Raising investments on the investment platforms (crowdfunding): directions of development of legal regulation

Abstract

From 01.01.2020, Federal law No. 259-FZ of 02.08.2019 “About raising investments on the investment platforms and on amendments to certain legislative acts of the Russian Federation” came into force, which became the first step in the formation of the legal regime of crowdfunding and the inclusion of a parallel system of financial (non-Bank) mediation in the sphere of supervision of the Central Bank of the Russian Federation. The article analyzes the relationship of Law No. 259-FZ with other legal acts, the scope of regulation of which it affected and the  direction of making subsequent changes to them. In addition to the need to include in the legal field of P2P lending, which is one of the types of crowdfunding excluded from the scope of Law No. 259-FZ, it was noted that it  is expedient to resolve the issue that the legislation on consumer protection does not apply to relations in which individuals participate as investors, as well as to expand the scope of credit histories to other ways of attracting investment in addition to issuing loans.