Security printing paper: : SecurityDocs Security Paper for Medical and Federal use, CMS Certified, Copy and Tamper Resistant, Pantograph, Inkjet and Laser Printer Compatible – 8.5 x 11 Inches, 500 Sheet Supply, (59116) : Office Products

Содержание : SecurityDocs Security Paper for Medical and Federal use, CMS Certified, Copy and Tamper Resistant, Pantograph, Inkjet and Laser Printer Compatible – 8.5 x 11 Inches, 500 Sheet Supply, (59116) : Office Products


Do you regularly transact with a range of super sensitive documents, whether legal contracts, documents or certificates?
Would you like unbeatable, industry leading copy protection and tamper resistance?

If so, Aimoh’s Security Paper is the perfect choice! Our ultra premium Security Paper has been designed to exceed CMS Federal Guidelines, and unlike cheaper security papers, can be easily used with laser and inkjet printers. Each sheet provides three layers, including a “VOID” pantograph when duplicated, watermark and backing sheet with full explanation of our premium features which disappears when copied! Each pack provides a super long lasting, 500 sheet supply measuring 8. 5 x 11 inches, perfect for business, legal and personal use, and are available in blue, perfect for safeguarding the most sensitive materials, and printing detailed, easily read documents!

SecurityDocs Security Paper is an industry leading, professional choice with a number of key features:
-Easily read colors, available in blue and green.
– Three tamper and copy resistant layers with watermarks.
– “VOID” pantograph together with explanatory backing sheet.
– Meets and exceeds CMS Federal Guidelines, perfect for business, legal and personal use.
– Long lasting 500 sheet supply on 24# weight paper, measuring 8.5 x 11 inches.

If you’re looking for unbeatable, industry leading tamper and copy protection, and rather than cheap, thin copy resistant papers, you would prefer a certified, ultra professional, three layered Security Paper with watermarks, pantograph and full inkjet and laser printer compatibility, our security papers are the perfect choice!

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DocuGard Security Paper – Protect Your Documents

DocuGard Security Paper – Protect Your Documents | Paris Corporation Skip to content

Document fraud is growing at an alarming rate making every industry – healthcare, financial, legal, and even the government – vulnerable to counterfeiter’s fraudulent activities.

When printing prescriptions or any sensitive documents, it is important to choose a trusted security paper that has layered protections to mitigate fraudulent documents.

Since no security feature alone will work all the time, having additional security technologies for copy protection, or authentication is needed more than ever to stop counterfeiters

DocuGard Security Paper offers up to 10 industry-leading security features to protect your business or organization from tampering and forgery.


The word ‘Void’ or “Unauthorized Copy” appears when the security paper is copied or scanned. As technology continues to improve, you may find that copies/scans can be made without the ‘Void’ appearing–which is why having a combination of layered features is so important.

Erasure Resistant Background

Our high security papers have a background that consists of a solid color or consistent pattern. If erased, the background will show the color of the underlying paper making any alteration obvious.

Microtext Printing

The DocuGard name appears in a very small font which can be verified under magnification but will be rendered illegible when copied or scanned.

Coin Reactive Printed Watermark

A DocuGard watermark is printed in a special ink on the backside of the security paper. It can only be seen when held at a 45-degree angle and it turns black when rubbed with a coin.

Security Features Listing/ Heat Sensitive Ink

A complete list of features is printed on the backside of the security paper to alert users as to which features to look for on the script. On our Advanced & Premier secure papers, the features listing is printed with a heat-sensitive (thermochromatic) ink that disappears when copied or scanned.

Invisible Fluorescent Fibers

Our Premier security papers have invisible fluorescent fibers embedded within the sheet that can only be seen with a black light. The fibers help confirm authenticity because they cannot be replicated with a copier or scanner.

Toner Lock Coating

An invisible coating on our Premier prescription paper bonds the toner to the paper fibers. If an attempt is made to “lift” printed text off the sheet (i.e. with adhesive tape) it will destroy the paper.

Chemical Reactive Paper

Our DocuGard Premier security papers are designed to ensure that a stain will appear when someone tries to use chemicals (i.e. bleach) to alter or remove information on your documents.

DocuGard tamper-resistant paper comes in three levels of security to prevent unauthorized copies and safeguard confidential documents. All DocuGard medical security papers exceed the guidelines set by the Centers for Medicare and Medicaid Services (CMS).

Security Levels:

  • Standard
    6 Security Features:
    Hidden Void Pantograph, Erasure Resistant Background, Microtext Printing, DocuGard Watermark, Coin-reactive Ink, Security Features Listing
  • Advanced
    7 Security Features:
    Includes All Standard features plus Heat-sensitive Thermochromatic Ink
  • Premier
    10 Security Features:
    Includes All Standard and Advanced features plus Chemical Reactive Paper, Toner Lock, and Invisible Fibers
  • Size: 8.5″ x 11″ and 11″ x 17″
  • Weight: 24 lb or 20/21 lb (2-Part Carbonless)
  • Available Colors: Blue, Green, Blue/Canary (2-Part Carbonless)
  • Use for prescriptions, patient records, MRI’s and CAT Scans or other medical test results
  • State Specific Prescription Papers are also available

Multi-Purpose Security Papers

DocuGard Multi-Purpose Security Papers fight fraud and protect the integrity of your documents with up to 7 security features.

Security Levels:

  • Standard
    2 Security Features:
    Hidden Unauthorized Pantograph, Erasure Resistant Background
  • Advanced
    7 Security Features:
    Includes All Standard features plus Microtext Printing, DocuGard Watermark, Coin-reactive Ink, Security Features Listing, Heat-sensitive Thermochromatic Ink
  • Size: 8.5″ x 11″
  • Weight: 24 lb
  • Available Colors: 
  • Use for contracts, reports, HR documents and more

No matter the filing or document need, we have you covered. Download our catalog for a complete listing of our DocuGard line of products.

More trees are planted than harvested in the US

Sustainable forest management practices in North America ensure healthy and abundant forests for present and future generations, while providing renewable, natural, raw materials for the production of paper and packaging products (AF&PA).

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Top 20 Security Printing Methods Explored

Billions of dollars are spent annually to combat the crime of counterfeiting. With the advent of color laser printing creating counterfeit documents became a major security concern. The printing industry has the challenging task of creating counterfeit proof methods for checks, passports, currency, and other financial documents.  An entire print market segment is dedicated to the science of security printing has developed various methods. As new methods are developed to protect currency and other important financial and federal documents the counterfeit market continues to crack the code. Over the years several methods have been employed with increasing success to make counterfeit documents more difficult to create.
These methods have tested the boundaries of printing and finishing equipment.  Determining which method to use to secure a document comes down to the determining the likelihood of the item being counterfeit as well as the exposure to loss if the document is falsely created.  In addition to developing complex printing methods and engineered substrates employees working for companies developing these methods are subject to strict background checks and confidentiality agreements. With new methods being developed daily it is impossible to list all of them, however here is a brief summary of the 20 most common methods utilized in document security.
  1. Special Papers – Heavier stock papers utilized for check printing
  2. Watermarks – A watermark is an identifying image or pattern in paper that appears as various shades of lightness/darkness. Watermarks have been used on currency, and other important documents to discourage counterfeiting.
  3. Intaglio Printing –  It is techniques in which the image is incised into a surface and the incised line or sunken area holds the ink.
  4. Geometric Lathe Work -A geometric lathe was used for making ornamental patterns on the plates used in printing bank notes.
  5. Micro-printing – The usage of micro-printing in currency commonly exhibits the highest quality because it demands the highest level of counterfeiting deterrence.
  6. Optical Variable Ink – This ink displays two distinct colors depending on the angle the bill is viewed at. It is an anti-counterfeiting measure used on many major modern banknotes
  7. Holograms – Hologram is an image made from Holography. Holography is a photographic technique that records the light scattered from an object, and then presents it in a way that appears three-dimensional.
  8. Security Thread – It consisting of a thin ribbon that is threaded through the note’s paper. A security thread is a security feature of many banknotes to protect against counterfeiting.
  9. Magnetic Ink – MICR code is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.
  10. Serial Numbers – Serial numbers help make legitimate documents easier to track and audit.
  11. Anti Copy Marks – Anti copying marks are the marks or design on the piece of paper which is used to create cheques and bank notes.
  12. Copy Evident  – Copy-evident technologies provide security to hard copy documents by helping distinguish between the original document and the copy.
  13. Prismatic Coloration – By using two or more colors in the background and blending them together a prismatic effect can be created
  14. Halo – By using two or more colors in the background and blending them together a prismatic effect can be created
  15. False Positive Testing -The most common instance is the widely available counterfeit detector marker seen in many banks and stores. Banknotes, being a specially treated substrate, usually behave differently than standard newsprint or other paper and this difference is how counterfeits are detected by the markers.
  16. Fluorescent Dyes – These show up as words, patterns or pictures and may be visible or invisible under normal lighting. This feature is also incorporated into many banknotes and other documents.
  17. Registration Features – This allows the note to be examined for this feature, and provides opportunities to unambiguously align other features of the note to the printing. Again, this is difficult to imitate accurately enough in most print shops.
  18. Electronic Devices – With the advent of RFID, it is possible to insert extremely small RF-active devices into the printed product to enhance document security. This is most apparent in modern biometric passports, where an RFID chip mirrors the printed information.
  19. Thermochromatic Ink – Security ink with a normal “trigger” temperature of 88 °F (31 °C), which will either disappear or change colors when the ink is rubbed, usually by the fingertips.
  20. Latent Images – Pressure-sensitive or hot stamped labels characterized with a normal (gray or colored) appearance. When viewed via a special filter (such as a polarizer) an additional, normally latent, image appears.

Security Paper — protected-papers


Pantograph 4000 The foundation of our security paper products relies on a patented technology called Pantograph 4000. From extensive research on how photocopy and scanner technology works, our R&D team has been able to engineer a special printed background (also known as a pantograph) that essentially “tricks” the copier or scanner and interferes with how it attempts to capture an image. This technology is currently available as a stock product in several colors and messages, or can be custom ordered.

Layer Up
With Pantograph 4000 as the base layer for our document security products, we can add additional security technologies as needed for the purpose of further copy protection, or authentication. You rest easy knowing that your documents can be distributed with the risk of copying mitigated, and upon redemption or inspection of the document by yourself or the recipient, you can also easily verify the authenticity of the document too with technologies like specialty inks watermarks, etc.

