Ticket number 1

Question 1

Goals and objectives of investment activities.

The main objectives of investment activities are:

safety or reliability of investments;

return on investment;

· increase in the market value of investments;

liquidity of investments.

The reliability of investments is influenced by systemic and portfolio risks. Systemic risk in conditions of political instability and a decline in production is assessed as quite high, but there are practically no means of protection against it. Portfolio risk can be reduced by diversification and insurance. As a specific method of managing investment risk, it is possible to propose forming a special insurance portfolio of highly reliable securities within the framework of the general stock portfolio.

The task of any investor is to achieve a balanced portfolio of the Central Bank, which provides the optimal combination of return on investment, safety of invested funds, increase in their value and liquidity. However, given the “golden rule” of investing, according to which the income from investing in the Central Bank is directly proportional to the risk that an investor is willing to take in order to obtain the desired income, the strategies for achieving the main goal may be different.

The following investment strategies are often distinguished:

· a conservative strategy that focuses on ensuring the safety of investments;

· moderately aggressive, in which the balance of "profitability - risk" is shifted towards ensuring a certain, given safety of investments;

· Aggressive strategies pursuing the goals of providing some given minimum allowable return on investment. A variation of this type of strategy is a sophisticated strategy that aims to maximize income at the expense of possible risk.

Question 2

Portfolio investment.

Portfolio investment- investments in securities for the purpose of subsequent betting on a change in the exchange rate and (or) receiving a dividend, as well as participation in the management of an economic entity;

The portfolio is formed by acquiring valuable papers and other assets. Portfolio - a set of various investment values ​​brought together, serving as a tool for achieving a specific investment goal of the investor. The portfolio may include securities of the same type (stocks) or various investment values ​​(stocks, bonds, savings and deposit certificates, pledge certificates, insurance policies, etc.).

When forming an investment portfolio, one should be guided by the following considerations:

ü safety investments (invulnerability of investments from shocks in the investment capital market),

ü stability earning income,

ü liquidity investments, that is, their ability to participate in the immediate acquisition of goods (works, services), or quickly and without loss in price to turn into cash.

None of the investment values ​​has all the properties listed above. Therefore, a compromise is inevitable. If the security is reliable, then the return will be low, because those who prefer reliability will bid high and beat the return. The main goal in the formation of the portfolio is to achieve the most optimal combination of risk and return for the investor. In other words, an appropriate set of investment instruments is designed to reduce the investor's risk to a minimum and at the same time increase his income to a maximum.

Ticket number 2

Question 1

Development of investment legislation in the USSR 1987

The creation of the foundations of investment legislation in Russia began when it became possible to attract investments not only from socialist, but also from capitalist and developing countries. Decrees of the Council of Ministers of the USSR No. 48 and No. 49 defining the legal form of economic activity

foreign persons on the territory of the USSR, have become, in essence, a textbook for reformers in terms of regulating foreign investment. This was confirmed by the Decree of the President of the USSR of October 26, 1990 “On Foreign Investments in the USSR.

The Decree of the President of the USSR was the first normative act in which the relations regulated by the previously named Decrees of the Council of Ministers of the USSR were called investments. At the same time, in addition to enterprises with the participation of foreign investments and wholly owned by foreign investors, the Decree also contained a mention of the possibility for foreign persons to independently acquire the rights to use land and other property rights, including the acquisition of rights to long-term lease. However, attention should be paid to the fact that the independent participation of foreigners in the relevant agreements (a concession agreement or a lease agreement), one way or another, was linked to the activities of the latter in a joint venture. In addition, the Decree referred to the legislation of the USSR and the Union republics, which had yet to be adopted.

