For over four years now. Why the West is so surprised by the staged "murder" of Babchenko is absolutely incomprehensible. After all, this has been going on for more than four years. The regimen and nutrition of the child
For more than four decades, the film "White Sun of the Desert" has firmly held its position among national hits. This is one of the most famous films in the history of Soviet cinema, which tells about the adventures of the Red Army soldier Fyodor Sukhov, who saves his harem from the bandit Abdullah during the Civil War. The film was shot in 1969 at the Experimental Creative Film Studio (ETK), created on the production base of the Mosfilm and Lenfilm studios, which was directed by film director Grigory Chukhrai.
At first, the film, based on the script by Valentin Yezhov and the then-novice screenwriter Rustam Ibragimbekov, was supposed to be directed by Andrei Mikhalkov-Konchalovsky, who, seeing nothing in the script but an adventure intrigue, refused to stage it.
After such directors as Vytautas Zhalakyavichus, Yury Chulyukin, Andrey Tarkovsky refused the offer to make the film, the offer was made to Vladimir Motyl, known by that time for the film Zhenya, Zhenechka and Katyusha.
Motyl also initially refused, but Grigory Chukhrai and Valentin Yezhov managed to persuade him, promising him complete freedom of action on the set.
On December 14, 1969, a limited premiere of the film was held at the Leningrad Cinema House for the creators and management. The premiere on the wide screen in Moscow took place on March 30, 1970. The audience immediately accepted and fell in love with Vladimir Motyl's film.
The studio was inundated with letters demanding a sequel, the film was shown in all corners of the country, was sold immediately to a hundred countries, then the contracts were renewed every two or three years. The film has become cinematic folklore. Many statements of the heroes of the tape migrated into colloquial speech, they were turned into proverbs and sayings: “I don’t take bribes, it’s a shame for my state!”, “The East is a delicate matter”, “Gyulchatay, open your face”, “He appointed me his beloved wife! "," Shot.
But the real connoisseurs of it were Soviet and Russian cosmonauts, for whom watching the "White Sun of the Desert" in the evening before the launch has become a tradition. There is even a cassette with the film on board the International Space Station.
Pavel Vereshchagin has become a symbol of the customs service in Russia. In 2007, near the customs office in Kurgan and Amvrosievka (Donetsk region), a monument was unveiled to him, made at the personal expense of customs officers. This is the only sculptural composition in the Russian Federation today dedicated to the image of Pavel Vereshchagin.
The role of Vereshchagin was the best and, unfortunately, the last role of Pavel Luspekaev, who died a month after the premiere of the film.
Immediately after the release on the screens of the USSR, the picture was nominated for the State Prize of the USSR, but in Soviet times the film was never awarded any official awards. And only in 1998 he was awarded the State Prize of Russia.
In December 1999, according to the results of a survey dedicated to the centenary of Russian cinema, the film "White Sun of the Desert" was selected for the "Last Show of the Millennium" action.
The material was prepared on the basis of information from open sources
HIPPOTHERAPY AS A CHANCE FOR RECOVERY
The horse is one of the symbols of kindness, freedom and fortitude. Imagine this picture: a field along which a stallion runs, cutting open spaces. The view alone is breathtaking. And to be a part of this process is a real pleasure.
Adults squeal with delight when they first sit on a horse. And what can we say about children, and even more so "special" boys and girls. What flurry of emotions does a child with developmental disabilities experience when he is in the saddle? He does not know how to walk, but he sits on a horse himself and is unreasonably happy from this!
It has been proven that contact with horses has a positive effect on human health. Hippotherapy is one of the most effective methods of treating animals through horses. It is aimed at fighting many diseases.
This direction has been successfully developing in the Oryol region for more than four years. On the basis of the Orlovsky Horse Yard "Vyazki", the Children's Rehabilitation Equestrian Center "Boni Club" was created and is successfully operating. The hippotherapy section is visited by boys, girls and even adults with diseases such as cerebral palsy, various disorders of the musculoskeletal system, as well as autism.