Today’s Counterfeiter
In today’s world, the tools of the counterfeiter are most often a color printer, desktop scanner and graphic design software. With a simple scan, or even in a matter of a few hours on a computer, one can copy or recreate a document with frightening accuracy. By our definition, this “bad guy” takes on many forms and could be an office employee making a photocopy of an internal document they shouldn’t have access to, or even a crafty criminal looking to recreate some high value product coupons that he intends to sell on ebay.

Protection for All
In the end, we all pay for costs associated with counterfeiting and fraud. It is our goal to offer cost effective security paper products to qualified and legitimate customers. Whether the document at risk is an event parking pass, a pizza parlor coupon, or a high value coupon for a fortune 500 company, everyone has the right to protect their business. Our security paper products will allow you to take back control of your valuable documents…

Contact us today to learn more about our security paper products by calling (585) 924-8460 or email us.


Security Printing — protected-papers

Custom Security Printing

If your requirements call for fully customized printing, Protected Papers can assist you in designing a product that will meet your needs, while not upsetting your budget. The company’s “layered” approach to document security can make use of a variety of overt (obvious) and covert (unknown) security features that will make the final product difficult to counterfeit, forge, or alter.

Depending upon the your specific needs, we can provide a product that is as simple or as complex as the application requires – from the selection of the base paper stock, to the customization of artwork, to the use of security inks and our AuthentiGuard suite of patented anti-copy and authentication technologies – we can do it all, quicker and more effectively than anyone in the market!

Academic Printing
Check out the internet. Academic fraud and deception is everywhere. At last count, if you have the money, there are over 600 websites that offer fake and fraudulent diplomas and student transcript documents. High schools, colleges and universities need to protect themselves against this type of problem. Our in-house design team can create a document which protects against counterfeiting, forgery and alteration, while also improving upon your institution’s image. In addition to the more obvious document security applications in this area, “other” products should not be over-looked – visitor passes, university letterhead, thesis documents, absentee excuses, confidential student and staff records, ticketing (for athletic & social events), discount coupons to on-campus food service and bookstores, plus most any other important or confidential document that may be issued by this type of institution.

Commercial Printing
Counterfeiting of commercial printed products is both widespread and costly. The International Anti-Counterfeiting Coalition estimates that counterfeiting, forgery and other forms of document fraud cost businesses over $600 billion a year in lost income. Whether you’re a small retail location, or a Fortune 500 company, losses in the area of counterfeiting, forgery, brand protection and document alteration should be a concern. These problems can be effectively remedied through the use of our patented anti-copy and authentication technologies. And these solutions can be surprisingly affordable…

– Commerical checks & money orders
– Non-copiable letterhead, purchase orders & bill of lading documents
– Gift certificates & discount coupons
– Product warranties & guarantees
– Brand protection (packaging, labeling & hang tags)
– Temporary guest passes
– Confidential internal documents & employee records
– Direct mail & various rebate promotions

Legal & Real Estate Applications
Legal and real estate paperwork are among some of the most important documents an individual or corporation will need to protect. When discussing stock certificates, sales contracts, promissory notes, bills of sale, divorce documents, business contracts, mortgages, rental agreements, judicial transcripts, and other official paperwork, these types of documents need adequate protection against the crimes of counterfeiting, falsification and alteration. Whether it’s to protect your client, lessen your liability in the case of fraud, or to improve your corporate image – implementing improved security in this area makes good business sense.

Health Services & Pharmaceutical Products
Statistics presented to the World Health Organization dramatize the extent of product counterfeiting and piracy in the global pharmaceutical supply chain. Fully ten percent of all pharmaceuticals sold worldwide are counterfeit. Whereas, in developing countries, these numbers may be as high as seventy percent. The manufacturers of these products are loosing billions of dollars in sales annually. More importantly, these problems also present a dangerous treat to public health and safety.

Supported by AuthentiGuard’s extended suite of anti-counterfeiting and authentication technologies, Protected Papers can assist the pharmaceutical manufacturer in providing cost effective methods to protect these products. Whether your concerns are in the area of packaging, labeling, or the marketing of these items (hangtags, cash rebates, direct mail and discount offers), Protected Papers can assist your brand manager in developing solutions to combat this ever growing problem.

In addition to the above concerns, hospitals, health clinics and other medical practices must maintain compliance with the new federal guidelines concerning the issuance of prescription forms (scripts) for Schedule II controlled narcotic drugs. Our new line of tamper-resistant RX forms (either off-the-shelf or fully customized) exceed all state and federal mandates in this area.

Government & International Documents
Government agencies have the dual roll of administering the laws of the land and protecting their citizenship against harm. There are numerous types of documents that are issued by local, state and federal agencies. While these documents establish ownership and accountability, they also protect the public against fraud and corruption. Additionally, these documents provide a large source of income for these federal entities. If left unprotected, these documents can easily become victim to counterfeiting, alteration and other forms of fraudulent activity.

Protected Papers specializes in design and printing of all types of governmental forms – breeder documents (birth certificates and social security cards), motor vehical registrations, land titles, marriage licenses, various types of permits (building, health, firearms), tax documents, lottery tickets, mass transit passes, as well a multitude of election forms.

For our numerous foreign clients, we offer full translation services and expedient digital proofing capabilites. Custom products are available in all international sizes (A4, A5, B1, B4, etc. ). And if document security is your concern, our patented line of AuthentiGuard printing technologies are among the best in the world.

Allow one of our document security consultants to assist you in developing a program that meets your specific needs in this unique area of security printing.

Security Paper | Teslin Security Grade Paper

Whether you are designing an identification card or tamper-evident secure labels, the most effective way to build a highly secure document is to employ a holistic, layered design approach that combines multiple levels of security features.  If your credential or label requires high levels of resistance to fraud, you can trust that PPG TESLIN® Security-Grade substrate is an ideal security paper solution.  

Our Teslin Security-Grade substrate starts with the exceptional durability, tamper-resistance and tamper-evidence performance of standard Teslin substrate. It builds on these inherent security benefits by embedding covert and forensic security features into the material to provide easy authentication and deter counterfeiting.

Our tightly-controlled, secure production supply chain and distribution further safeguards the security benefits of Teslin Security-Grade substrate. 

Secure Documents that are Easy to Authenticate and Difficult to Replicate
Teslin Security-Grade substrate incorporates covert and/or forensic elements that are embedded throughout the material’s structure during our manufacturing process. Since the security elements are an inherent part of the substrate, they are easily discernable not only on the front and back, but also on the edges of the document.  The embedded elements provide an effective fraud deterrent as they are difficult to replicate through printing or coating processes.

Secure Production and Distribution of a Customized Offering
Teslin Security-Grade substrate is specifically formulated and made-to-order for each customer. During production, our supply chain is tightly controlled: all raw materials, fabricated products, waste, and trim are fully monitored and secured.

PPG exclusively sells Teslin Security-Grade substrate to legitimate authorities and their approved suppliers. We do not make the material available to the public or accessible through traditional distribution or commercial channels.  

PPG’s rigorous commercialization policy and process further enhance the synthetic security paper’s numerous advantages and eliminate the threat of counterfeiters accessing the material.

Covert Security Features
Covert (level 2) features embedded into Teslin Security-Grade substrate can be verified through quick visual inspection using portable devices such as ultraviolet (UV) flashlights, infrared (IR) pens, or more sophisticated audible or color-code readers. 

Infra-red (IR) “sparkle” features are available in several color options (green, green & red or invisible). They can be incorporated in tailored formulations to provide varying levels of visual and/or audible response that range from discreet to obvious. The unique “sparkle” optical effect is easily distinguished by trained security officers and cannot be replicated by printing or coating.

Other options include UV particles that display a green phosphorescence response under ultraviolet light. This can be incorporated in different densities from low to high to create varying levels of visual response.


  Feature Function Detection Options
Ultra-Violet (UV)

Visible fluorescence
or phosphorescence

  • Visible Fluorescence
  • Visible Phosphorescence
Color: Green

Dispersion options:
• Low loading / Discreet
• High loading / Obvious

Infrared (IR)

Visible – IR sparkle
effect (plus Nonvisible
audible response)

  • IR light source
  • IR audible detector
Color: Green

Dispersion options:
• Low loading / Discreet
• High loading / Obvious

Color: Green and red

Dispersion options:
• Low loading / Discreet

Infrared (IR)

Non-visible IR-to-IR response – audible only

  • Audible detector
  • Basic (Y/N)
  • Advanced
  • Audible IR detector
  • Customizes readers
Dispersion options:
• Low loading / Discreet
• High loading / Obvious

Forensic Security Features
Unlike overt and covert security features, forensic (level 3) features require specific office or lab equipment, such as high microscopy, for verification. Teslin Security-Grade substrate forensic features are all unique and program specific. 

They provide sophisticated traceability and security for investigative purposes.  Forensic elements offer the highest level of authentication. They are strongly advised for any sensitive high-security credential or document.

Program-Specific Forensic Customization Offering

  Feature Detection Options
Physically unique material, including unique embedded color code options 150x optical microscope Choose a sequence of up to six color layers: black, brown, red, orange, yellow, green, blue, purple, gray and white, including UV/IR white caps

Whether you’re designing a secure ID credential program, or creating secure labels, certificates, diplomas, or other sensitive documents, contact us to learn how our team of experts can assist you with customizing Teslin Security-Grade substrate to meet your security paper needs.

Secure print release and Find-Me Printing in PaperCut MF

Secure Print Release and Find-Me Printing

In a standard printing environment, a user’s jobs are sent directly to the printer for immediate printing. This results in wasted paper and toner when printing is forgotten and not collected. It also presents a security risk if those forgotten jobs were sensitive or confidential. PaperCut print release provides a simple solution that places jobs in a holding state until the user authenticates and releases the job at the printer. Users may select individual jobs to release or have jobs automatically print after successful authentication.

