The Impact of New Technologies on the Development of Securities Market Legislation

There are three stages in the development of the securities market in the 20th — early 21st centuries: the paper period, the period of electronization and the period of digitalization. Electronization and digitalization of the stock market have significantly influenced the development of legislation in this area. When the Russian legislator tried to react to the electronic stock market, an internally contradictory term (legal fiction) appeared – an uncertified (book-entry) security. Its use generates a number of problems that have not been resolved to date. It is necessary to distinguish between securities in the form of an electronic document and sets of rights accounted for by account entries. Electronic charges under Russian law are defined as electronic documents, but at the same time they refer to uncertified (book-entry) securities, which is logically incorrect. Eliminating the imperfections of the legal regulation of the stock market caused by electronization, the Russian legislator, limiting itself to changes in general legal acts, did not make appropriate changes to the legislation concerning individual securities. Unlike Russia, effective legal ways of including digital assets in the legal system have been formed in Western countries. The Russian legislator is required to determine their legal nature every time. Shares issued in the form of digital financial assets constitute an unjustifiably cumbersome legal structure, since they simultaneously belong to two different types of objects of civil rights — digital rights and uncertified securities. It is advisable to introduce a special term «investment financial instrument» to designate a group of equity and similar securities, as well as similar digital financial assets.

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