Kokoeva Luiza Tembolatovna, Doctor of juridical sciences, professor, head of sub-department of entrepreneurial and labor law, North Caucasian Mining and Metallurgical Institute (State Technological University) (44 Nikolaeva street, Vladikavkaz, Russia), firstname.lastname@example.org
Kolieva Angelina Eduardovna, Candidate of juridical sciences, associate professor, sub-department of land, labor and environmental law, Kuban State Agrarian University named after I. T. Trubilina (13 Kalinina street, Krasnodar, Russia), email@example.com
Background. Trust management of securities is one of the most controversial categories of legal science. Modern civil law contains many valuation norms for the fiduciary management of securities. Interpretation and concretization of concepts is a complex process. The law does not allow the exercise of civil rights with the intent to harm another person, as well as the abuse of law in other forms, including in the form of circumvention of the law. The purpose of the study is to find ways to improve the regulation of the trust management industry.
Materials and methods. The implementation of research tasks was achieved on the basis of an analysis of the main regulatory legal acts in which the theory of trust management is justified and developed. A special place in the present study is occupied by the works of such authors as V. L. Volfson, V. A. Dozortsev, A. P. Inshev, A. S. Kubkov, E. S. Pyanikh, A. M. Soloviev and others. The methodological potential includes methods of comparative legal analysis that allow one to compare the content and significance for the development of theory and practice of regulating trust relationships.
Results. In the course of the conducted research it was revealed that all changes in the trust management industry are based on the need to strengthen the regulation of the investment sphere of the financial market. One of the key tasks to improve the settlement of trust management is to increase the level of protection of an investor who does not have the status of a qualified investor. The increase in the number of retail investors is due to the introduction of the concept of “individual investment account” in the legislation. Evaluation of experience in regulating individual trust management in developed countries provides an opportunity to find and build optimal strategies for reforming this field of activity. A complex level of regulation causes significant changes in this area of activity, including the consolidation of organizations, the expansion of tactical investments in order to overcome regulatory challenges and establish relationships between regulators, not only with managers, but also with clients. The mechanism of trust management can not guarantee the safety of the invested funds. At the same time, he must protect clients from unscrupulous
market participants and cases of manipulation. Since these issues have not been fully resolved at the legislative level, now the regulation is being finalized at the level of by-laws and instructions of the Bank of Russia.
Conclusions. The study revealed that the lack of legal regulation of the features of trust management of securities at the level of the federal law provided for in Art. 1025 of the Civil Code of the Russian Federation, opens up opportunities for the regulation of these legal relations with the help of presidential decrees and the resolutions of the Government of the Russian Federation published on their basis and for their implementation. Any of the regulatory changes should be based on the following postulates: a) increasing the investor’s security; b) focus on increasing competitiveness; c) reduction of costs; d) the formation of regulatory mechanisms corresponding to the best world practices. These regulatory mechanisms in the long term will allow to form a competitive financial market in Russia and a broad category of domestic investors.
securities market, central depository, commercial depository, internal investor, institutional investor, financial crisis, international sanctions, trust management
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