From the website
There is a NON-REFUNDABLE FEE of 5 BTC per security created.
Yes, and I was stating that this doesn't make much sense :/ hoping in some clarifications...
BTW, where in the site there is that info? I really couldn't find it...
On market tab click create security and its on asset issuer terms of service.
I think the problem is that with a fully refundable fee is that people will create bad securities and spam the system. But now there is no incentive for moderators to vote in a timely fashion so burnside is trying to make an incentive for them to do so (50% refund).
That's what I have gathered.