In Art. 185 of the Criminal Code of the Russian Federation determines liability for illegal acts in the sphere of issuing securities. Let us further consider the types of punishments established by this norm.
Art. 185 of the Criminal Code: corpus delicti
The norm provides for punishment for:
- Entering deliberately false information in the prospectus.
- Placement of shares upon the issue of which state registration was not passed. An exception is cases when this procedure is not provided for by law.
- Confirmation / approval of the prospectus / report, which contains obviously false information.
Art. 185 of the Criminal Code of the Russian Federation determines penalties for these acts if, as a result of them, major damage has occurred to the state, organizations or individuals.
A responsibility
Specified in Art. 185 of the Criminal Code of the Russian Federation, the composition of the act involves punishment in the form of:
- Fine. Its size is 100-300 thousand rubles. A culprit may be charged with a penalty equal to his income / salary for 1-2 years.
- Mandatory work - up to 480 hours.
- Correctional labor - up to 2 years.
Aggravating circumstances
The acts provided for in paragraph 1 of article 185 of the Criminal Code, can be committed by several entities, previously conspiring with each other about illegal actions, or by an organized group. In these cases, a penalty of:
- A fine of 100-500 thousand rubles. or in the amount of income / salary for 1-3 years.
- Forced labor.
- Imprisonment.
The last two sanctions can last up to three years.
Art. 185 of the Criminal Code (with comments)
The definition of securities is present in the norms 142-149 CC. The meaning of special concepts used in characterizing an act, the liability for which is established by Art. 185 of the Criminal Code, is clarified by referring to industry regulations. In particular, in Art. 2 Federal Law No. 39 provides a definition of the issue, issue, placement, issuer, owner of a security. Judicial practice under Art. 185 of the Criminal Code of the Russian Federation indicates the need to refer also to Art. 19 of the specified normative act. It defines the emission procedure and the stages that enter into it.
The norm, among other things, explains the stages of adoption and approval of a decision on the issue and placement of shares, state registration, etc. Art. 19 also establishes certain prohibitions. In particular, it is not allowed to place securities whose issue has not been registered, unless otherwise provided by law. Art. 22.1 establishes the entity that approves or signs the prospectus of shares of legal entities. 
Invalid Information
The data entered in the prospectus that do not correspond to reality may distort any factual information that needs to be reflected, according to Art. 22 Federal Law No. 39. In particular, it includes information on entities included in the issuer's governance structures, on bank accounts, appraiser, auditor, financial consultant and other persons who signed the prospectus. Among the factual information that should be reflected, there are also data on the financial and economic situation, as well as risk factors.
Specificity of state registration
The issuer may begin to place securities only after passing the procedure established by law, unless otherwise provided by the rules. This provision is contained in Art. 24 Federal Law No. 39. Violation of the requirement of compulsory state registration is subject to a commented article.
Damage
It acts as a key feature of the crime, the liability for which is established by the 185th article. The note to the norm clarifies the concept of major damage. As such, material damage is recognized, the amount of which is more than 1 million rubles.Damage by an unlawful act may be caused not only by the acquirer of shares, but also by those who for one reason or another could not use the right to purchase shares that generate income, if it was provided for by law or by decision of the issuer. 
Subjective part
It may include both indirect and direct intent. Moreover, the direct distortion of the information in the prospectus and other actions provided for by the commented norm should be deliberately unlawful for the guilty. The subject of the act in question is considered special. In the process of establishing the culprit, the powers vested in the person is given to the issuer. For example, the obligation to approve the prospectus rests with the board of directors. This provision establishes Art. 22.1 of the Federal Law No. 39. Accordingly, the members of the council will be recognized as subjects. At the same time, responsibility will be assigned to those who voted for the approval of the prospectus, which obviously had false information for them, if this entailed major damage. Punishment may also be imputed to other persons who are not even employees of the issuing organization. Responsibility arises if their actions provoked interruptions in the process of registering the issue and placement of securities, which, in turn, caused major damage.