Некоторые направления развития законодательства о фондовом рынке

Закон. 2022. № 2. С. 171–181.

Molodyko K., Galiakhmetova L.

In Russia, during the pandemic, there has been a rapid increase in the opening of brokerage accounts by individuals, about 15 million citizens have already opened them. In the  developed economies jurisdiction, as in Russia, the right to acquisition of certain high-risk financial products is conditioned by the status of a qualified investor. A feature of the new Russian regulatory approach is the opportunity to obtain partial access to complex risky assets by passing an exam without obtaining the  status of a qualified investor. In this case, the  examiner is a financial organization the  future counterparty under a civil contract. The article analyzes the  ideology of such testing using the  doctrinal developments of behavioral regulation. Debatable questions are raised about the advisability of ‘qualifying’ the individuals when they purchase goods and services both within the financial markets and outside them. Also we discuss the limits of adoption by non-judicial bodies, in particular regulators, the decisions of recognition contracts as void or vice versa of mandatory conclusion of contracts. It is substantiated that testing is ideologically aimed at protecting not only retail investors, but also brokers in the  stock market. At the same time, there is a need to eliminate the conflict of interest that now exists in the Russian testing system by transferring the  right to test potential retail investors to organizations such as universities and after the potential investor has completed mandatory training. It is also proposed to introduce guarantee mechanisms in the Russian stock market in case of bankruptcy of brokers. Particular attention is paid to protecting the interests of elderly people. There is also a need to harmonize the criteria for allowing retail investors to acquire risky assets within the Eurasian Economic Union.

Keywords: тест, защита прав инвесторов, test, поведенческое регулирование, Behavioral supervision, qualification of professional investors, protection of investors rights, conclusion of civil transactions, ion, guarantee systems (insurance systems) in financial markets, квалификация профессиональных инвесторов, заключение гражданских сделок, системы гарантирования (страхования) на финансовом рынке