The Fundamentals of Legislation on Foreign Investments in the USSR became the first and last normative act at the level of the law of the USSR, which solved the tasks set by the Decree of the President of the USSR in the field of regulation of foreign investments. After the collapse of the USSR, the laws adopted in the former Soviet republics began to play a dominant role. As the further history of the development of investment legislation in the RSFSR and other CIS countries showed, the importance of the fundamentals of legislation on foreign investment in the USSR can hardly be overestimated if

view their action as a unifying normative act. The former Soviet republics, including the RSFSR, adopted the basic provisions of the Fundamentals of Legislation on

foreign investment in the USSR in the laws adopted by them on foreign investment.

Question 2

Direct investments. Their purpose and meaning.

Direct (real) investments- investments - investments of a private firm or state in the production of any product.

Real investment consists of two different components. The first of these is fixed capital investment, that is, the acquisition of newly produced capital goods such as manufacturing equipment, computers, and industrial buildings. The second component is investment in inventory (working capital), which is the accumulation of stocks of raw materials to be used in the production process, or unsold finished goods. Commercial inventories are considered to be an integral part of the total stock of capital in the economic system; they are just as necessary as capital in the form of equipment, industrial buildings.

Also, real investments can be divided into internal and external:

internal - this is the investment of the funds of an economic entity in its own factors of production at the expense of its own sources of financing;

· external - this is the investment of funds of investment institutions in the factors of production, in need of investment of an economic entity.

It makes sense to refer to real investments the concepts of gross and net investments. Net investment proper is gross investment minus the cost of replacing fixed capital.

Ticket number 3

Question 2

The concept of investment.

concept investment comes from the Latin investire - to clothe. In the era of feudalism, investiture was the introduction of a vassal into the possession of a feud. The same word denoted the appointment of bishops, who at the same time received church lands with their population and the right to judge them. The induction was accompanied by an appropriate vesting and empowerment ceremony. Investiture made it possible for an investor (or, in modern terms, an investor) not only to annex new territories to gain access to their resources, but also to participate in the management of these territories through authorized proteges in order to plant their own ideology. The latter, on the one hand, justified the intensive exploitation of the population of the territories and made it possible to increase the income received from these territories, and on the other hand, acted as a developing factor.

Investments is a relatively new category for Russian economy. Within the framework of the centralized planned system, the concept of “gross capital investments” was used, which meant all the costs of reproducing fixed assets, including the costs of their full restoration. They were considered as a concept identical to investments.

With the adoption in 1991 of the Law Russian Federation"About investment activity in the RSFSR" under investment began to understand money, targeted bank deposits, shares, shares and other securities, technologies, machines, equipment, licenses, including those for trademarks, loans, any other property or property rights, intellectual values ​​invested in business objects and other activities for profit ( income) and achieve a positive social effect. And under the investment activity, in accordance with the law, they began to understand any form of capital investment.

Ticket number 4

Question 1

Economic content of the investment category.

Investments is a relatively new term for our economy. Within the framework of a centrally planned system, only one concept was used "capital investment", which was understood as all the costs of the reproduction of fixed assets, including the costs of their repair. In the scientific literature, these two concepts have been interpreted differently in recent years. In the modern sense investments is a broader term than capital investments. Traditionally, investments are understood as the implementation of certain economic projects in the present, with the expectation of receiving income in the future. This approach to understanding investment is predominant in both domestic and foreign economic literature.

Introduction

One of the most important problems of reforming and modernizing the Russian economy today is to attract foreign investment. Russia needs foreign capital capable of bringing new technology and modern management methods, and promote the development of domestic investment.

Currently, the social and economic changes taking place in Russia have significantly transformed the economic turnover and required the development of a fundamentally new legislation adequate to the economic needs, regulating foreign investment activities in Russia in detail.

Domestic scientists showed insufficient interest in studying the problems of legal regulation of investment activities in the territory of the Russian Federation. Few domestic lawyers have studied directly individual aspects of investment law, including D. Bessarabov, N. G. Doronina, N. G. Semilyutin, V. V. Starzhenetsky, E. V. Talapin, O. V. Khmyz, S. S. Shcherbinin and some others. Their research made it possible to define the concept of foreign investment in general, as well as the foundations legal status commercial organizations with foreign investments. The results of these studies are reflected in the current legislation.

