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Regular version of the site

Article

Сущность и особенности коллективного инвестирования на рынке ценных бумаг

Вопросы правоведения. 2013. № 4. С. 266-283.

 

The paper is once again confirming the thesis that the investment market as such has always been one of the most dynamic and complex item in the context of legal regulation in the present-day economic life. As an identifying feature of the investment laws and regulations we can consider the fact that the legal regulation is performed by regulatory enactments, having different sectorial belongings. It would be correctly reasoned that institutional investors should be regarded as valid participants in investing activities.  They can be in turn described as financial institutions, accumulating temporarily redundant funds of investors (depositors or shareholders) and performing investment activities. On the investment market collective investors play the part of a peculiar intermediate party between an individual investor and investment object (investment manager). The paper considers different aspects of the collective investment on the security market. Special attention is given to the description of the legal status of primary investment activity parties; distinctions of collective investment forms and parties differentiation on the security market is given.The legal status of such collective investors, as financial establishments, non-state pension funds, mutual and corporate funds, as well as bank-administered trust funds are described in more details.Two groups of institutional investors have been defined according to the type of activity. The first group includes investors, performing together with investments also other activities, i.e. general investors. In this category fall commercial banks, professional participants of the securities market: brokers and managers. The second group consists of investors who are involved only in investment activities, i.e. specialized investors. They include corporate investment funds, management companies, and non-state pension funds.The analysis of the legal basis of so called institutional investment market participants has shown a need to clear the definitions. In order to avoid further discussions and a varying interpretations it has been proposed to legislate the collective investment definition, o determine forms and parties of such activities, as well as their legal status.