PaperCut print release offers:

  • Secure printing – sensitive jobs will not sit uncollected on the printer. Jobs only print when released by the user.
  • Find-Me Printing – provides a roaming print solution where users print to a single queue and jobs will be “pulled” to any printer where they authenticate. Also known as “Pull Printing”, jobs follow you to any printer.
  • Reduced wastage – no more uncollected jobs. No wasted paper or toner.
  • Charge to a shared account – printing without the PaperCut Client Tool? No worries. You can print from any BYOD or mobile device, and select your shared account at the same time you release your job.
  • Last minute checks – make sure you print the right job the first time. Review, delete, print or edit multiple jobs in the print queue.

PaperCut print release is a cost-effective and universal solution available for any printing device and is offered through embedded copier software, card readers or print release stations.

Embedded copier software

PaperCut embedded software provides print release integrating directly with Multi-function printer (MFP) devices. This provides a seamless user experience as users login to the MFP using the LCD touchscreen or security card readers. Embedded solution is cost effective as no expensive 3rd party terminal hardware is required.

Embedded software is available for the major MFP brands including: Ricoh, HP, Konica-Minolta, Xerox, Fuji Xerox, Toshiba, Kyocera, Sharp, Lexmark, Canon and Epson. In addition to print release, these solutions also track and control copying, scanning and faxing.

For devices that do not support an embedded software platform, similar features are available through third party hardware terminal devices connected to the MFPs.

Print release in embedded software on the MFP LCD

For more information on embedded solutions see the copier tracking solutions.

Fast Release Card Reader

The Fast Release TCP/IP Network Convertor is a cost-effective print release solution that leverages commodity of off-the-shelf USB card readers available from multiple manufacturers. The Fast Release Card Readers are connected to the network (not the printer) allowing them to be used with any printer on the market, and the desired USB card reader is attached to the Fast Release Card Reader. It’s an ideal solution for printers that do not support embedded applications.

The Fast Release solution works as follows:

  • The user prints to hold/release queue or a global virtual print queue, where jobs are held awaiting release.
  • The user walks up to the printer and presents their identity card to the USB card reader attached to the Fast Release Terminal.
  • Compatible USB Keyboards and PIN Pads can be used to enable user authentication via user ID number.
  • PaperCut validates the user’s credentials and releases their jobs to the adjacent printer.

The Fast Release TCP/IP Network Convertor enables USB card readers which support a large range of authentication card types, including Mifare, HID, HID iClass, Legic and more.

PaperCut’s Fast Release Card Reader solution supports Mifare, HID, HID iClass and more card types.

Print Release Station Software

PaperCut also offers a software based release station that can be installed on any low-end PC or workstation. It provides a full print release solution (including support for card authentication and Find-Me printing).

Software release stations are an effective solution for print rooms. It is a particularly cost-effective solution when spare or unused workstation hardware is used.

Print release station software

Find out more about Print Release Stations.

Much more than just print release …

Print release is just one of many features to control, track and audit printer and copier usage….

  • Tracking and control of printing, copying, scanning and faxing. See the tour.
  • Allow users to recharge credit with cash loaders or online payment gateways. See the tour.
  • Take advantage of 50+ one click reports. See the tour.
  • and much more ….

: Printer Security Paper

HP (NYSE: HPQ) is a world leader in personal computer systems – PCs, notebooks, workstations and printing systems. The aggregate sales market of the company exceeds $ 500 billion per year, and the annual revenue for the last 12 months amounted to $ 61.08 billion.

Financial indicators

The average growth rate of the company’s revenue since 2015 is 5.8%, net profit – 14.2% year-on-year.

PC sales rose sharply following the trend towards remote work and strong consumer demand.But the print segment, which generates most of the profits, has been under pressure from office closures around the world.

HP ended fiscal 2020 in October with revenue of $ 56.64 billion (-3.6% YoY) and net profit of $ 2.844 billion (-9.8%).

However, since the start of mass vaccination, HP’s revenues have grown across all metrics. For the last reporting quarter ended in April, revenue and net income increased by 38% and 60.7% year-on-year to $ 3.44 billion and $ 1.23 billion, respectively.

Since the company has low capital expenditures – from $ 500 to $ 600 million per year, it has a high return on free cash flow of 14.8%. This is equivalent to $ 4.18 per share.

The company has a strong financial position: according to the results of the last 12 months, the ratio “net debt / EBITDA” was 0.7x, and operating profit exceeds interest payments by 19 times.

The CEO noted that HP’s growth is currently constrained by a shortage of components, which the company predicts will last until the end of 2021.This suggests that the company’s results could have been even better.

Growth factors

The company is actively developing value-added services and subscriptions for business. Another driver of the company’s growth is 3D printing.

  • Instant Ink and DaaS Subscription Services

HP launched Instant Ink to drive sales in the print segment. Monthly subscriptions allow you to refill, replace toner, refurbish used cartridges, and ship new cartridges directly to the customer.The user does not need to do anything at all: his printers are connected to the network and automatically initiate delivery as the toner and other consumables run out.

Instead of purchasing replacement cartridges, the user pays a monthly fee based on the number of pages printed. This business model generates regular cash flow and increases profitability by eliminating the reseller who used to sell replacement cartridges between the consumer and HP. To date, more than 9 million customers have signed up for Instant Ink, and the division’s revenue has more than tripled over the past three years.

This offer is aimed at corporate clients. Making a regular payment allows you to forget about the problems of maintenance and service of printing equipment. All office equipment – from a printer to a custom-made PC – can be rented from HP. This service is DaaS – Device as a Service. It allows companies to save on office equipment purchases when starting a business or opening a new branch.

As most of the employees currently working remotely will return to their offices this year or next, the demand for HP products could grow.

HP was one of the first in the world to invest in 3D printing development. Instead of targeting small consumers, the company is forging partnerships with large corporations. Today its systems are used by many large industrial companies.

For example, on June 18, 2021, Volkswagen, the world’s largest carmaker in terms of production, announced the use of 3D printers in car production. In the next two to three years, every major carmaker will switch to this technology, since 3D printing allows the production of complex structural parts necessary for both aerodynamics and design.This digital manufacturing reduces costs and increases productivity.

As part of the joint partnership, HP supplies Volkswagen with the necessary high-tech printers, and Siemens supplies special software for layer-by-layer build-up and object synthesis technologies. In this way, HP’s 3D printing systems will further boost the company’s growth.

Dividends and buyback

HP pays great attention to the returns of its shareholders.Typically, the company pays high dividends and carries out significant share repurchases. Redemption – buyback – increases the value of the remaining shares and is an analogue of dividends, from which you do not need to pay taxes.

From 2016 to April 2021, the company returned $ 18.737 billion to shareholders in the form of dividends and buyback – this is about 63% of capitalization. The current dividend is $ 0.19 per share – approximately 2.75% of the forward yield. The dividend payout ratio is only 17.7% of free cash flow.

In early 2020, the CEO once again confirmed that the company will return 100% of its free cash flow to shareholders using buyback and dividend payments. The current $ 15 billion share buyback program was approved in February 2020. As of the last reporting quarter, of this amount, $ 9.566 billion remained, which is equivalent to 28.2% of HP’s current market capitalization.

Given the current rate of buybacks, this implies approximately 16.8% annualized total shareholder return.Against the backdrop of negative real rates almost all over the world, high returns make HP stock a valuable option for the long-term investor.

Dynamics of quotes (area) and share repurchase (line) of HP company. Data source: Analytical Department of GPB Investments

The amount of HP’s quarterly dividend. Data source: Analytical Department of GPB Investments

Evaluation and withdrawal

Relaxation of quarantine measures will lead to a massive return of employees to offices.This will drive demand for HP products and the high-margin printing segment.

Based on a net income forecast of $ 4.2 billion for 2021 and a current capitalization of $ 33.88 billion, HP is trading at a forward P / E of 8.06x.

HP has a target price of $ 35.50 with an upside potential of approximately 21% over a 12-month horizon. Taking into account the capital return from dividends and a 16.8% buyback, the total return could be approximately 37.8% per annum.

90,000 Securities and their types

The following types of securities are admitted to circulation on the Russian stock market: government bonds, bonds, promissory note, check.certificates of deposit and savings certificates, bank bearer savings book, simple and double warehouse certificate (each part of it), bill of lading, share and privatization securities, housing certificates.

Option certificate is also security , since the provision on the option certificate, its application and approval of the issue standards for option certificates and their issue prospectuses is legally enshrined. Thus, derivative securities – option certificates – were admitted to circulation in the Russian Federation.

Shares of the company

A share is a security , securing the rights of its owner – shareholder to:

  • Receipt of part of the profit of a joint-stock company in the form of dividends,
  • participation in the management of a joint-stock company,
  • part of the property remaining after its liquidation. The stock form must contain the following details,
  • corporate name of the joint stock company and its location,
  • name of foam paper – “Share”, its serial number, date of issue, type of share – common or preferred – and its par value, holder’s name,
  • the size of the authorized capital of the joint-stock company for the laziness of the issue of shares, as well as the number of issued shares, the term for the payment of dividends.signature of the chairman of the board of the joint-stock company, place of seal, company – manufacturer of securities blanks.
  • 90,036 90,093 Bonds – promissory notes 90,094

    The bond is a security giving its holder the right to receive:

    90,031 90,032 from the bond issuer – the amount of the principal debt (par value) paid upon redemption in cash or other property equivalent, 90,035 90,032 fixed interest income accrued to the par value of the bond.The details of the bond forms are as follows,
  • corporate name of the issuer and its location,
  • name of the security – “Bond”,
  • name (name) of the holder, serial number and par value,
  • date of issue, type of bond (mortgage, unsecured bond, convertible bond). total amount of issue,
  • interest rate, conditions and procedure for payment of interest, conditions and procedure for repayment,
  • printing place, company – manufacturer of securities blanks.

Issue of bonds can be carried out by the state and legal entities with the appropriate organizational and legal status. Based on this, the bonds acquire the name of government bonds or corporate securities.

Shares and bonds , having similarities as securities, have distinctive features. If the shares provide the owners with the right to receive dividends, property share. In the liquidation of the joint stock company.participation in management, the bonds do not give owners such rights. Their capabilities relate only to the receipt of the principal amount of the debt upon redemption of bonds and interest. The owner of the bonds is not entitled to present any property rights, and even more so claims to participate in the management board of a joint-stock company.

Shares and bonds are equity securities. A certificate may be issued for equity securities.

Security certificate

Security certificate (from lat.certifico – certify) – a document certifying the set of rights to a certain number of securities.