Some call hippotherapy therapeutic riding. Indeed, the main effect is achieved precisely through exercises performed on a horse. However, it cannot be said that these two concepts are absolutely identical. After all, an important condition for healing is not only riding, but also just communicating with a horse, caring for it, - said trainer Alla Kameneva. - Our pupils visit the section 2 - 3 times a week. We use an integrated approach: a person warms up and develops muscles while riding a horse, gets a crazy boost of energy and just great pleasure from communicating with this animal.
GOLD AND SILVER AT ALL-RUSSIAN COMPETITIONS
The results of such classes have not only a therapeutic effect. The Oryol guys, under the guidance of their mentors, went further and became real athletes. Para-Olympic Equestrianism is the newest discipline of the International Equestrian Federation. Paralympic dressage is currently the only para-equestrian event included in the Paralympic program.
Who knows, probably very soon among the participants, and possibly the winners, will be the pupils of the "Boni Club". In any case, both the athletes themselves and their coaches have such hopes.
Having noticed good results from hippotherapy, we decided that our guys can go further and engage in equestrian sports. Our hopes were justified. For the first time in the history of the region, two of our pupils became participants in the Open Traditional Moscow Equestrian Cup named after P. Gurvich, - said trainer Maria Semenikhina.
More than 30 athletes from the regions of Russia took part in the competition. Despite the serious competition and the fact that the Oryol participants had to rent horses (the cost of transportation is too high), our fellow countrymen performed brilliantly.
Nine-year-old Valeria Ritarovskaya won a gold medal in her debut competition.
I didn't believe it until the very end when I heard my name. The opponents were so strong, and in age they are all older than me. I am grateful to my coach - this is our common victory, - Valeria shared her impressions.
The girl now cannot imagine her life without horses. She has been studying at the Oryol "Boni Club", located in the village of Vyazki, for three years now.
It all started with hippotherapy, which became a real salvation for us. In a short time, my daughter got rid of the hyperactivity syndrome, became more diligent and attentive. And the horses made her character soft and docile. Nobody expected that therapy would also become a sport in which our girl, I hope, will achieve even greater success, - said the mother of the athlete Ella Koktysh.
An excellent result was shown by another Oryol athlete. 28-year-old Ekaterina Eliseeva received a silver medal at competitions in Moscow.
PRESIDENTIAL GRANT
Very soon, Oryol athletes with disabilities will have the opportunity to perform on their site. For the first time, the Vyazki horse yard will host Paralympic equestrian competitions using a grant from the President of the Russian Federation for the development of civil society provided by the Presidential Grants Fund.
On August 30 - 31, we will hold competitions for children with disabilities. Athletes will be able to take part in them not only from the Oryol region, but also from neighboring regions. Prizes await the winners. And of course, it will be a real equestrian holiday with demonstration performances and thematic quizzes. So we are waiting for everyone to visit, - said Maria Semenikhina.
The date for the competition was not chosen by chance. August 31 is the day of memory of Flor and Laurus, who have long been revered in Russia as the patrons of domestic animals, especially horses. On this day, the equestrian holiday was traditionally celebrated, the horses were not used for work, they were bathed and fed "in full". Come on August 30 and 31 to the Vyazki horse yard, you will definitely like it.
Club address: Oryol region, Oryol district, Vyazki village.
Working hours: from 10.00 to 20.00, day off - Monday. Tel.: 8-910-267-87-08, 8-920-810-89-35.
IT IS INTERESTING
It is known that during the wars they were treated with horses. Having been injured in battle, they accelerated rehabilitation by riding a horse and, I must say, achieved success.
Thanks to the Presidential Grants Fund, competitions for children with disabilities will be held very soon.
Hippotherapy is extremely useful for rude, quick-tempered and aggressive, as well as fussy and overly mobile people. Regular hippotherapy sessions make them more calm. In addition, therapeutic horse riding is recommended for diseases of neurological etiology, in particular Down syndrome, autism, Duchenne myopathy, poliomyelitis, sensory disorders, asthenic neurosis, etc.