However, these studies were mainly devoted to solving various problems of an applied nature. They did not address issues that have a direct impact on conceptual approaches to resolving the problems of the legal status of commercial organizations with foreign investments, their activities on the territory of the Russian Federation.

The relevance and insufficiency of the development of the noted problems determined the need for the appearance of this manual on investment law.

Conclusions and recommendations can be applied in the preparation of educational and methodological manuals on civil and business law, in the educational process when giving lectures and conducting seminars in the disciplines of the civil law cycle, and also serve as a basis for familiarizing specialists and representatives of business circles in Russia and foreign countries with legal status commercial organization with foreign investments in Russia.

Chapter 1
Investment law in the system of law

§ 1. The concept and subject of investment law

The transition to a market economy in Russia is inextricably linked with the development of investment as a professionally carried out economic activity aimed at making a profit. In the conditions of intensively developing investment activity, including with foreign participation, a new complex branch has been formed in the system of Russian law - investment law.

The concept of "investment law" can be considered in four main meanings.

Investment law as a branch of law is a set of legal norms governing public relations regarding the attraction, use and control of investments and ongoing investment activities, as well as relations related to the responsibility of investors for actions contrary to the law.

Investment law as a system of legislation- this is a set of legal norms contained in the sources of law (normative legal acts, business customs) and regulating the procedure for investment activities. The study of investment legislation also involves the analysis of judicial and arbitration practice in order to achieve uniformity in the understanding and application of the norms contained in the sources of law.

Investment law as a scientific discipline, i.e., a system of knowledge, a set of ideas of scientists about a given industry. The science of investment law learns the origins of its origin, stages of formation and predicts, based on the amount of accumulated information, the direction of development.

Investment law as an academic discipline- a system of generalized information about investment law as a branch, its legislation and practice of application, as well as about science.

The system of the subject of investment law includes:

- public relations associated with the placement on the territory of the Russian Federation of invested in the economy financial resources, other property (both movable and immovable, not withdrawn from civil circulation), including property and personal non-property rights (for example, copyright, patent law). The group of relations under consideration also includes agreements on joint activities, including relations on education legal entities, created on the basis of equity or 100% participation of foreign investors, as well as relations on the creation of branches and representative offices of foreign legal entities in the territory of the Russian Federation;

– public relations on control over the admission, creation and activity on the territory of the Russian Federation of foreign investors and legal entities formed by them.

The presented group of relations includes state registration of enterprises with foreign participation, licensing of certain types of activities of joint ventures, certification and standardization of the results of their entrepreneurial activities. This group of relations is explained by restrictions on the entrepreneurial activities of foreign investors in certain areas of the economy: communications, telecommunications, energy, transport, etc. - in order to protect the foundations of the constitutional order, morality, health, rights and legitimate interests of Russian citizens, to ensure the defense of the country and the security of the state and the need for this part of state control over the proper implementation of Russian legislation;

- public relations related to the creation in Russia of the necessary investment climate (regime) in order to attract foreign investment in the country's economy, including the provision by the state of guarantees and benefits to foreign investors when they carry out investment activities within the framework of the current legislation. This group also includes relations to protect the interests and rights of investors from unlawful interference by the state or third parties;

- public relations associated with the imposition of liability for investment (entrepreneurial) activities that are contrary to the law.

Investment law is closely related to civil, business, financial, administrative law, since social relations that are the subject of investment law are at the same time part of the subject of the above branches of Russian law. Therefore, it is necessary to recognize the complexity of the relations under study, in connection with which it is possible to single out the essential features inherent in investment relations.

Consider signs of investment relations constituting the subject of investment law .

