Legal Regime of Securities of Joint Investment Institutions

Abstract

The article examines the peculiarities of legal regulation, emission and circulation of securities of joint investment institutions on the basis of which their comparative legal analysis was conducted for the first time. The subject of the study is the legal regime of securities of joint investment institutions – shares of corporate investment funds and investment certificates of unit investment funds. The purpose of the article is to study the features of the legal regime of securities of joint investment institutions – shares of corporate investment funds and investment certificates of unit investment funds, as well as to identify problems of their legal regulation. As far as methodology is concerned, in the course of the research general scientific and special legal methods of cognition were used. The comparative and legal methods made it possible to study the current legislation on the activities of joint investment institutions to establish common and distinctive features of securities of joint investment institutions. Methods of scientific induction and deduction provided an opportunity to investigate the legal nature of the relations that arise from securities of institution of joint investment. The problematic aspects of legislative regulation of securities of joint investment institutions were identified. The peculiarities of shares of corporate investment funds and investment certificates of unit investment funds were investigated. Common and distinctive features of securities of joint investment institutions were identified. Special attention is given to the fact that shares of corporate investment funds and investment certificates of unit investment funds, although assigned by the legislator in one category – securities of joint investment institutions, significantly differ in the legal nature of certifying relations. It is stated that the corporate investment fund shares give the investor of such a fund corporate rights instead of investment certificates of unit investment funds certify ownership. The article will be useful for practitioners in the field of law and economics, students of higher education, scientific and pedagogical workers of law and economics faculties, as well as all interested readers.