People with autism who are overly self-absorbed and withdrawn, communicating with kind and trusting horses, are liberated on an emotional level and begin to feel a desire to communicate with others. This reduces lethargy, anxiety, relieves phobias, helps to adapt to reality.
We are unlikely to ever know the full answer to the question posed in the title. But far from a penny contribution in response to it follows from the text below.
Original taken from iov75 The Curious Religious Composition of Assad's Army's Top Officers
Why Assad's army is not retreating (The National Interest, USA)
The American magazine The National Interest, which pays great attention to the situation in Syria, released the material “Why Assad's Army Has Not Defected.” The Federal News Agency offers readers a translation of this material.
Four years ago, Recep Tayyip Erdogan, who was then Prime Minister of Turkey, said that "in just a few weeks" he would "pray at the Grand Mosque of Damascus", since the army of the Syrian leader Bashar al-Assad should, in his opinion, "is about to fall." Following Erdogan, Israeli Defense Minister Ehud Barak expressed a similar point of view. When both of these politicians were building their assumptions about this in 2012, neither the Iranian military nor the Russian air force was yet on the Syrian side.
With the failure of yet another round of peace talks, with the entire world frozen in anticipation of the next turn of events in Syria, the time has come to address the warnings of Henry Kissinger and Zbigniew Brzezinski. Kissinger and Brzezinski, the most experienced and influential American politicians on the Middle East since World War II, opposed conventional wisdom and claimed that Syrian President Bashar al-Assad was supported by more people and forces than all the national opposition groups combined.
It's no secret that Saudi Arabia, Qatar and the United States tried to bribe some officials from the circle of politicians close to Assad to undermine his forces. However, the professional military cadres of the Syrian army remained absolutely loyal to their leader.
For the most part, the Syrian army consists of conscripts and only about eighty thousand professional soldiers. At the beginning of the conflict, much attention was paid to the deserting thousands of soldiers, but these were the few conscripts who were never particularly eager to serve in the army, and even in peacetime, most likely would have tried to find a way to evade this duty. The professional ranks, meanwhile, are still very strong and multi-confessional. When representatives of the Syrian opposition talk about the multi-confessional future of Syria, they do not realize that while they are discussing in Geneva, Washington or Vienna, their representatives in Syria are collaborating with the most fanatical and radical terrorist groups in the entire Middle East.
The Syrian army has been holding its positions for more than five years. Its numbers may have decreased a little, which, in principle, is inevitable in the conditions of any military conflict. Upon closer examination, the not entirely obvious fact becomes clear that the backbone of the Syrian army is made up of Sunnis. The current Syrian Defense Minister, Fahed Jassim al-Fredj, is one of the most decorated military officials in the history of the Syrian army, and hails from the central Sunni region of Hama. Two of the most important leaders of the Syrian intelligence services - Ali Mamluk and Mohammed dib Zaitoun - have also proved their loyalty to the Assad government more than once, and both are Sunnis who come from very influential families. The now deceased member of the intelligence service, Rustum Ghazali, who briefly led Lebanon, was also a Sunni; the head of the intelligence department of the political administration, Mahmoud al-Khattib, also comes from one of the most ancient Sunni families of Damascus, which can be said about many other military officials.
The history of the Syrian army formed by Hafez al-Assad is very instructive. As president, Assad Sr. appointed high-ranking members of the Syrian Air Force to the posts of the army's high command. Naji Jameel (Sunni) served as Air Force Commander from 1970 to 1978 and was promoted and transferred to the General Staff Committee to oversee the security of the border with Iraq. Among the lucky recipients of this kind of promotion were Mohammed al-Khouli, who until 1993 held enviable positions in the logistics sector between Damascus and Lebanon, as well as Rustum Ghazali, Ghazem al-Khadra and Dib Zaitoun, all of whom were Sunnis. Since 1973, the strategically important tank battalions of the 17th Armed Brigade, located near Damascus in the town of al-Kishwa, consisted of ordinary Alawites, commanded by such prominent Sunni officers as Hassan Turkmani and Hikmat Shehabi.