Certificate of equity security – a document issued by the issuer and certifying the set of rights to the number of securities indicated in it. In this case, the owner of the securities has the right to demand that the issuer fulfill his obligations on the basis of such a certificate. The issuance of a certificate can be carried out both in documentary and non-documentary form.

In the documentary form of equity securities, the certificate and the decision on the issue of securities are documents certifying the rights secured by the security. In the non-documentary form of equity securities, the decision to issue securities is a document certifying the rights secured by security .

Equity security as a whole secures property rights to the extent that they are established in the decision to issue these securities, and in accordance with the legislation of the Russian Federation.

The issued security certificate has the following characteristic details:

  • full name of the issuer and its legal address; type of securities;
  • state registration number of emissive securities: the procedure for placing emissive securities;
  • the obligation of the issuer to ensure the rights of the owner subject to the requirements of the legislation of the Russian Federation;
  • an indication of the number of equity securities certified by this certificate: an indication of the total number of issued equity securities with this state registration number;
  • an indication of that.whether issued securities were issued in certified form with obligatory centralized storage or in documentary form without obligatory centralized storage;
  • an indication of that. whether the equity securities are registered or bearer;
  • seal of the issuer;
  • 90,032 signatures of the issuer’s managers and the signature of the person who issued the certificate;
  • other details stipulated by the legislation of the Russian Federation for a specific type of securities.

The name or title of its owner is a mandatory requisite in the certificate of a registered equity security.

Bill of exchange

A bill of exchange is a document drawn up in the form prescribed by law and containing an unconditional abstract monetary obligation. A bill of exchange is a kind of “credit money”. Distinguish between a promissory note and a bill of exchange.

Simple promissory note – the unconditional obligation of the drawer to pay a certain amount of money at maturity to the holder of the promissory note.

Bill of exchange – a written order of the drawer (drawer), addressed to the payer (drawer), on the payment of the amount of money specified in the bill of exchange to the holder of the bill (remitter).

Trassat becomes the debtor of the bill only after it accepts the bill, i.e. agree to pay for it by putting your signature on it. Only then can we talk about that. that the bill has been accepted.

Details of the bill of exchange:

  • name “Bill” (bill label)
  • offer (obligation) to pay a certain amount
  • name of the payer
  • indication of due date
  • indication of the place of payment
  • name of the one) ‘or by order of whom the payment must be made
  • date and place of drawing up the bill
  • signature of the drawer.


The check refers to securities and contains an unconditional order of the drawer to the bank to make the payment of the amount indicated in it to the check holder. Thus, a check by the nature of its functions resembles a bill of exchange, in which the bank acts as the drawee.

The check form has its characteristic details:

  • name “Check” – order to the payer to pay the specified amount of money
  • name of the payer and account number
  • indication of payment currency
  • date and place of compilation
  • signature of the drawer.

Securities of credit institutions

Certificate of Deposit – written certificate of the bank on the deposit of funds. certifying the depositor’s right to receive, after a specified period, the amount of the deposit (deposit) and interest on it. It can be issued only to an organization that is a legal entity registered in the territory of the Russian Federation.

Savings certificate – a written certificate of the bank about the deposit of funds, certifying the depositor’s right to receive, after the expiration of the established period, the amount of the deposit (deposit) and interest on it.It can only be issued to a citizen of the Russian Federation.

Thus, certificates of deposit and savings certificates are very similar to each other, differing only in the status of the owner. So. the owner of a certificate of deposit can only be a legal entity, and a savings certificate can only be an individual.

Combine them and details, which include the following characteristics:

  • name “Deposit” or “Savings” certificate
  • an indication of the reason for the issue
  • date of the deposit (contribution)
  • amount of the deposit (contribution)
  • unconditional commitment to return the amount of the deposit (deposit)
  • call date
  • interest rate
  • 90,032 amount of interest due
  • name and address of the issuing bank
  • signatures of two persons on behalf of the issuer, seal of the issuer
  • name of the recipient (for a personalized certificate).

Warehouse certificates

Warehouse certificate is a document confirming the fact of the conclusion of a storage agreement and acceptance of goods for storage, and the holder of the certificate receives the right to dispose of the goods while the goods are in storage.

Double warehouse certificate is a security consisting of two parts: a warehouse certificate and a pledge certificate (warrant). These parts, being separated from each other, are separate securities.

The specificity of such securities as warehouse receipts consists not only in their peculiar form, but also in the requisites, which include:

  • Name and location of warehouse
  • current certificate number in the register
  • name and location of the owner of goods
  • name, quantity, measure of goods
  • shelf life
  • amount of remuneration and procedure for its payment
  • date of issue of certificate
  • signature and seal of the warehouse.

Bill of Lading

Bill of Lading is a foam paper, a type of document of title, which gives its holder the right to dispose of the goods. A bill of lading (from French – connaissement) is a document containing the terms of a contract for the carriage of goods by sea.

Resolution of the Central Executive Committee and the Council of People’s Commissars of the USSR dated May 28, 1926, which approved the Regulation on sea transportation. put into circulation maritime cargo documents. The following types of bills of lading have been introduced into practice: a bill of lading drawn up in the name of a specific recipient and a bearer bill of lading.All types of bills of lading, except bearer bill of lading, are order papers.

Bill of Lading has specific features related to the conditions of its creation as a document and the procedure for circulation. The essence of the matter boils down to the fact that this foam paper serves goods in transit. Therefore, the Merchant Shipping Code and the Unified Rules and Customs for documentary credits are applied as normative acts along with the Civil Code of the Russian Federation.These documents legalize bills of lading as securities and describe the rules for their maintenance and circulation.

The details of the bill of lading as a security include:

  • name of carrier, signature and seal:
  • ship name:
  • Port of unloading / loading:
  • an indication of that. that the document consists of a single original:
  • reference to a document containing the conditions of carriage of goods.

Warehouse receipts and bill of lading have not yet been traded on the Russian stock market as independent financial instruments.Although they have been proposed for several years as a basis for building certain financial and commodity schemes (for example, for trading in gold, precious metals, etc.).

Bank bearer passbooks

Bank bearer passbook issued by the bank, according to Russian law, is also a security that certifies the right of its owner to receive a deposit and interest on it. Her requisites are:

  • Name and location of the bank
  • deposit account number
  • all amounts credited to account
  • All amounts debited from account
  • account balance at the time of presentation of the bank passbook to the bank.

Privatization securities – vouchers

Privatization securities also refer to securities confirming the right of their owner to a part of the privatized state property. The most famous and so far the only example of privatization foam papers are privatization checks (vouchers).

Housing Certificates – Securities

Housing Certificates are securities with an indexed par value depending on the value of a unit of housing area.The nominal value of housing certificates is presented in terms of the total area of ​​housing and in monetary terms.

This is the unusual nature of these securities with the following details:

  • name – “Housing certificate”
  • date and number of state registration
  • certificate validity period
  • date of acquisition by the first owner
  • the size of the total area of ​​housing per certificate
  • total issue of certificates of this series
  • ¥ 90,032 first-owner acquisitions ¥
  • par value indexing scheme
  • preconditions for the conclusion of a future contract of purchase and sale of housing
  • procedure for agreement on additional and final conditions of the future contract of purchase and sale of housing
  • conditions giving the right to conclude a contract for the purchase of housing
  • full name of the issuer, signature, seal
  • full name of the owner of the certificate
  • full name of the bank that controls the targeted use of the borrowed funds.

Mortgage – new type of securities

The mortgage is a registered security , which certifies the following rights of its legal owner:

  • The right to receive performance on a monetary obligation secured by a property mortgage. specified in the mortgage agreement, without providing other evidence of the existence of this obligation
  • the right of pledge to the property specified in the mortgage agreement.

The persons liable under the mortgage are the debtor of the obligation secured by the mortgage and the pledger.

The bond must contain:

  • The word “Mortgage” included in the title of the document,
  • name of the pledger and indication of his place of residence, or his name and indication of location, if the pledger is a legal entity,
  • the name of the original pledgee and an indication of his place of residence, or his name and an indication of his location, if the pledgee is a legal entity,
  • name of the original pledgee and indication of his place of residence; loo his name and indication of location, if the pledgee is a legal entity,
  • name of the loan agreement or other monetary obligation, the performance of which is secured by the mortgage, indicating the date and place of the conclusion of such an agreement or the basis for the occurrence of the obligation secured by the mortgage,
  • name of the debtor under the obligation secured by the mortgage, if the debtor is not a pledger and an indication of the debtor’s place of residence or its name and an indication of its location, if the debtor is a legal entity,
  • an indication of the amount of the obligation secured by the mortgage, and the amount of interest, if they are payable under this obligation, or the conditions allowing at the appropriate time to determine this amount and interest,
  • an indication of the due date for the payment of the amount of the obligation secured by the mortgage, and if this amount is to be paid in installments – the timing (frequency) of the corresponding payments and the amount of each of them or the conditions allowing to determine these terms and amounts of payments (debt repayment plan),
  • name and description sufficient for identification of the property on which the mortgage is established, and an indication of the location of such property,
  • monetary value of the property on which the mortgage is established,
  • name of the right by virtue of which the property that is the subject of the mortgage belongs to the mortgagor, and the authority that registered this right, indicating the number, date and place of state registration, and if the subject of the mortgage is the right of lease belonging to the mortgagor – the exact name of the property that is the subject lease, and the duration of this right,
  • an indication of that.that the property that is the subject of the mortgage is encumbered with the right of life use, lease, easement, other right, or is not encumbered by any of the rights of third parties subject to state registration at the time of state registration of the mortgage,
  • signature of the pledger, and if he is a third party, also of the debtor under the obligation secured by the mortgage,
  • information about the time and place of notarization of the mortgage agreement, as well as information about the state registration of the mortgage,
  • An indication of the date of issue of the bond to the original pledgee.

Option Certificates – Derivative Securities

Option Certificate is a registered equity derivative. which secures the right of its owner to buy (option certificate to buy) or sell (option certificate to sell) securities that make up the underlying asset of option certificates.

