities and preparation of accounting documents on them) and their offsetting against deliveries of securities and settlements on them.
A depository - is a legal entity that provides services for the storage of securities certificates and (or) the recording and transfer of rights to securities.
A person using the services of a depository for the safekeeping of securities and/or the recording of rights to securities is called a depositor.
The agreement between the depository and the depositor governing their relationship during depository activities is called the depository agreement (deposit account agreement). The depository agreement must be concluded in writing.
The conclusion of a depository agreement does not entail the transfer of ownership of the depositor's securities to the depository. The depository has no right to dispose of, manage, or perform any actions with the depositor's securities on the depositor's behalf, except for those actions carried out on the depositor's instructions in cases stipulated by the depository agreement. Depositors' securities cannot be subject to enforcement for the depository's obligations.
Registrar (registrar holder) is a legal entity that carries out activities related to maintaining the register of securities owners, including the collection, recording, processing, storage and provision of data that constitute the system for maintaining the register of securities owners.
A legal entity that carries out activities related to maintaining a register of securities owners shall not have the right to carry out transactions with securities of an issuer registered in the system for maintaining a register of securities owners.
The system for maintaining the register of securities owners is understood to mean a set of data recorded on paper and (or) using an electronic database, ensuring the identification of nominal holders and owners of securities registered in the system for maintaining the register of securities owners and recording their rights with respect to securities registered in their name, making it possible to receive and send information to the said persons and compile a register of securities owners.
A securities market trading organizer (stock exchange) - is a legal entity that provides services that directly facilitate the conclusion of civil transactions with securities between securities market participants.