From the 1970s until the 1990s, the Syrian army carried out orders to stabilize the situation in Lebanon. During this period, the Syrian military, supporting their Lebanese puppets, tried to beat the Israeli army and the American navy. In Iraq, after the overthrow of Saddam Hussein, the Americans could not understand which of the Shiite and Sunni rebels the Syrian military intelligence supported, largely due to the professional skills of its personnel.
The Syrian army is at the same time the only army in the entire Middle East that has a large number of generals who profess Christianity in its ranks. The most famous of them is Daoud Raja, the chief of staff of Greek origin, he professes Greek Orthodoxy. The two most influential Lebanese Christian leaders at the moment, Michel Aoun and Suleiman Frangieh, who are candidates for the Lebanese presidency, are also allies of the Syrian army and the government of Bashar al-Assad. And the Syrian city of Deir ez-Zor, which successfully kept the blockade for two years, is a completely Sunni city.
Based on the foregoing, we can conclude that the fact remains that the moderate Syrian opposition exists only in the West. In fact, it has no real armed support. Bashar al-Assad still holds the presidency of Syria, not only because of the support of his regime by Russian and Iranian forces, but also because his army, being multi-confessional and hardy, represents a Syria in which religion is not a determining factor in promotion. The Syrian army is also one of the biggest obstacles to the spread of terrorism. That is why three of the highest-ranking British generals over the past five years have openly called on the world community to recognize the Syrian army as the only force capable of suppressing ISIS and al-Qaeda (both organizations are recognized as terrorist by the Supreme Court of the Russian Federation, their activities in Russia are prohibited).
Russia for more than four years
work is underway to create
conditions for the implementation
securitization of financial
assets. What is
the need to make changes to
legislation? Why such changes
Tuktarov Yu.E. encounter resistance?
Partner Legal Capital Partners
We live in an era when the main asset
SECURITIZATION: participants of civil turnover become
contractual monetary claims. One of BETWEEN DOGMA AND the largest specialists in this field of financing, S. Bazinas, writes that the growing REALITY segment of world money is currently "closed" in monetary claims (issued housing, consumer, automobile and other loans;
[The original article was published in the corporate, municipal, state publication "Corporate Lawyer", No. 7 for bond issues; debt for 2006] delivered goods, rendered services and performed works; forthcoming payments for the use of inventions, works, trademarks - all this is future money that now exists in the form of claims. - Approx. ed.). Securitization allows you to turn future money (claims) into real money in the present. The decision to simplify the assignment of monetary claims was made taking into account the fact that economic growth is now possible only if this asset is freed from unnecessary restrictions, otherwise the huge amounts of money "closed" in the rights of claim become "dead capital" that cannot be used in any way. in economics 2.
In many legal systems, the assignment of both future monetary claims and a set of non-individualized claims is null and void. This is based on the principle of specialty recognized in the doctrine of civil law, according to which one cannot dispose of what cannot be individualized: one can only dispose of a specific car, and not a car in general. This principle, developed first in the field of property law and property law, was subsequently extended to the rights of claim. Its operation in practice has two important consequences. First, since the claim does not pass at the moment the assignment agreement is concluded, then there is a need for another special agreement directly aimed at the transfer of the claim (the so-called assignment act). Secondly, since the assignment agreement only gives rise to the obligation of the assignor after the demands to assign them arise, the position of the acquirer from the moment such an agreement is concluded until the relevant act is performed remains uncertain (if the seller refuses the assignment, then the buyer has the right to demand only the recovery of damages from him) .
See: Schwarcz S.L. Towards a Centralized Perfection System for Cross-Border Receivables Financing // 20 U. Pa. J. Int., 1999. P.
See: Bazinas S.V. An International Legal Regime for Receivables Financing: UNCITRAL "s Contribution // 8 Duke J. Comp. & Int" l L. 315 (Spring, 1998).
