Professional Participants of the Investment Market: The Concept, Types, and Market Access Models

The paper examines the specific features of the legal status of professional participants in the investment market that play a significant role in the redistribution of financial capital flows, particularly in their interactions with retail investors. The quality of the services they provide, as well as the overall stability of the investment market, depends on the proper legal regulation of their activities. In general terms, these entities provide qualified assistance to investors and investment recipients in carrying out transactions that facilitate investment. At the same time, the contemporary investment market is not static: it is continually affected by such developments as digitalization, structural transformation, and the blurring of the boundaries between the functions of its participants. These factors must likewise be taken into account in the legal regulation of the relevant relationships. The author concludes that the activities of professional participants require specific regulation in order to ensure the security and transparency of investment activities, promote their development, and mitigate adverse consequences arising in the investment market. Accordingly, the legislature imposes enhanced requirements on such participants, relating to their organizational form, financial soundness, internal structure, licensing, inclusion in specialized registers, restrictions on combining certain types of activities, and business reputation.

1. Borisova OV, Malykh NI, Oveshnikova LV. Investments. Moscow: Yurayt Publ.; 2024. (In Russ.).

2. Ershova IV (ed.). Business Law: Legal Support of Business. Moscow: Prospekt Publ.; 2017. (In Russ.).

3. Galanov VA. Securities Market: textbook. Moscow: Infra-M Publ.; 2023. (In Russ.).

4. Golovenchik MG, Golovenchik GG. Features of Digital Markets Functioning. Digital Transformation. 2023;29(2):13-23. (In Russ.). DOI: 10.35596/1729-7648-2023-29-2-13-23.

5. Gubin EP, Lakhno PG (eds.). Business Law of the Russian Federation. Moscow: Norma: Infra-M Publ.; 2020. (In Russ.).

6. Gusev AA, Semenkova EV, Gibadullin EI. Internalization of Liquidity as a Factor of Destruction of the Stock Market. Bulletin of Moscow Region State University. Series: Economics. 2021;2:18-28. (In Russ.). DOI: 10.18384/2310-6646-2021-2-18-28.

7. Danilova TN. Investment market and its place in the structure of the financial market. Finance and Credit.2002;8:10-25. (In Russ.).

8. Igonina LL. Investments. Moscow: Magistr: Infra-M Publ.; 2021. (In Russ.).

9. Ivanov VV, Lvova NA. Financial Economics. Vol. 1. Moscow: Prospekt Publ.; 2022. (In Russ.).

10. Kovalev VV, Ivanov VV, Lyalin VA (eds.). Investments. TK Welby Publ.; 2003. (In Russ.).

11. Kuznetsov MV. Concept and signs of professional activity in the securities market. Entrepreneurial Law.2010;3:15-20. (In Russ.).

12. Lapteva AM, Skvortsov OYu. Investment Law. Moscow: Yurayt Publ.; 2022. (In Russ.).

13. Lapteva AM. Legal Status of Individual Investor in Securities Market. Zakonodatelstvo. 2022;4:59-64. (In Russ.).

14. Leontyev VE, Bocharov VV, Radkovskaya NP. Investments. Moscow: Yurayt Publ.; 2023. (In Russ.).

15. Lukasevich IYa. Investments. Moscow: Vuzovskiy uchebnik: Infra-M Publ.; 2024. (In Russ.).

16. Nikolaeva IP. Investments. Moscow: Dashkov and Co. Publ.; 2023. (In Russ.).

17. Ratnikova DS. Legal regulation of investment activities in the Russian Federation: theoretical foundation. Cand. Sci. (Law) Diss. Moscow; 2011. (In Russ.).

18. Shevchenko OM. Legal regulation of the securities market and collective investments. Moscow: Prospekt Publ.; 2021. (In Russ.).

19. Teplova TV. Investments. Moscow: Yurayt Publ.; 2024. (In Russ.).

20. Terekhova EV. Investment Law: Public Law Principles. Moscow: RGUP Publ.; 2015. (In Russ.).

21. Udaltsova NG. Initial public offering (placement) of securities: legal nature. Moscow: Infotropic Media Publ.; 2012. (In Russ.).