Securities Market Participants are
· professional securities market participants
Professional Securities Market Participants
· investment firms;
· credit institutions;
· operators of regulated securities market;
· operators of securities settlement systems;
· other persons set forth by law.
A person shall hold a respective activity license in order to operate as a professional securities market participant. A professional securities market participant can provide only those services, for the provision whereof it has the respective activity license.
An activity license is issued for an unspecified term, it is non-transferable and the acquisition and use thereof by other persons is prohibited.
Operator of Regulated Market
A regulated market is a system of organisational, legal and technical solutions which is directly or indirectly available to the public, which has been created for the purpose of enabling regular dealing in securities, and which enables different persons make each other proposals, either simultaneously or non-simultaneously, for carrying out transactions with securities, as well as conclusion of transactions with securities. A respective activity license shall be applied from the Supervisory Authority for operation of a regulated market as a permanent field of activity.
Operator of Securities Settlement System
A securities settlement system is an aggregate of organisational, technical and legal solutions, set up for performance of obligations deriving from securities transactions on the basis of a contract concluded among three or more members of the system and the operator of the system and for securing the performance of obligations deriving from participation in the system. An operator of the system is a person who, pursuant to the rules of the system and the contracts concluded by him or her on the basis of such rules, organises execution of transmission orders, and depending on the operation of the system, also the set-off of claims among the members of the system.