See, for example: Zom R. Institutions: A Textbook on the History and Systems of Roman Civil Law. SPb., 1910. S. 46;
Enneczerus L. The course of German civil law. T. 1. Polutom 2. M., 1950. S. 128; Venkshtern M. Fundamentals of property law // Problems of civil and entrepreneurial law in Germany. M., 2001. S. 172.
These limitations are considered in foreign literature as factors that significantly increase the cost of obtaining funding.
B. Markell writes that the costs associated with the individualization of the requirement from the moment it arises can lead to a significant increase in the total cost of obtaining a loan. In this case, the amount of administrative work that is necessary to ensure the validity of the transfer increases. This can be detrimental to credit, as the parties to the transaction would have to enter into a new agreement every time a claim (collection of claims) arises4. In general, such inconveniences always negatively affect the attractiveness of contractual monetary claims for use as security for the performance of loan obligations.
International acts of recent years, such as the UN Convention on the Assignment of Receivables in International Trade of 2001 (clause 1 of Article 8, hereinafter referred to as the UN Convention), the UNIDROIT Principles on International Commercial Contracts of 2003 (Articles 9.1.5 and 9.1 .6, hereinafter referred to as the UNIDROIT Principles), the Principles of European Contract Law 2004 (art. 11:102, hereinafter referred to as the European Principles), provide a mechanism for resolving the problem of assignment of future and non-individualized claims. They establish the possibility of assignment of such claims, if at the time of their occurrence they can be defined (individualized) as claims in respect of which the assignment was made. It is noteworthy that in the official comments on these acts, first of all, arguments of an economic nature are heard. Thus, the explanatory note to the UN Convention clarifies that the approach of the Convention can be better understood in terms of the goals that it pursues, namely to ensure that monetary claims are used to obtain financing that enriches the entire economy as a whole. The possibility of using monetary claims, for example, as security for the repayment of loans, increases the chances of each organization to receive a loan on more favorable terms, in other words, increases the availability of credit. In such a situation, the assignor will be able to increase the volume of his business. At the same time, this leads to better conditions for buyers/debtors, who will then have the opportunity to buy more goods or services, which is likely to have a beneficial effect on all international trade.
Similar arguments are contained in the European Principles: “The commercial importance of using monetary claims to obtain funds, and the practical impossibility of complying with the requirement that the right of claim be determined individually or determinable at the time of assignment, has led to the widespread acceptance of assignments of future claims without the need for the assignor to make any or a new act of transfer after the claim has arisen.
The abolition of restrictions on the assignment of future and non-individualized claims did not remain without a justified dogmatic interpretation. For example, the European Principles state that, although claims cannot pass to the assignee until they have arisen, but once they have been created, the assignment takes effect from the moment the assignment agreement is concluded. Reverse force, enshrined in paragraph 2 of Art. 11:401, refers primarily to disputes over priorities, but may also be of independent importance in determining whether an assignment is paid or unpaid, since the value given after the assignment and before the demand arises constitutes a new value that is not equal to the previous one6.
In Russian law, many problems arose with the assignment of claims. In order to create conditions for effective securitization, it is extremely important to reduce the costs that arise in its implementation. The example of the assignment of claims shows that in order to achieve this goal, Markell B.A. UNCITRAL's Receivables Convention: The First Step, But not The Last // 12 Duke Journal of Comparative & International Law. 2002. P. 402.
Principles of European Contract Law. Oxford, 2003. P. 123.
Article 9.1.
5 of the UNIDROIT Principles is accompanied by the following comments: "This article provides that between the assignor and the assignee the assignment of a future claim has retrospective effect" to apply special legal techniques, in particular to use such a legal fiction as the retrospective effect of the assignment.
Reorganization and liquidation of an entity created for securitization According to popular belief, a corporation is created primarily in order to bring profit to its participants, therefore, corporate law ensures their priority7. Many researchers justify this statement by the thesis that the participants are the actual "owners" of the corporation. For example, A. Berl and G. Means call shareholders "owners" and draw attention to the fact that corporate governance should be focused on problems arising from the separation of ownership and control8.
