Инвестиционный режим иностранных ценных бумаг: правовые аспекты

Российский юридический журнал. 2022. № 4. С. 110–120.

Lapteva A., Скворцов О. Ю.

The paper is devoted to the analysis of the investment regime of foreign securities admitted to the Russian stock market. The analysis is based on the postulate that domestic legislation regulates investment activity sector-by-sector or point-by-point. This also applies to such an area as the admission of Russian investors to purchase securities issued by foreign issuers. The peculiarities of investment legislation are reflected in the field of securities market regulation, where its own conceptual apparatus, legal forms of investment activity, requirements for subjects of investment activity, as well as a range of objects subject to regulatory regulation were formed. Both positive and negative consequences of the admission of foreign securities to the Russian stock market are noted. The authors identify two possible options under which the admission of foreign securities to the Russian stock market is carried out. The first option is a mode of direct access to such securities. The second option of admission is the regime of indirect acquisition of such securities. It involves the issue of a special security - a Russian depositary receipt. The authors pay special attention to the legal and technical tools used by the legislator when formulating the rules for admission of foreign securities to the Russian stock market. Stating the shortcomings of legal technology, the authors nevertheless conclude that the Russian Federation has formed legal regimes for the admission of foreign securities to the domestic stock market, which creates conditions for increasing the investment activity of Russian investors.

Keywords: инвестиции, ценные бумаги, investment, рынок ценных бумаг, securities, foreign securities, stock market