1. Investment activity, which is the subject of law, is characterized by independence. It is conditionally possible to single out the property and organizational independence of the investor. Property independence is determined by the fact that the investor has a separate property as economic base investment activity. The amount of property independence depends on the legal title on the basis of which this property belongs to the investor. The greatest autonomy of the owner of the property. Enterprises operating on the right of economic management also have significant property independence, but already limited by law and an agreement with the owner-investor. And finally, ownership of property on the basis of the right of operational management gives the least scope for the implementation of investment relations. Organizational independence is the ability to make independent decisions in the process of investment activities, starting from making a decision to engage in such activities, choosing the type and legal form of investment.

2. Investment activity involves risk. This feature confirms the homogeneity of investment relations and entrepreneurship in the broadest sense of the term. Entrepreneurial risk is a powerful incentive for successful work; loss reduction can be achieved by concluding a business risk insurance contract, i.e. the risk of losses from business activities due to breach of obligations by counterparties or changes in the conditions of this activity due to circumstances beyond the control of the entrepreneur, including the risk of not receiving expected income (portfolio investment). In this regard, it is quite understandable that such a purely market institution as the institution of insolvency (bankruptcy) is reborn in our country only with the development of the market.

3. Investment activity is aimed at systematic profit. This is the main goal of the investor, giving his activity a commercial character, which is not lost even if the result was not a profit, but a loss. At the same time, if making a profit as a goal is not set initially, the activity cannot be called investment, it is not of a commercial nature.

It is impossible not to pay attention to such a qualifying sign of investment activity as a systematic approach to making profit. Unfortunately, clear quantitative criteria for systematicity have not yet been developed by law. It is proposed to fill the legislative gap by including additional qualifying features in the definition of investment activity, such as the share of profit from this activity in the total income of the investor, materiality and form of profit, etc.

According to the definition, profit is derived by investors from the placement of property, the sale of goods, the performance of work or the provision of services. This feature seems to be poorly worded. The fact is that investment activity is multifaceted and its directions cannot be represented by a closed list. Why, for example, is it necessary to talk only about the right to use in relation to property? And if the subject makes a profit in the process of exercising the right to dispose of property (for example, renting it out)? And if the investor - the patent owner systematically makes a profit, giving other persons the right to use the result of his intellectual activity, concluding license agreements? These cases do not fit into legislative list. Apparently, it did not make sense in the law to list possible directions investment activity, as they are determined primarily by the market.

4. Investment activities are carried out by persons registered in this capacity in accordance with the procedure established by law, and in some cases without registration (for example, the purchase of securities on the stock market). However, the activities of investors registered in in due course, is a formal sign, i.e. a sign that legalizes investment activity, giving it a legal status. Its absence does not lead to a loss in the quality of investment activity, however, it takes it beyond the scope of state guarantees and benefits. In contrast to the analyzed formal feature, the previously considered features of investment activity are essential (revealing its essence), and only their combination makes it possible to qualify a person's activity as investment.

Investment relations, in turn, are closely related to others that do not have the immediate goal of making a profit. In particular, such relations develop when carrying out activities of an organizational and property nature to create and terminate the activities of a joint venture with foreign investors or wholly owned by them, obtaining licenses, certificates and, in a number of other cases, conducting an environmental review (for example, developing natural resources, bowels). Such economic activity is non-commercial in nature, but creates the basis, and often is necessary condition, a prerequisite for future investment (entrepreneurial) activity. That is why the relations that arise in these cases are covered by economic and legal regulation and are included in the subject of investment law.

Creates conditions for investment law and a number of activities non-profit organizations such as institutions, associations and others; activities of commodity and stock exchanges, the main purpose of which is the formation of an appropriate investment market, is also regulated by the rules of investment law, and the relations that develop during the implementation of this activity are included in the subject of this sub-sector.

And finally, the state, in order to realize the public interests of society, influences the entities engaged in investment activities, regulating this activity in various ways and using various forms. These relations, arising in the process of state investment regulation, form the third group from the composition of the subject of investment law.

§ 2. Method of investment law

Under the method of legal regulation applied in investment law, is understood as a set of techniques and ways of influencing relations regulated by this sub-sector.