Confirmation of the priority of the interests of corporation participants in Russian legislation can be seen in securing their right to reorganize or liquidate the corporation. For example, the Civil Code of the Russian Federation provides that the reorganization of a legal entity (merger, accession, division, separation, transformation) can be carried out by decision of its founders (participants) or a body of a legal entity authorized to do so by constituent documents (clause 1 of article 57) . In paragraph 2 of Art.
61 of the Civil Code of the Russian Federation contains a similar provision, but regarding liquidation: "A legal entity may be liquidated by decision of its founders (participants) or by a body of a legal entity authorized to do so by constituent documents." The participants (founders), as well as the owners, as a general rule, are assigned complete freedom to "dispose" (by reorganization or liquidation) of the corporation they own. G. Hansmann and R. Kraakman believe that corporate law is mainly devoted to protecting the property of investors - participants (founders) of a legal entity9.
We observe a completely different logic in the case of an organization specialized for the purposes of securitization - a special legal entity (Special Purpose Vehicle, SPV). As a rule, the "owners" of such organizations are limited by securitization legislation in exercising their right to reorganize or liquidate them, which has obvious economic reasons. It is necessary to protect SPV creditors (owners of Asset Backed Securities, ABS) from the adverse consequences, including the risk of early redemption of securities (ABS), that arise in connection with the reorganization and liquidation of their issuer (SPV). Removing these kinds of risks naturally increases the value of ABS. Legislation in this case acts as a tool to improve the quality of securities issued in the course of securitization. As a result, the "owner" of a pool of financial assets (initiator) using securitization can expect to receive a larger amount of money (premium) from stock market investors, including due to the absence of risks inherent in securities of ordinary corporations. Even if corporate law considers the rule on the possibility of reorganization (liquidation) as dispositive (implemented by agreement of the "owners"), the principle of freedom of contract will still allow these persons to make changes to the constituent documents, which may lead to deception of investors' expectations regarding the stability of the SPV . Thus, it is the legislation that should fix the restriction of the right of participants (founders) to reorganization and liquidation.
From the point of view of the current corporate legislation and its logic, in this case, the improvement in the quality of securities occurs due to a violation of the priority principle See: Hansmann H., Kraakman R. What is Corporate Law? The Anatomy of Corporate Law: A Comparative and Functional Approach. 2004. P. 2. For a review of this book, see: Corporate Lawyer. 2006. N 2. S. 59.
Berle A.A., Means G. The Modern Corporation and Private Property. 1932.
Hansmann H., Kraakman R. Ibid Ref. 8. P. 14.
"owners" of the corporation (who "spawned" it, and therefore can claim to give them the right to change it or "kill it"). In this case, the initiative of the "owners" is sacrificed for the safety of investors. Thus, the legislator offers, although atypical, but a simple and effective way to protect investors, for which the latter are forced to pay extra, which makes securitization even more profitable.
The Federal Law of November 11, 2003 "On Mortgage Securities" (hereinafter - the Law on Mortgage Securities) does not contain restrictions on the reorganization and liquidation of mortgage agents, which significantly reduces the attractiveness of mortgage-backed bonds.
This Law establishes a number of other features of a mortgage agent: such an organization cannot have a staff, and the powers of its sole executive body must be transferred to a commercial organization. These restrictions are actually aimed at excluding, in the event of bankruptcy, for competitive creditors the possibility of obtaining an advantage over the owners of mortgage-backed bonds - first priority creditors, which include citizens with claims for payment of wages and compensation for harm caused (Federal Law of October 26, 2002 "On insolvency (bankruptcy)"). Such norms are not typical for foreign legal orders, since the right of pledge there most often provides an advantage for secured creditors over all other creditors of a legal entity. When developing a law on securitization, it is necessary to provide for a rule on limiting the rights of participants to reorganize and liquidate a legal entity that is a special legal entity (SPV).
