The Legislative Innovations in the Regulation of Investment Transactions Made Using the Financial Platform: Effectiveness Evaluation

Abstract

Introduction: the relevance of the paper is justified by the fact that the civil doctrine regarding the study of the topics of investment transactions made using the financial platform is in the stage of gradual formation. While academic economists are quite actively developing issues of forming new approaches to the remote provision of financial services to a wide range of consumers. The purpose of the study: the paper provides a detailed analysis of Federal Law of July 20, 2020, No. 211-FZ “On Making Financial Transactions Using the Financial Platform”, which entered into force in 2020 and regulates the activities of special legal entities – operators providing investment services to individuals. The aim is to evaluate the effectiveness of the provisions enshrined in Federal Law No. 211-FZ of July 20, 2020, “On Making Financial Transactions Using the Financial Platform”. Analyzing the provisions of the newly adopted document, the author answers the question of whether they facilitate, accelerate and simplify the execution of transactions by a private investor made using the financial platform. The Rules of the financial platform are also analyzed as a legal regulatory basis for the entrepreneurial activity of the operator of the financial platform. Research methods: based on the materialistic worldview, the author uses a combination of general scientific and specific scientific methods. The main research methods are the logical and system-structural methods, the methods of induction and deduction, analysis and synthesis, as well as the formal legal method. Conclusions: it is concluded that the activity of recording data on financial transactions, which the repository (the registrar of financial transactions) must carry out according to Federal Law No. 211-FZ of 20.07.2020, is very cumbersome, complex, and costly, is subject to the risks of improper execution and improper preservation of personal data of consumers of financial services. It is proposed to use the depository and registration platform, which functions as a special electronic service on the website of the Bank of Russia, to record data on financial transactions using the financial platform. It is recommended to record the facts of financial transactions made in the system of a polysubject jurisdictional blockchain. The recommended scheme of polysubject blockchain interaction of entities operating on the territory of the Russian Federation has been developed, which allows each participant of the blockchain to simultaneously receive complete and reliable information on each stage of a financial transaction in the online mode and exclude irrational data transfer related to financial transactions and their participants, reduce the risk of improper storage of personal data of consumers of financial services, etc. It is proved that in Federal Law No. 211-FZ of 20.07.2020 the legislator has created a legal business scheme that is beneficial, first of all, for the operator of the financial platform – an intermediary organization. The amendments and additions to Federal Law No. 211-FZ of 20.07.2020 are proposed. The expediency of borrowing and integrating into the unified federal law “On Making Investment Transactions by Consumers in the Information and Telecommunications Network “Internet” all viable legislative provisions developed in Federal Law No. 211-FZ of 20.07.2020 is justified. This document also proposes to fix a set of rules for regulating remote digital transactions of investment in traditional financial assets, securities, digital financial assets, and derivative financial assets made by retail private investors (individuals) in the Internet information and telecommunications network.