As a rule, each industry (sub-sector) involves only specific legal remedies impact on certain types of social relations. However, in a number of cases, branches of law regulate not only social relations that are typical for them, but also relations that are somehow connected with them. Then the method of legal regulation includes legal means that are characteristic not only for this industry (sub-sector), but also for other branches of law. In general theoretical terms, the method of legal regulation of social relations is determined taking into account the following components:

- the procedure for establishing rights and legal obligations;

- the degree of certainty of the rights granted and the autonomy of the actions of their subjects;

- selection of legal facts that entail legal relations;

- the nature of the legal status of the parties in legal relations in which the norms are implemented, as well as the distribution of rights and obligations between the subjects;

- ways and means of ensuring subjective rights.

Based on the specifics of the subject of investment law, the legislator in some cases provides for the establishment of rights and obligations by virtue of the concluded agreement, in other cases - in connection with the act of applying the law (order of the antimonopoly body), in the third case, the rights and obligations directly follow from the law (the obligation of the state registration). The norms of investment law may provide an opportunity to more or less independently decide the issue of the scope of rights and obligations (dispositive norms), may be advisory in nature, or may exhaustively determine the scope of a subjective right or obligation (mandatory norms). The subjects of investment legal relations may be in an equal or subordinate position (horizontal relations between investors and vertical relations between investors and the state are not identical). The protection of established rights and the application of sanctions in case of failure to fulfill obligations can be carried out by various means - civil - legal, administrative, financial, criminal and in various ways - administrative, judicial. Thus, the relationship of freedom in the implementation of private interests with state power influence where it is dictated by public interests, as well as taking into account the recommendations of the competent authorities, are the main characteristics of the method of legal regulation of investment law.

§ 3. Principles of investment law

Principles of investment law- these are its fundamental principles, penetrating the entire array of legal norms.

The main principles of investment law can be named as follows.

The principle of freedom of investment activity received its consolidation in Articles 8, 34 of the Constitution of the Russian Federation: "Everyone has the right to free use of his abilities and property for entrepreneurial and other economic activities not prohibited by law."

This principle has been developed in the Civil Code of the Russian Federation (CC RF) and other legislative acts. It means the right of an investor to invest his property in any area of ​​business, in any of the forms provided for by law, using any (not withdrawn from circulation) types of property, etc. This principle is also confirmed by the establishment of common legal personality for the majority of legal entities. However, this freedom is not unlimited. It may be limited by federal laws in the interests of society to the extent necessary to protect the foundations of the constitutional order, morality, health, rights and legitimate interests of others, to ensure the defense of the country and the security of the state.

The principle of protecting investors from the activities of authorities to forcibly seize this property.

The principle of free use of investments, forms or rights of claim on property invested in the course of investment.

The principle of state guarantees to ensure financial return, compensation in relation to investors' funds invested in the course of investments, agreements (on production sharing).

Principle state regulation investment activity. Such regulation of the economy is carried out in any state. Its various forms and methods are determined by political conditions, the level of economic and social development, historical traditions, national characteristics and other factors. Russia's transition to market economic conditions required a revision of the system of state regulation of the economy, the replacement of administrative measures with economic ones. Many mistakes were made along the way, not all of which have been corrected today. The most important thing that should be achieved in the process of state regulation of investment activity is maintaining a balance between the private interests of entrepreneurs and the public interests of the state and society as a whole.

The principle of legality is industry-wide, and its implementation is the basis for building a state of law. As for legality in investment activity, it is necessary to pay attention to two aspects. Firstly, the investment activity itself must be carried out in strict compliance with the requirements of the law. Secondly, and no less important, the state must ensure the legality of legal acts, the legality of the activities of state authorities and local governments that regulate investment activities. Some measures to ensure the rule of law are provided for by the current legislation.

Thus, Article 13 of the Civil Code of the Russian Federation determines the conditions and procedure for invalidating an act of a state body and a local self-government body. In the field of normative regulation, the introduction of the rule of registration of acts of federal executive bodies in the Ministry of Justice of the Russian Federation contributes to the strengthening of the rule of law.