Disposable nature of SPV
) considered the issue of mortgage-backed bonds as a systematic activity of a mortgage agent and therefore did not limit the number of issues of such bonds in any way. Meanwhile, in world practice, it is recognized that the creation of a mortgage agent for multiple issuance of mortgage-backed bonds has significant drawbacks. For example, the risks of poor-quality mortgage-backed bond issues may reduce the benefits of quality issues; failure to perform on one of the bond issues may lead to a breach of obligations on others; an increase in the operational burden on the issuer increases the level of risks associated with its activities.
In addition, when a mortgage agent is created to issue an unlimited number of issues of mortgage-backed bonds, the market costs increase significantly, the costs of collecting information on the previous performance of obligations by such an agent, on the status of issues of bonds in circulation, as well as on bonds planned for placement. .
The Law on Mortgage Securities does not exclude the possibility of creating a mortgage agent to issue one issue of mortgage-backed bonds, for which an appropriate indication must be made in its constituent documents. The disadvantage of this provision is that the constituent documents can be changed by the shareholders of the mortgage agent at their discretion.
In the new version of the Law on Mortgage Securities (dated December 29, 2004), the legislator provided that if a mortgage agent is indicated in the constituent documents about its creation for the issue of one issue of bonds with mortgage coverage (several issues of bonds secured by one mortgage coverage), such a provision cannot be changed; after the fulfillment of obligations under mortgage-backed bonds, such a mortgage agent is subject to liquidation (paragraph 6, clause 1, article 8 of the Law on Mortgage Securities).
Securities issued in securitizationDisclosure
Securities settled with funds from a segregated pool of contractual cash claims (ABS) differ markedly from conventional securities. ABS payments are primarily dependent on cash flow, which is generated by a pool of qualifying claims, as well as guarantees or other means of securing performance, referred to as credit collateral. For this kind of securities, there is no need to characterize entrepreneurial activity, since the issuer does not conduct it in this case. In the case of ABS, the most important information for investors is: a description of the structure of the securitization transaction and the quality of the pool of contractual monetary claims (statistics on debtors, monetary obligations), as well as information about the experience and role of various participants in the securitization, including the initiator, service agent, depository, management company and persons providing security. Disclosure rules in this area should be designed to ensure that investors receive the useful information they need in these areas. Thus, the current disclosure rules relating to corporate securities, as a rule, do not provide for the disclosure of the information that investors need for securities issued in the course of securitization.
Tranching of securities
Securities, the performance of which depends on the cash flow from a separate pool of contractual claims, have another important feature: they are usually divided into classes in order to manage the risks that are inherent in the pool of contractual cash claims (early repayment, delay or non-performance by the debtor at all). his obligation). Such risks are removed from one class of securities and transferred to others. Often, different terms and (or) the sequence of fulfillment of obligations under securities are used for this. At the same time, the classes of securities are divided into high-quality (preferred) and lower-quality (absorbent) ones.
The seemingly simple issue of risk management through the subordination of securities classes poses complex problems that lawyers in many countries are racking their brains over. For example, Professor H. Verhagen notes that only the use of a trust in English law made it possible "to create a large number of different tranches of securities"10. American professor D. Langbein also writes about this: “Persons planning a property securitization deal circumvent the restrictions on traditional classes of corporate shares by using the ability to freely construct the rights of beneficiaries under the trust. They manipulate the trust to create a dizzying area of so-called tranches, each of which embodies its class of rights under the trust security"11.
In the Russian Law on Mortgage Securities (as amended on November 11, 2003), an attempt was made to secure the possibility of structuring mortgage-backed bonds. In paragraph 2 of Art. 11 provided that mortgage coverage could be pledged to secure the fulfillment of obligations under bonds of two or more issues. However, the possibility of structuring such bonds was not fully provided by this norm. The point is that according to Art. 816 of the Civil Code of the Russian Federation, a bond certifies the right to receive its face value or other property equivalent within the period specified in the bond. Taking into account this norm, within the framework of domestic law, several issues of bonds with one mortgage coverage and successive Verhagen H.L.E. could be issued. Trusts in the Civil Law: Making Use of Experience of "Mixed" Jurisdictions // European Review of Private Law.
