Legal regimes of entrepreneurial activity in the securities market and the collective investments market

Abstract

The article substantiates that entrepreneurial activity in the securities market and in the collective investment market has one special legal regime. The author identifies the general legal means used to regulate all types of professional activity in this area. The combination of licensing with mandatory membership in SRO is a specific approach for regulating entrepreneurial activity in the securities market and collective investments. At the same time, regulation of certain types of activities in these markets has certain features. Investment advisors have a simplified legal regime of activity. Exclusive activity regimes have been established for forex dealers, non-state pension funds and joint-stock investment funds. The necessity to unify the forms, procedure and deadlines for reporting of professional participants of the securities market and professional participants of the collective investment market is justified, due to the common regulatory objectives and similarity of indicators of such reporting. The author makes a proposal to introduce a special term — “professional participant in the collective investment market” to designate management companies, specialized depositories, non-state pension funds and joint-stock investment funds. It is concluded that in the future, the sanctions regime on the securities market and collective investments will cease to be extraordinary.