I wonder what the FIN-FSA’s reaction would be if one were to put securities up for sale on Tori, for example? I wonder if the Toridiili terms also apply to securities trading?
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You can buy and sell your own property however you like. If a stock is not publicly listed, securities trading regulations do not apply. On the other hand, transfer tax must be paid – as I understand it, this is also a major reason why a business model like Privanet’s doesn’t work. If a 3% “commission” goes to the tax authorities, the broker would have to add their own fees on top of that, which quickly drives prices so high that the whole thing makes no sense for the customers.
The transfer tax is 1.5%, but Springvest shares always have a redemption clause, which is why there is no trading; why buy when someone will just exercise the redemption right if the deal is good.
Yes, 1.5% per trade. So the difference between the selling and buying price of the share must be at least 3% to make a profit, as transfer tax is paid both when buying and eventually when disposing of the share.
The transfer tax is paid only by the buyer, and no tax needs to be paid if the shares are acquired through a share issue or if the transaction value is under €660.
Through a share issue, true, there is no transfer tax in new issues.
Instead, if I recall correctly, Privanet did not want to bring the buyer and seller into direct contact (e.g., as parties to a sales agreement), so they cycled the shares through their own balance sheet. This meant that transfer tax was paid twice in every transaction.
Another option would be to act as a broker for orders in unlisted shares, bringing the parties to the trade together and managing the signing of the agreement between them. In this case, however, the parties would find out each other’s names, which not everyone is ready for, for understandable reasons. Therefore, using one’s own balance sheet easily becomes the preferred approach.
Here are Kassu’s preview comments as Springvest releases its H2 results on Wednesday 
Springvest will release its H2 results on Wednesday, February 11. We expect the result to have declined from the comparison period in line with the funding raised. We have made no changes to our forecasts, so we reiterate our 9.5 euro target price. However, due to the clearly fallen share price, we are raising our recommendation to Reduce (prev. Sell).