§ 4. Functions of investment law

Functions of law- these are the main directions of legal influence on social relations, determined by the essence and social purpose of law in the life of society.

In accordance with this, the following features inherent in the functions of investment law can be noted:

– the functions of investment law are determined by the purpose of administrative law in society;

- functions express the most essential, main features of law and are aimed at the implementation of the tasks facing investment law at this stage of development of society;

- the functions of investment law represent the directions of its active action, streamlining the social relations that make up its subject.

Classification of the functions of law and their characteristics. To a certain extent, two groups of criteria can be distinguished that underlie the differentiation of the functions of investment law: 1) external, according to which the so-called social functions of law are distinguished (in this case, investment law is inherent, for example, an educational function), and 2) internal . The latter stem from the very nature of law, the ways in which it influences people's behavior, and the features of the forms of implementation. In this case, the regulatory and protective functions of investment law are distinguished.

Regulatory and protective functions are the functions of law that determine the need for its existence as a social institution of society.

Regulatory function of investment law can be defined as a direction of legal influence due to social purpose, expressed in the establishment of positive rules of conduct, the granting of subjective rights and the imposition of legal obligations on the subjects of investment law in order to consolidate and promote the development of relations that are in the interests of society, the state and citizens.

The most characteristic ways (methods) of implementing the regulatory function of investment law are:

– determination of the status of investors through the rules of law;

– establishment legal order placement of investments, including the procedure for the creation and licensing of joint ventures;

– determination of legal facts related to the emergence, change and termination of investment legal relations, including investment contracts and agreements;

– determination of the optimal type of legal regulation (generally permissive, permissive) in relation to specific social relations for the admission of foreign investors to the Russian economy;

– determination of the optimal regime for ensuring the rights and legitimate interests of foreign investors in Russia by providing the necessary guarantees and benefits.

Protective function of investment law- this is a direction of legal influence due to social purpose, aimed at protecting the generally significant, most important relations for society, their inviolability and ousting relations that are harmful to this society.

The specificity of the protective function is as follows. Firstly, it characterizes law as a special way of influencing people's behavior, expressed in influencing their will by the threat of sanctions, the establishment of prohibitions and the implementation of legal responsibility.

Secondly, it serves as an informer for the subjects of investment relations about what social values ​​are taken under protection by the state through legal regulations.

Thirdly, it is an indicator of the political and cultural level of society, the humanitarian principles contained in investment law.

The characteristic features of the protective function of investment law can be traced more clearly when compared with the law enforcement activities of the state. The general purpose of the latter is to ensure the steady fulfillment by the subjects of law of the requirements of the law, that is, to ensure the regime of legality. This is achieved by identifying offenses, investigating them, and bringing the perpetrators to justice. However, investment law has at its disposal only a limited set of law enforcement measures (for example, bankruptcy measures for a joint venture, revocation of a license for the right to develop a deposit under a production sharing agreement, etc.).

Thus, the protective function of investment law is characterized by the complexity of law enforcement norms, including the norms of civil, business, financial, administrative, criminal, civil procedural, criminal procedural, arbitration procedural branches of law, as well as law enforcement activities of the state as a material guarantee of compliance with the requirements of investment law. In addition, the protective function is aimed at protecting investment relations, and law enforcement is aimed at protecting investment law itself.

Optionally, other functions of administrative law can be distinguished:

- the function of control, i.e. ensuring state control and supervision in the field of managerial activity of the state in the field of investment law relations;

- educational, i.e. instilling socially useful qualities and ensuring the possible rights and interests of investors using existing practice and customs of labor turnover.

