Legal issues of the protection system for the unqualified investors in the securities market of the Russian Federation

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GEORGY DENISOVICH TRAVIN^а

^а“F1-Novaya bukhgalteriya” LLC

DOI: 10.22394/2070-8378-2021-23-3-46-53

Abstract:
The article considers the dynamics for forming the retail investment segment in the Russian Federation, the regulatory acts in force to regulate it, and the measures taken by the state to provide additional legal protection for individuals on the securities market. There is an acute issue of the low level of financial literacy of Russian citizens. As a result of the analysis of the current system for protecting the rights and legitimate interests of unqualified investors, the author identified existing problems and proposed possible ways to solve them. It is noted that a distinctive feature of the stock market is the extremely high level of risk of financial losses. Due to the fact that only professionals are allowed to trade, regular citizens are forced to use the broker services. The brokerage agreement, despite its significance, is the most undeveloped area of legal regulation of investors’ activities in the securities market. The rights and guarantees of the legitimate interests of unqualified investors in the provision of brokerage services are also not clearly established. According to the author, a possible solution would be the introduction of a special regulation of the brokerage contract at the legislative level and the consolidation of minimum guarantees of compliance with the interests of clients.

Keywords:
legal regulation, securities market, categorization of investors, unqualified investor, brokerage, brokerage agreement

Received:
May 17, 2021

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