The optional certificate must contain the following mandatory details:

  • full corporate name of the issuer and its location
  • name “Option certificate to buy” or “Option certificate to sell”
  • state registration number of option certificates
  • serial number of the option certificate
  • procedure for placing option certificates (start date and end date for placing option certificates), method of placement (open or closed subscription), price (premium) for placing option certificates or the method for determining it, procedure and term for payment of option certificates
  • par value of the option certificate
  • kind (category and type), quantity, date and number of state registration of securities to be bought or sold under an option certificate (basic asset), indicating the state registration authority of these securities
  • purchase or sale price of securities specified in the option certificate (strike price)
  • term of circulation of the option certificate
  • the obligation of the issuer to ensure the rights of the owner, subject to the owner’s compliance with the requirements of the legislation of the Russian Federation
  • indication of the number of option certificates certified by this certificate
  • an indication of the total number of option certificates with this state registration number
  • an indication of that.whether option certificates were issued in documentary form with mandatory centralized storage or in documentary form without mandatory centralized storage
  • full company name (last name, first name and patronymic) of the holder of the option certificate
  • seal of the issuer of the option certificate and the signature of the sole executive body of the issuer of the option certificate and the person who issued the certificate.

The absence of any of the details makes the option certificate invalid.It should be noted that this rule fully applies to other securities .

Paper with protective properties

11 – 2003

Margarita Grigoryan

Protective equipment




Our money

Banknote paper

Paper with protective properties can become irresistible an obstacle for those wishing to forge this or that type of product or document, not to mention banknotes.As a rule, counterfeiters try thoroughly repeat all the visual features of the object, but achieve absolute identity sometimes it becomes impossible precisely because of the protective properties of paper to counterfeit which is not so easy.

Paper with protective properties is used for printing labels and packaging for expensive goods, in the manufacture of securities and, of course, in the printing of money. Paper grades with protective properties are divided into three categories: order paper government organizations, paper for printing securities and bond paper branded with an individual or serial watermark.First category paper used in the production of banknotes, passports and other identity cards, stamps (identification, excise, postage and collection) and when performing other orders, for example, when printing ballots and diplomas of education. Paper for printing securities is used in the manufacture of bonds, bills, as well as travel documents. Company paper is used for letterheads, check books and documents for various purposes.

In order for the tricks used by manufacturers of paper with security properties, were not in vain, you need to know about these properties. And if a few more decades ago, most of the protective features were visible to the naked eye, now there is an incredible variety of them – from well-known watermarks to such virtuoso techniques, like radiation microparticles. So, let’s look at them all by order.

Protective equipment


This method of protecting a document or banknote from counterfeiting is the most common.Watermarks are used to decorate the entire range of securities and, of course, banknotes. With their help, you can depict almost any drawing or pattern, as well as make inscription. Such signs are clearly visible only when examining the paper under certain corners or to the skylight. The outline of a watermarked picture should be indistinct, slightly blurred.

Watermarks are formed during the papermaking process by special calendering cylinders made of special alloy, embossed or marked in certain places.The highest quality is achieved on cylinder or cylinder mold paper machines. Also, watermarks are made with machines with a flat grid, but this method is not suitable for reproducing complex halftone images. Watermarks are inherently nothing more than as a local change in the thickness of the paper, which creates the visual effect of a hidden image, pattern or text.

An order for the production of watermarked paper can only be completed by a company licensed by the Ministry of Finance; while keeping a strict record of each produced sheet.But laid paper does not belong to security papers, as it can be purchased without any licenses. Although it costs a lot, it can be used to protect against counterfeiting in cases where there is no need in a particularly high degree of protection.

Watermarks can be both local (applied to paper in certain fixed places) and general (occupying the entire area of ​​the sheet as regularly repeated patterns). They also come in dark, light, two-tone, three-tone or multi-tone (having several degrees of brightness).General watermarks are usually two-tone, local watermarks are multi-tone.

The method of protection using watermarks is more common than others, therefore it is very important to be able to distinguish it from a fake. It’s not as easy as it can be seem at first: fake watermarks are most often obtained by printing methods. Due to the raster printing, such a fake sign can have halftones. and look quite believable, however, this watermark is usually darker the general background and does not contain elements that are lighter than the general background of the paper.

Fibers (villi)

Colored fibers or threads are also a fairly common way to protect paper. and banknotes from counterfeiting. Security fibers come in various lengths and colors and can be visible to the naked eye under normal lighting, or may be invisible, luminescent when illuminated by ultraviolet rays. Real fibers are impossible reproduce neither in any way of printing, nor with the help of copying equipment, and there is practically no paper with protective fibers on the free market.

Security fibers, which can be cotton, linen, synthetic, artificial or metallized, are introduced into a soft pulp in the process creating paper. They do not have to be strictly round in cross section, more it is impossible to add security threads of an unusual, asymmetrical or variable shape counterfeit in the usual way. Association “Goznak” uses the creation of papers with protective properties, the so-called stepped fibers, representing is a chain of cylinders having different diameters and colors, and each of such steps are either colorless or have a rich color; either passive to ultraviolet radiation, or luminescent in ultraviolet rays.Identify similar fibers can only be used with a magnifying glass or an ultraviolet lamp, and forged their printing method is impossible.

Watermarks on the 500-ruble banknote are lighter, and darker areas in comparison with the general background of the paper

It happens that for the sake of protection, the paper is made entirely of cotton fiber. The density of such paper is higher than that of ordinary paper, and it looks different, which gives her protective properties.

Security threads are either drawn or imprinted on counterfeit documents or banknotes. by printing method.

Metallic stripes

Like protective fibers, special protective metallized (as well as plastic and metal) strips are introduced into the soft pulp during its manufacture. Often they can be detected with the naked eye – when, for example, such a strip comes out to the surface of a banknote or security from the front side.With the help of special technologies, the protective strips can be colored in various color, which allows you to identify the authenticity of the product by optical methods. In addition, metallized stripes can fluoresce under ultraviolet radiation, and the glow can be both monochromatic and multicolored, and in in some cases, they can be magnetic. As a rule, metallized strips contain repetitive microtext.The width of these stripes usually varies. from 0.4 to 1.5 mm. In cross-section, they can be round, rectangular and even irregular. forms. An increase in the degree of protection is achieved by applying to the surface strips of radioactive, magnetic and fluorescent substances.

In addition to their protective properties, protective strips can become an element design composition on a banknote or on a security. In addition to metallized strips to give a banknote or document protective properties are also used polymer strips that are visible to the naked eye (if they go to surface of the paper) or only to the light (if completely embedded in the paper).There are also strips with microtext, which is visible only in the light, such as, for example, on US dollar banknotes.


In the process of casting, planer plates can be introduced into the paper, or, as they are also called, confetti, which are round or square inclusions of a small diameter (1-2 mm) with various optical effects. Like the protective fibers, tablet pads can be removed from the paper using tweezers, while counterfeits either drawn by hand with colored pencils or paints, or reproduced in printed ways.Since it is incredible to make paper with embedded flatbed difficult and expensive, it is a very effective way to protect paper and money from a fake. Tablets are colorless, colored and even iridescent, which are made from thin thermoplastic films pressed together. Confetti can be paper or plastic. Some Ouija boards become visible only in ultraviolet rays. In addition, they can be fluorescent, photochromic (light-sensitive), and also have microprints of texts, numbers and even logos.There are also tablets that luminesce only when exposed to laser beams.

Solvent sensitive paper

To ensure the protection of especially valuable documents, they are printed on paper sensitive to the simplest organic solvents – to moisture and fatty secretions of human fingers. When a certain substance gets on such paper, it changes its properties. Therefore, to check such a document, you just need to touch it or drip water on it.If after that the paper has not changed its properties and colors, then, apparently, you have a fake in your hands.

Chemical protection

During the processing of paper, various chemical substances can be introduced into it. compositions. It is possible to determine the authenticity of such paper using chemical analysis. Often these papers provide good protection when trying to copy or scan. the document printed on it. In these cases, hidden inscriptions may appear. or the entire document may be light up, acquired by copying or scanning black color.

A number of methods of chemical protection have been patented at the Goznak Association. One of them is aimed at determining the authenticity of the paper: using a special felt-tip pen a chemical is applied to the paper that changes the color of the original paper. Second the method provides protection against the etching of securities and banknotes (by means of a mechanical erasing the original inscription and applying new text in its place): using certain chemical reagents leads to the fact that with such attempts the paper itself or the text printed on it is irreversibly altered, for example an indelible colored spot appears.

Fluorescent particles

Another common way to protect securities and banknotes is the introduction into the paper pulp in the process of its casting of special fluorescent particles. To check such paper, you should examine it under ultraviolet rays. If the paper is genuine, then the fluorescent particles will glow with a certain color, sometimes forming a drawing, composition or inscription.

Radioactive microparticles

Microscopic doses of rare earth elements introduced into the paper weak radiation, can also become a reliable protection of paper from fakes.These elements do no harm to humans, but can be easily detected by special detectors. The main identification parameters when verifying the authenticity of such papers are the type of isotope, activity and coordinates tags.


Methods for the production of protective grades of paper are, for obvious reasons, kept by manufacturers in the strictest confidence. The technologies are fundamentally different from the production of conventional paper: special equipment is used, special methods of paper processing, as well as exclusive techniques for introducing security elements into the pulp, which not available to conventional manufacturers.

To securities with protective properties used for the manufacture of securities and documents, there is a whole range of requirements. The mass of such paper should vary from 80 to 140 g / m 2 . Mandatory content in the composition up to 50% of cotton fibers, presence of a watermark, presence of at least two types protective fibers visible under normal or special lighting. Instead of one of the types of fibers, the use of other protective equipment is permissible.And of course such the paper should change color in ultraviolet light.


The Goznak association, which recently celebrated its 185th anniversary, has an exceptional the right to produce the main types of protected printed materials on the territory Russia. Goznak paper mills produce banknote paper of the highest quality with unique strength characteristics and wear resistance.In such papers, explicit and hidden security elements are used that correspond to international level. In addition to the production of secure printed products for Russia, “Goznak” also fulfills orders for the supply of security paper for the production banknotes of Indonesia and Egypt. Association “Goznak” produces banknote paper of various thicknesses and strengths, and for each paper its own unique protective complex. According to the statements of the representatives of “Goznak”, possibility of counterfeiting or making copies of security elements of banknote paper excluded.