The legal system is formed by branches of law, institutions, norms. In the theory of law, independent branches, complex branches are distinguished. A complex branch of law is a branch of law where the subject of legal regulation is not homogeneous, public relations are heterogeneous, which affects the method of legal regulation. For example, banking law assumes that there is a relationship over property, is civil contract bank deposit. This is a property related relationship. At the same time, there are relations related to the application of liability standards by the Central Bank to commercial bank(administrative relations not related to property). Depending on these social relations, the method of legal regulation is different.

Public relations related to attracting investments are in their infancy. In society, an understanding of what investment is is gradually coming. There is legislation that regulates public attitudes related to attracting investments. In the RSFSR, the laws “On investment activity in the RSFSR” (1991) and “On foreign investment in the RSFSR” (1991) are issued. Investment legislation became necessary with the transition to a market economy. In 1995, the law of the Russian Federation "On investment activity in the form of capital investments in the Russian Federation", "On foreign investment in the Russian Federation" was adopted. These are fundamental laws. In the future, there were more such laws, sections were introduced into the codes (for example, in the Tax Code - "investment tax credit", BC - "budget investments"). Thus, the investment legislation is formed.

Currently, investment law is an emerging complex branch of Russian law. Professor Reinhard: "Bath and Laundry Law, Tram and Trolleybus Law" (kolkhoz-dung J).

Subject of legal regulation is the relationship associated with investments. Some say that this is a relationship related to investment activities. Activity is different from movement. Activities are always targeted. The goal here is to transfer your property in order to increase it.

Federal Law "On investments in the form of capital investments ..." (No. 39-FZ):

Investment activities is an investment.

The attachment is the transfer of funds from the owner to other entities.

Investments- these are cash, securities and other property, including property rights, other rights having monetary value invested in objects of entrepreneurial and (or) other activities in order to make a profit and (or) achieve another beneficial effect.

As a rule, investment legislation arises in those countries where it is necessary to attract foreign investment. It appears in countries with underdeveloped market economy. AT developed countries investment legislation is not of a system-forming nature. In some African countries (eg Nigeria, Chad) investment regulations are included in the constitution. Economists are beginning to write legislation on investment activity. Investments are cash, targeted bank deposits, shares and other securities, technologies, machinery, licenses, including those for trademarks, loans or other property or property rights, intellectual values ​​invested in business and other types of activities in for the purpose of making a profit (income) and achieving a positive social effect (an old definition written by economists). All in one pile. Loans by this definition are property. The objects of civil rights include things, including money, securities, other property, including property rights, works and services, information, results of intellectual activity, including exclusive rights to them, intellectual property, intangible benefits (Article 128 of the Civil Code). It would be more logical if investments were determined through objects of civil rights. In Law No. 39-FZ, the definition is given under the definition of objects of civil rights.

Ratio of innovation and investment. Legislative definitions are not given to innovations. Innovation- this is a new thing with increased consumer quality that did not exist before or an improved thing with improved consumer qualities (innovative product). Investments are the means by which this new thing was created or by which this thing was improved.

Legal regulation method. Depends on social relations. If this is a relationship about property, it is dispositive. If power relations - imperative. The imperative method should be applied as little as possible.

Principles of investment law. Fedorov: "Knowing the principles, I see not a cloud, but a big white dog." They are divided into general and special principles of law. Investment law is read at the department of financial law, since the main investor in the Russian Federation is the state. One of the indicators investment attractiveness- the level of development of investment legislation. General - enshrined in the Constitution (legality, democracy, federalism, separation of powers, unity of economic space, etc.), special (unity financial policy and monetary system, the principle of strict adherence to financial planning, etc.). General principles investment activity:

· The principle of legality (clause 2, article 4 of the Constitution of the Russian Federation);

· The principle of federalism (clause 3, article 5 of the Constitution of the Russian Federation);

· The principle of the unity of the economic space, the free movement of goods, services and financial resources (clause 1, article 8 of the Constitution of the Russian Federation);

· Support for competition;

· Freedom of economic activity;

· The principle of non-retroactivity of laws that establish new taxes or worsen the situation of taxpayers (Article 57 of the Constitution of the Russian Federation);