2000 Vol. 8. No. 3. P. 481.
Langbein J.H. The Contractarian Basis of the Law of Trusts // Yale Law Journal. 1995 Vol. 105. N 3. P. 105.
due date (from one issue to another). However, this situation does not create any obstacles to the execution of bonds with a later maturity, with a detriment to bonds with an earlier maturity, and therefore does not ensure the ranking of issues.
Another thing is the establishment of the order of execution for bond issues secured by one mortgage collateral. In this case, there is a real advantage of one issue over another, since until the bonds of one issue are fully redeemed, it is impossible to start fulfilling obligations on another. The Law on Mortgage-backed Securities (as amended on December 29, 2004) provided that "in the event of the issue of bonds with one mortgage coverage of two or more issues, their issuer has the right to establish the sequence of fulfillment of obligations under bonds with mortgage coverage" (paragraph 2 of part 2 verse 11).
Unlike mortgage-backed bonds, the issue of structuring mortgage participation certificates is completely bypassed by the current legislation. The allocation of classes of participation certificates is also aimed at providing advantages in one class at the expense of others.
Is it legitimate to provide for such a hierarchy within the framework of common property? World practice universally recognizes the possibility of issuing certificates of participation in relation to one pool of financial assets (in our case, "mortgage coverage"), in a single set of which several classes are distinguished, some conditions for which are different. Such conditions, in particular, include: the term for making payments for this class of participation certificates and the sequence of fulfillment of obligations for the classes of this set of participation certificates.
Example 1. Two classes of certificates can be issued under one mortgage coverage: the first is redeemed within the first five years, and the second - within the next five years.
Due to the risk of early repayment, it is likely that second class income in the form of interest on mortgage loans will be low, while the first class will receive a maximum.
Example 2. Also two classes, but between them the order of distribution of funds is established.
All certificate holders are the owners of the coverage, but payments for certificates of the second class are made only after the payment of funds for the first. In this case, the second class is the risk of default on mortgage loans.
Holders of participation certificates are recognized as co-owners of the mortgage coverage and are therefore subject to the common ownership provisions. To determine the applicable norms of Ch. 16 of the Civil Code of the Russian Federation "Common Property" it is necessary to keep in mind the following.
Firstly, the funds received under the mortgage coverage are included in the mortgage coverage and are in the shared ownership of the participation certificate holders. Secondly, the allocation of classes of participation certificates is based on the introduction of various conditions for the distribution of funds between the owners of such certificates.
In the process of distribution among the holders of participation certificates of funds that are in mortgage coverage, from a legal point of view, the common ownership of these funds is terminated and individual ownership arises for everyone to whom they were paid.
In terms of the relevant provisions of the Civil Code of the Russian Federation, we are talking about such a method of terminating common property as "separation of property that is in shared ownership" (Article 252 of the Civil Code of the Russian Federation).
Meanwhile, in Art. 252 of the Civil Code of the Russian Federation establishes the principle of freedom in relation to making a decision on the division of property that is in shared ownership: property can be divided between the participants "by agreement between them." And this implies that the participants can independently determine the term and (or) the sequence of this division. This possibility also follows from paragraph 2 of Art. 209 of the Civil Code of the Russian Federation, according to which the owner of property has the right, at his own discretion, to carry out any actions in relation to property, including alienating his property into the ownership of other persons.
We believe that the provision in the Law on Mortgage Securities of the possibility of dividing participation certificates into classes with different terms and (or) the sequence of payment of funds does not contradict the Civil Code of the Russian Federation and is consistent with the provision of Art. 209, 252 of the Civil Code of the Russian Federation.
The above examples show that securitization is indeed based on a special logic of legal regulation, which differs markedly from that which is usually demonstrated by a modern legislator. The needs of organizations for a more efficient way of refinancing their financial assets, on the one hand, and the needs of the financial market for new investment instruments, on the other, force legislators in different countries to consolidate the institution of securitization. The description proposed in this article of the contradictions arising in connection with this between dogma and reality will make this process more conscious.