The range of types of paper with security elements of “Goznak” allows using them in many areas where the levels of protection of securities and documents should be different in terms of efficiency and at the same time have an acceptable manufacturing cost. Production paper for such products requires strict adherence to technology. Issued “Goznakom” paper can have printed, digital and other security elements, which are applied to it using special printing equipment, which guarantees the safety and integrity of the finished product.Goznak paper mill also produces paper that does not have such high requirements for security, for example, for certificates, passes and other forms with various data, scanned photographs and signatures affixed by the owner document immediately before receiving it.

In addition, Goznak’s arsenal has protective elements that are exclusive the development of the association. One of them is the moire effect: a latent image, invisible at right angles, appears when viewing paper under a sharp angle.In this case, the color of the image changes depending on the direction of view, and the transitions from one color to another are carried out smoothly, creating a rainbow the effect.

ComputerArt 11’2003

site layout

Classification, types and functions

The world of goods is divided into two groups: the actual goods (services) and money. Money, in turn, can be just money and capital, that is, money that brings new money.There is always a need to transfer money from one person to another. Markets have developed two main ways of transferring money – through the process of lending and through the issuance and circulation of securities. Securities are not money or tangible goods. Their value lies in the rights they give to their owner. The latter exchanges his goods or his money for securities only if he is sure that this paper is not a little worse, or even better, than the money or goods themselves. A security is a special commodity that circulates in a special, its own market – the securities market, but has neither material nor monetary consumer value, that is, it is neither a physical product nor a service.In the broader sense, a security is any document (paper) that is bought and sold at an appropriate price. A security is a document that expresses the property and non-property rights associated with it, can independently circulate on the market and be an object of sale and purchase and other transactions, serves as a source of regular or one-time income. Thus, securities are a kind of money capital, the movement of which mediates the subsequent distribution of material values.The Civil Code of the Russian Federation contains the classic definition of a security. “A security is a document certifying, in compliance with the established form and mandatory details, property rights, the exercise or transfer of which is possible only upon its presentation.” A security must contain the mandatory details provided for by law and comply with the requirements for its form, otherwise it is invalid. The requisites of a security can be conditionally divided into economic and technical.Technical details – numbers, addresses, stamps, signatures, names of service organizations, etc. Economic details: form of existence (paper or paperless), period of existence, affiliation, obligated person, face value, rights granted.

Classification of securities

Classification of securities is their division into types according to certain characteristics that are inherent in them. In turn, the species can in some cases be divided into subspecies, and they are even further.Each subordinate classification is part of one or another higher classification. For example, a stock is one of the types of securities. But the share can be ordinary and preferred. An ordinary share can be one-voiced and polyphonic, with or without par, etc. Securities can be classified according to the following criteria:

  • By the term of existence: urgent (short-term, medium-term, long-term and revocable) and indefinite.
  • By the form of existence: paper (documentary) or paperless (non-documentary).
  • By the form of ownership: bearer (bearer securities) and registered, which contain the name of their owner and are registered in the register of owners of this security.
  • By the form of appeal (order of transfer): transferred by agreement of the parties (by delivery, by assignment) or order (transferred by order of the owner – endorsement)
  • By the form of issue: emission or non-emission.
  • By registration: registered (state registration or registration of the Central Bank of the Russian Federation) and unregistered.
  • By nationality: Russian or foreign.
  • By the type of issuer: government securities (these are usually various types of bonds issued by the government), non-government or corporate (these are securities that are put into circulation by companies, banks, organizations and even individuals).
  • By circulation: market (freely tradable), non-market, which are issued by the issuer and can only be returned to him (cannot be resold)
  • By the form of attracting capital: equity (reflect the share in the authorized capital of the company) and debt, which are a form of capital loan (cash).

Types of securities

Securities are divided into 2 classes: basic securities and derivative securities (derivatives).Basic securities are securities based on property rights to any asset, usually to goods, money, capital, property, various resources, etc. These securities include: stock, bond, bill of exchange, bank certificates, bill of lading , check, warrant, mortgage, shares of mutual funds and others. Major securities can be broken down into primary and secondary. 1. Primaries are based on assets, which do not include the securities themselves (backed by assets).This is, for example, a share, bond, bill of exchange, mortgage. 2. Secondary – these are securities for the securities themselves: warrants, depositary receipts, etc.

Share is a security issued by a joint-stock company and securing the rights of its owner (shareholder) to receive part of the profit of the joint-stock company (JSC) in the form of dividends, to participate in the management of the joint-stock company and to a part of the property remaining after its liquidation. As a rule, shares are divided into two groups: ordinary shares and preferred shares.

Bond is a security that is a promissory note for the return of an invested amount of money after a specified period with or without payment of a certain income. If a bond is issued by the government, then such a bond is called a government bond. If local government bodies – then municipal. Legal entities also issue bonds: banks – bank bonds, the rest of the companies – corporate.

Promissory note (from it.Wechsel – exchange) – a security in the form of a long-term obligation, drawn up in writing in a certain form, certifying an unconditional obligation of the drawer (promissory note), or an offer to another payer specified in the promissory note (bill of exchange) to pay upon the occurrence of a specified period provided by the bill of exchange sum of money.

Bank certificate – a security, which is a freely circulating certificate of a cash deposit (deposit – for legal entities, savings – for individuals) in a bank with the latter’s obligation to return this deposit and interest on it after a specified period in the future.A bearer bank passbook is essentially a type of bank certificate (along with certificates of deposit and savings certificates).

Bill of Lading – a security, which is a document of a standard form accepted in international practice, which contains the terms of the contract of carriage of goods by sea, certifying its loading, carriage and the right to receive. Types of bills of lading: linear, charter, onshore and onboard.

Depositary receipt is a security that indicates the ownership of a certain number of shares of a foreign issuer, but is issued for circulation in the investor’s country; it is a form of indirect purchase of shares of a foreign issuer.

A derivative security or derivative is a non-documentary form of expression of property rights (obligations) arising from a change in the price of the exchange-traded asset underlying the security.Derivative securities include: futures contracts (commodity, currency, interest, index, etc.), freely tradable options and swaps .

Futures contracts (commodity, currency, interest rate, index, etc. – obligations to buy or sell a commodity at a certain time in the future at a price set today). The conclusion of a futures contract is not a direct act of purchase and sale, i.e.That is, the seller does not give his goods to the buyer, and the buyer does not give his money to the seller. The seller undertakes to deliver the goods at the price fixed in the contract by a certain date, and the buyer undertakes to pay the corresponding amount of money. To guarantee the fulfillment of obligations, a deposit is made, kept by the intermediary, i.e. organization conducting futures trading. A futures becomes a security and can be re-bought many times during its entire validity period.

Moscow Exchange | Listing

Listing of securities is carried out by including them in the List of securities admitted to trading on PJSC Moscow Exchange (hereinafter referred to as the List). Securities may be included in the List with or without inclusion in quotation lists.

The list consists of three sections:

  • First level
  • Second level
  • Third level

The first and second levels are quotation lists, the third level is the non-quotation part of the List.

To include securities in the First, Second or Third level, the Applicant submits an Application and a set of documents in accordance with Appendix No. 1 to the Listing Rules of PJSC Moscow Exchange (depending on the section of the List and the type / type / category of the security in respect of which the Application is submitted ).

To be listed, a security and its issuer (mutual fund management company / mortgage backing manager) must comply with requirements , established by the Listing Rules of Moscow Exchange PJSC, in order to include in the First, Second or Third level :

One of the conditions for inclusion in the quotation lists of shares and bonds is that the issuer complies with the corporate governance requirements of the issuer :

Requirements for the inclusion and maintenance of securities in the MII Sector, RII-Prime Segment, Growth Sector, Sustainable Development Segment

A complete list of requirements for inclusion in the First, Second or Third level is established by the Listing Rules of PJSC Moscow Exchange.

Term for inclusion of securities in the List *:

Stages First and Second
Application Submission
and a full package of documents
Acceptance by the authorized body of the Exchange
decisions on the inclusion of securities in the List:
Shares, Russian and foreign depositary receipts for shares T + 20 T + 10
Bonds of international financial organizations *** T + 5
Other securities T + 15 T + 10
Notification of the issuer (applicant)
on the decisions taken (no later than the 1st
trading day from the date of the decision)
Shares, Russian and foreign depositary receipts for shares T ** + 21 T ** + 11
Bonds of international financial organizations *** T ** + 6
Other securities T ** + 16 T ** + 11

* Terms of inclusion of exchange-traded bonds in the List and other periods of consideration of documents on exchange-traded bonds

** working days, excluding T

*** In the event that a bond issue is placed (placed) within the framework of the program / bond prospectus, subject to the earlier inclusion in the List of another issue of bonds placed (placed) within the framework of the same program / bond prospectus.

In the event that documents are sent to the Exchange instead of those previously sent, the Exchange has the right to extend the period for making the appropriate decision for the time of the verification of the submitted documents, but no more than 5 working days.

The Exchange, when adding (excluding, changing the listing level) of securities to the List (from the List), sends the Applicant and the Organization a notification of the decision made by mail or electronic communication within the timeframes stipulated by the Listing Rules, with further notification by mail or delivery against signature.

90,000 Article 18. The form of certification of rights constituting an emission security. In the documentary form of emissive securities, the certificate and the decision on the issue of securities are documents certifying the rights secured by the security.

In non-documentary form of equity securities, the decision to issue securities is a document certifying the rights secured by the security.
An emissive security secures property rights to the extent that they are established in the decision to issue these securities, and in accordance with the legislation of the Russian Federation.
A certificate of an emissive security must contain the following mandatory details:
full name of the issuer and its legal address;
type of securities;
state registration number of equity securities;
order of placement of equity securities;
the obligation of the issuer to ensure the rights of the owner, subject to the owner’s compliance with the requirements of the legislation of the Russian Federation;
indication of the number of equity securities certified by this certificate;
indication of the total number of issued equity securities with this state registration number;
an indication of whether issued securities were issued in certified form with mandatory centralized storage or in documentary form without mandatory centralized storage;
an indication of whether the equity securities are registered or bearer;
the seal of the issuer; 90,004 signatures of the issuer’s managers and the signature of the person who issued the certificate;
other details provided by the legislation of the Russian Federation for a specific type of securities.
The name (title) of its owner is a mandatory requisite in the certificate of a registered equity security.
In case of discrepancies between the text of the decision on the issue of securities and the data provided in the certificate of the issued security, the owner has the right to demand the exercise of the rights enshrined in this security to the extent established by the certificate. The issuer is responsible for the discrepancy between the data contained in the certificate of the issued security with the data contained in the decision to issue securities in accordance with the legislation of the Russian Federation.
Equity securities, the issue of which has not been registered in accordance with the requirements of this Federal Law, are not subject to placement.
Commentary to Article 18
1. The commented article defines the forms of certification of the rights constituting a security, ie. “paper rights”. The forms of certification of the rights constituting a security should not be confused with the forms of certification of ownership of equity securities, which are defined in Article 28 of the commented Law.On the one hand, a security is a set of rights that make up its content (“rights from paper”), on the other hand, it is a material form of existence of a security, associated with the right of ownership of a security as a thing (“rights to a paper”), which implies different ways of certifying and exercising these rights.
According to the commented article, in the documentary form of the issue of securities, this is a certificate and a decision on the issue of securities, containing information on the amount of rights of owners secured by one security.In non-documentary form, this is only a decision on the issue of securities.
2. Paragraph 4 of the commented article establishes the mandatory details of the certificate of the issued security. The general definition of this concept is contained in Article 2 of the commented Law, according to which a “certificate of an equity security” is a document issued by the issuer and certifying the totality of rights to the number of securities specified in the certificate. The owner of the securities has the right to demand that the issuer fulfill his obligations on the basis of such a certificate.
The fact of the proposed issue of certificates for registered securities must be reflected by the issuer in the decision on this issue. The issuer indicates in the decision on the issue of securities the form of securities: documentary or uncertified, registered or bearer. Bearer securities cannot exist without certificates, so their issue is mandatory. When issuing securities in documentary form, their owner has the right to demand a certificate for them, which is handed over to the owner, taking into account the provisions of Article 16 of the commented Law.
(On the issue-grade security certificate see the commentary to Article 16, on the loss of the security certificate – the commentary on Article 28 of the commented Law.)
3. According to paragraph 6 of the commented article, the legislator gives priority to the security certificate over the decision to issue securities as proof of the scope of the rights belonging to the owner in case of discrepancies between the text of the decision and the data given in the certificate. In such cases, the owner has the right to demand the exercise of the rights enshrined in the security to the extent established by its certificate.In this case, the issuer is liable (primarily administrative and civil) in accordance with the legislation of the Russian Federation for the discrepancy between the data contained in the certificate of the issued security with the data contained in the decision to issue securities.
4. For the placement of equity securities, the issue of which has not been registered in accordance with the requirements of the commented Law and regulations of the Federal Commission for the Securities Market, the issuer bears administrative and civil liability on the basis of Article 15 of the Civil Code of the Russian Federation, Articles 5, 12, 14 of the Federal Law of March 5, 1999 G.N 46-FZ “On the protection of the rights and legitimate interests of investors in the securities market”, as well as legislative acts of the constituent entities of the Russian Federation, for example, Article 7 of the Law of the City of Moscow dated June 11, 1997 N 17 “On Administrative Responsibility for Offenses in the Securities Market “.

/ “Law and Economics”, N 3, 2000/
This chapter contains almost exclusively the rules of a financial and legal nature. These norms regulate public relations that develop in the process of financial activities of the state to control and regulate the participation of the state, professional participants in the securities market, private issuers and investors in relations arising from the implementation of the issue of securities, its state registration and circulation of state, municipal and corporate securities.The same chapter also establishes the procedures for issuing securities and the procedure for disclosing information by the issuers of these securities.
According to the method of legal regulation, financial and legal norms are close to administrative legislation. The same method of imperative prescriptions, the same inequality between the state and participants in the securities market as subjects of legal relations. The norms contained in the commented chapter are predominantly imperative, although the degree of their imperativeness is different.As a rule, these norms are set out in a categorical form that does not allow changes in the conditions, the order of their operation, the rights and obligations of the parties. Financial and legal norms differ significantly in their legal content and are traditionally subdivided according to the way of influencing binding, prohibiting and authorizing ones.
Binding norms of the Law on the Securities Market require participants in these relations (government bodies regulating the securities market, professional market participants, issuers and investors) to take certain actions, fix their obligations in the field of the securities market.For example, the obligation of the registering authority to register the issue of equity securities or make a reasoned decision to refuse registration no later than 30 days from the date of receipt of all the necessary documents (Article 20) or the obligation of the issuer in the case of an open (public) issue requiring registration of the prospectus , provide access to the information contained in the prospectus, and publish a notice on the procedure for disclosing information in a periodical printed publication with a circulation of at least 50 thousand.copies (Art. 23), etc.
Prohibiting norms of the commented Law contain a prohibition on the commission of certain actions, establish the obligation of the participants in these relations to refrain from them. In particular, issuers are prohibited from issuing securities derived from equity securities, the results of the issue of which have not passed state registration (Article 19).
The authorizing norms of the Securities Market Law establish the rights of participants in these relations to perform certain independent actions within the prescribed framework.For example, according to Art. 16 the owner or nominal holder of registered equity securities issued in documentary form may refuse to receive a certificate of these securities. The issuer may place a smaller number of equity securities than indicated in the prospectus (Art. 24), etc.
According to the structure, the norms of legislation on the securities market are divided into norms – regulations and norms – sanctions. Norms – Prescriptions are norms about certain behavior of participants in the securities market.These are the norms that make up the majority in this chapter. Norms – sanctions relate to liability for violations of legislation on the securities market and are contained mainly in other chapters of the commented Law (except for Article 26 of this chapter). In general, it should be noted that before the adoption of the Federal Law “On the Protection of the Rights and Legitimate Interests of Investors in the Securities Market” at the federal level, including in the commented Law, these norms were characterized by extreme uncertainty and underdevelopment, and in relation to a number of legal relations in general were absent.

Securities –

The document introduces the basic concepts and institutions of securities legislation. Provides basic information on the use of securities in practice and legal acts related to them. It describes the type of securities, their form and form, the method of issuance, their requirements, and contracts for securities. It is also discussed for various types of securities: stocks, intermediate certificates, stock certificates, investment certificates, bonds, warrants, bills of lading, warehouse certificates and agricultural warehouse certificates.

Document Contents:

Security Concept

Although the security concept is commonly used term among experts and lay people do not find in the Czech legal system, unlike many other concepts, and not its definition. The legal theory behind the securities referred to documents that are related to law in such a way that without them can not be applied. Securities is a characteristic combination of two main functions, rights and documents in which the law was established.. In accordance with § 1 para. 1 of Act No. 591/1992 Coll. Of Securities Laws (“Securities Act”), securities, in particular:

  • share
  • scripts
  • Share vouchers
  • Units
  • Bonds
  • Investment certificate
  • Coupons
  • orders
  • bill
  • checks
  • bills of lading
  • stock orders
  • agricultural certificates warehouse

Legal regulation of securities

General legislation, contained in the already cited Securities Act. in addition to general provisions, which also includes the modification of securities contracts.

Changes to certain types of securities in the future, contained in these Rules:

  • . Act No. 513/1991 Coll. Commercial Code – rules for contracts relating to securities, regulation of the securities market related to joint stock companies (shares, interim acts, warrants, bonds, bills of lading, warehouse receipts)
  • Act No. 191/1950 Coll. checks -. As the name suggests, the law includes editing tickets and checks
  • .Law No. 190/2004 Coll. Bonds – Communication Regulation
  • . Law No. 307/2000 Coll leaves the warehouse of agriculture and rural public warehouses and amending some laws concerning issues – adjustment of agricultural certificates warehouse
  • Law No. 99/1963 Coll. Civil Procedure -. Adjustment procedure for amortization schedules
  • Act No. 189/2004 Coll. On collective investments -. Treatment units

The issue of securities is also dependent, in particular, Law No. 256/2004 Coll.The stock market, which regulates the conditions for the provision of services in the capital market, capital market and investor protection and the public offering of securities, is Act No. 15/1998 Coll. in the area of ​​capital market supervision and amendments to other laws, and Act No. 6/1993 Coll. at the Czech National Bank.

Classification of securities

In addition, the classification criteria for securities contained in the Securities Act, which, as a form of substitution or exchange, there are many other criteria commonly used in particular for certain types of securities.

Security form

According to the form of securities, dematerialized documentary securities are distinguished. For documentary securities, is characterized by the charter of rights captured by written speech in fact itself. Uncertified securities to question in cases where security rights are not included in the document, but recorded in statutory records.

In the Czech Republic, dematerialized securities are registered in the central register of uncertified securities, except for:

  • collective investment securities, if kept in a separate record,
  • uncertified securities are registered by the Czech National Bank.

Central Securities Register will have a central depository, Ketra be established by law, and persons authorized to keep records related to the central register of securities maintained by the central depository.

Immobilization of securities

The essence of immobilization of security is that the issuer of a security passes to the custodian of the exchange of physical security of its owner, who has the right to demand the issuer to give it security without undue delay, surrendered.Considering that this saved securities (immobilized securities), the provisions of uncertificated securities can be concluded that immobilized security exists both in paper and in the form of a book.

Series of documentary and documents in the name of the issuer for safekeeping, not given a question to the owner of the security name. The issuer must in front of the owner of the securities to receive the paper from custody, and add the name of its owner.

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Security form transformation

Issuer, decided to transform physical security into paperless security, such solutions without undue delay published in Business magazine and publish it in a manner allowing remote access, including the period, in which the owner of the security the issuer is obliged to deliver the physical security, this period may be less than 2 months and longer than 6 months from the date of publication of the decision on the transformation.If the owner of the security returns within a certain period of security, the issuer announces an additional deadline for its submission. After this period, the issuer of the securities claims were thrown invalid. This fact is emphasized by the issuer when announcing an additional period.

The owner of the security which the issuer has decided to transform physical security into uncertified security, the issuer is obliged to surrender the physical security number of the assets to an account, which will be uncertificated securities registered with the Central Securities Depository.

After the filing date of the paper or the issuer before the expiration of this period, the issuer has been submitted, all documentary securities, ask the issuer of the central securities depository registered in the central register as a non-documentary security issue, and inform him that the ownership of the account must be registered securities. From applications by the issuer to the registration of securities on the central register to the registration of the whole issue of non-security being traded on a regulated market.

Physical securities, in which the issuer decided to convert uncertified securities that were not submitted, the central depository of records into a special technical account of unknown owners of securities, owned by the issuer, registering a special account, these securities will be converted. The right to the payment of income from securities held in a special technical account of unknown owners the time elapsed from the moment at which the term for filing physical security expired, there is surrender to the physical security issuer.

Declaration of Certified Securities Invalid The issuer sells uncertified securities due to technical unknown owners through a securities trader. If the securities are sold at an open auction, the issuer shall publish the place, time and subject of the auction at least 2 weeks in advance. Proceeds from such sale of securities after offset, arising from the declaration of securities as invalid and sale, shall be paid by the issuer without undue delay, whose securities have been declared invalid, or are kept in an official opinion.

Issuer, decided to transform paperless security physical, such a solution without undue delay:

  • published in Business magazine and publish it in a manner allowing remote access,
  • notify the central depository and the organizer of the regulated market in which the valuable securities admitted to trading.

Central Securities Depository within 30 days from the date of receipt of the notice of the issuer about the transformation of uncertified security for physical security, the issuer sends a statement that includes:

  • data on security,
  • information on securities holders, giving suspension security management and data protection to stop including data on mortgage lenders.

Since the copy is not to be checked out by the account holder’s or customer’s central depository, there is no security record in their archives, the form is converted. Following the initial application, the CSD records the paperless security issue, which is converted into a documentary. With the initial application for registration cancellation, the issue of uncertified securities may not be more than 30 calendar days. Cancellation of registration issue of uncertified securities the Central Securities Depository is obliged to:

  • of the organizer of the regulated market where these securities are admitted to trading,
  • Central Securities Depository Participants, which notifies the holders of securities, clients of the account holder of the cancellation of registration of securities on the same day as a central depository.

On the cancellation of the registration of uncertificated security problem arises the owner is transformed into the securities the right to issue a physical security issuer. The issuer, without undue delay after the cancellation of the registration of the issue of book-entry securities, is published in a business journal and published in a manner that allows remote access to the line of the securities holders to take physical security.

For security purposes in the issuer’s firm name or order also sends a challenge to take over physical security at the headquarters or permanent residence of the owner listed in the register of securities holders.If the owner does not assume physical security, or in an additional period, the issuer sells it through brokerage firms.

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Security form

According to § 3 of the Securities Act, securities can be carried in the form of a bearer security or ordered by name.

Bearer securities

For this form of securities, it is characteristic that authorizations associated with a bearer security can be executed by those who submit list (the list does not include the owner’s name) and the transfer of the security agreement is implemented and its delivery (traditions).

Securities on order

In the case of securities on order, is the first beneficiary of the security (by transferring funds) to explicitly set it (usually the position in the series is used, followed by the name of the security holder). Before the transfer of security rights may be associated with this exercise only the security of the person in whose name the act was issued.

The transfer of security order is a written statement that is usually recorded on the back of the instrument (from approval or approval) and transfer.Every new owner who wants to exercise custom security rights, they must first demonstrate that it shows a continuous series of approval.

Securities in the series (ordrepapíry) are divided into legal and other ordrepapíry ordrepapíry, while the legal ordrepapíry of such securities that can be transferred by endorsement and no offers to order directly from the law. Legal ordrepapíry registered shares, the name of checks, bills of exchange or bonds in the name.

The essence of the endorsement is a written statement of the transferring security (endorser) to the person transferring the imprint on the rear security or on the tag and which transfers the security to the new owner (indosatáři). Indosační position is usually expressed by the words “for me to order”, followed by the name indosatáře.

Securities in the name

Securities in the name (also rektapapíry, securities and nominal) is characteristic, as in the case of securities, in the ranks is the first beneficiary of security on it is not explicitly stipulated, but the rights secured by securities, can be transferred only with the written consent of the assignment of the Rights and the transfer (that is, the transfer excludes the endorsement).

Securities replaceable and irreplaceable

The criterion of substitutability of securities applies, in particular, in terms of trading in securities and in relation to securities contracts (contracts for transfers and úschovách). The Securities Law provides that if securities of the same kind, issued by the same person in the same form and the same form and raising them equal rights, is replaceable securities. In other cases, these securities are irreplaceable. By way of example, fungible securities include such shares of the same type of the same par value issued in the same form by the same joint stock company.

Securities of collective and individual

The classification of securities into collective and individual is closely related to the classification of securities as replaceable and irreplaceable. Bulk issuance can only be valid in the case of fungible securities, while individual securities are usually irreplaceable securities.

Securities large and small

C key security is associated with fundamental security-related rights, which are usually long-term in nature.Securities exist side by side, depending on the underlying securities and with them the right to separate (secondary) benefits for elementary security. Secondary securities are usually coupons and orders issued for certain types of underlying securities.

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Issue of securities

In accordance with the Securities Law, a security is a security issued on the date on which all the prerequisites for this are fulfilled by law or other regulatory legal acts, and when, in accordance with the procedure, prescribed by law, must become the property of the first purchaser (“security date”).

Meanwhile, if it contains all the safety requirements set before it by legal regulation, drawn up properly, although the requirements have not been fulfilled the procedure for its issuance, or in the manner prescribed by law, become the property of its first buyer if the first or any other buyer in good faith which adopts properly framed security. Unless proven otherwise, the recipient is deemed to have acted in good faith.

The definition implies that uncertified securities are securities written to the address of the central securities depository.Physical security is issued at the time of its transfer to the first purchaser.

From the security concept date it is necessary to differentiate the concept of the security issue date, which must be the date which can be issued by the first security purchaser . The date of issue of the issuer’s securities, except for specials, proceed differently and in accordance with the security issue. The issue date is the same for all securities in a given issue.

Information on securities

According to the current legislation, there is no general requirement to regulate securities.Features of certain types of securities, as a rule, are contained in special legislation for a specific type of securities. This concept is also consistent with the provisions of § 4 of the Securities Act, which states that information about securities is prescribed by law (for example, the Securities Act) or other legislative acts. Regardless of the specific legislation and requirements of certain types of securities, however, that the elements of uncertified securities are not their numerical designations, signatures or fingerprints and information on the permission of the competent authority of the state.

Requirements for typesetting and printing of securities

Under current law, there is no legal obligation to print government securities or other similar printers with a special license to print securities. Securities must only comply with all legal requirements (for example, shares required § 155 of the Commercial Code), their final appearance, however, the law does not. Securities can be printed on any standard printer in the office or at home, it can even be usually handwritten, it does not have to be equipped with non-special security signs, etc.

Bonds, checks or shares of their issuers, you may have to print it in a specialized securities printer. The reason may be primarily efforts to protect against misuse or tampering by the issuer, or the requirement for quality processing and graphics. For example. Valuables of the state of the seal receives securities of many security features, like notes.

In the case of checks of a specific situation, which is currently advertised on most checks, checkbooks (checkbooks) are issued by the bank.This is mainly for the purpose of simplifying the process and issuing of payment checks, standardized verification checks take less time than non-standardized ones. The reason, of course, is to protect banks from possible check fraud. A check on loose paper on a piece of paper can now only be found on rare occasions.

Specific situation listed securities (securities admitted to official trading on a regulated market – in Russia Prague Stock Exchange). Here the legislation sets strict requirements for their form.Foreign exchange regulation section XXV. prescribe the quality of the paper on which the stock should be printed, the format, the choice of security functions, the use of color printing, the method of preparing the plates, the printing process and its quality, the choice of fonts, establishes that the area should remain unprinted and younger. Such security can only be printed in a printer with a special license to print securities (for example, the aforementioned State Printing stamps).

Replacement of securities

Due to the nature of securities, from which it follows that the law relating to security cannot be ensured without the instrument itself, it has become necessary to introduce special legislation that affects the situation in which security is lost or damaged.This amendment is included in the Code of Civil Procedure in the context of amortization of graphics.

Proceedings of depreciation schedules may redeem lost or destroyed cases, which must be submitted to the application of the law, if it is not an instrument that is legally entitled to their legal entity to which issued. Redemption is not subject to money, lottery tickets, coupons, tickets and circulation signs daily (tickets, tickets, etc.), coupons and claw of securities, cases with which the right of a legal entity is restored in the price of domestic goods and services, as well as documents based on which can only be applied on the right side of the performance.

A proposal to redeem a bill must establish facts that show that this document, or with the relevant law. The proposal must provide copies of documents or mark on the list, its issuer or other persons associated with the instrument, as well as data that differ from other documents of the charter and of the same kind. If the document issued a certain amount, then it should be noted this indication.

If the court finds that the instrument, the ransom was offered, so that it is not exposed, lost or destroyed, rejects this offer.Otherwise, the court issues a decision containing an appeal to the person who has the case, signed for up to one year from the order to the court that issued the permit, and, according to the list presented, or to file objections to this proposal. This resolution is put on the board of the official court.

If the bill is resolved, or check the court on time to enter the person who deals with each other, for two months, and it is also prohibited, according to the documents, umořovaných was paid. This period counts if no redemption deed is still due from the first day of its redemption.If the document has already been paid, the depreciation periods are the period from the date the authorization was sent.

From opening until its final completion does not work against the applicant limitation period, the period for the termination of any rights or the payment term is determined by the amount of cash depreciation schedule. The person who delivered the permit or those who know about it the correct care, the consequences of invalidity should not affect the foreclosure documents, payments or other benefits under it, transform it or amend it.Anyone who is bound by the instrument is obliged to withhold the production of documents and notify the court that submitted it.

It was a ransom proceeding, an invoice or check initiated, the applicant who is recognized with permission is entitled to demand payment of bills of exchange or checks to give reasonable guarantees until the invoice or check is declared amortized. If this does not provide a guarantee, the action may require that the amount owed be drawn up to a court in custody.

Passed the time limit set by the court for a person to voluntarily deal with him, and unable to reject the offer to redeem the instrument, the court recognizes the further draft of the Articles of Association for redemption.If another application is made within one month after the deadline set by the court for the holder to sign the documents, the court shall suspend the proceedings. If one more offer is on time, it is replaced by the authorization of the foreclosure deed of atonement for the instrument, as long as the one who is associated with the instrument, which has no legal alternative for her deed.

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For processed by the portal lawyer mons. Doleček Marek, Partner at Dolecek Kahounová Sedlackova Law Firm.

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