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· The principle of protecting the environment and protecting the interests of indigenous, small peoples living in the territory where investment activities are carried out (Article 69 of the Constitution of the Russian Federation);

Special principles. They are enshrined in the norms of investment legislation. Reflect the financial and legal specifics of investment activities. Just like the industry itself is in its infancy. These principles include:

The principle of state support of investment activity. Investment activity receives state support. This is enshrined in investment legislation. So the Federal Law "On investment activity in the RSFSR" of 1991. Subsequently, this principle was reflected in the Federal Law No. 39. In accordance with this principle, the state provides the subjects of investment activity with guarantees of their rights and protection of their investments. For example, Federal Law No. 39 Chapter 4 (state guarantees of the rights of subjects of investment activity and protection of capital investments);

The principle of usefulness of investment activity. Paragraph 3 of Art. 1 of the Federal Law No. 39: investment activity - investment and implementation of practical actions in order to make a profit and (or) achieve another useful effect. The concept of investment. Paragraph 2 of Art. 1 of the Federal Law No. 39: investments - cash, securities, other property, including property rights, other rights having a monetary value, invested in objects of entrepreneurial and (or) other activities in order to make a profit and (or) achieve another useful effect;

The principle of investment activity efficiency. On the effectiveness of investment activity regulations. In particular, the Guidelines for evaluating the effectiveness of investment projects (dated June 21, 1999 No. VK-477 approved by the Ministry of Economy, the Ministry of Finance and Gazstroy of the Russian Federation). They describe the rules, methods for calculating the effectiveness of investment projects (profitability, payback period);

Principle of financial feasibility of investment projects. Also enshrined in these methodological recommendations. Calculated using certain indicators. Use of public and municipal finance as an investment should imply the feasibility of the investment project.

These principles (efficiency and financial feasibility) correspond to the principle of efficiency and economy in the use of budgetary funds, enshrined in Art. 28 of the Budget Code of the Russian Federation. The use of these principles makes it possible to determine the structure of investment law and, accordingly, will allow the formation of a favorable investment climate in the country.

Farkhutdinov I.Z., Trapeznikov V.A. “Investment law. Educational and practical guide "2006; Doronina N.G., Semilyutina N.G. "State and investment regulation" 2003; Bogatyrev A.G. "Investment Law" 1992.

Investment law. Textbook Gushchin Vasily Vasilievich

§ 5. The system of investment legislation in Russia

Today, the system of investment legislation in Russia is determined by the multidimensionality of the tasks facing the legislator. Since there is no single legislative act of the codification type, several normative acts in the rank of laws form the basis of legal regulation. First of all, it is the Civil Code. It is he who determines the basis for investing, determining the legal status of investment participants, the grounds for the emergence of investment liability relations, etc. However, N. G. Semilyutin is absolutely right, believing that the norms Civil Code is not enough to describe the mechanism of interaction between the investor and the recipient of investments. Therefore, a significant burden on federal level falls on the federal laws of December 26, 1995 No. 208-FZ "On joint-stock companies"(hereinafter - the Law on Joint Stock Companies), "On the Securities Market", on Equity Participation in Construction, dated March 5, 1999 No. 46-FZ "On Protection of the Rights and Legitimate Interests of Investors in the Securities Market" (hereinafter - the Law on protecting the rights of investors) and on Decree of the President of the Russian Federation of August 18, 1996 No. 1210 “On measures to protect the rights of shareholders and ensure the interests of the state as an owner and shareholder”. Thus, the issues of the emergence and dynamics of joint-stock legal relations are regulated by the norms of not only the Civil Code, but also the Law on Joint-Stock Companies and the Law on the Securities Market.

A characteristic feature of the investment legislation is that legal regulation is carried out through regulations that have different industry affiliations, when legal relations arising in the framework of investment are subject to several regulations. It is impossible, for example, to talk about the legality of transactions with shares without taking into account the rules and regulations of the Law on Competition, if we are talking on the acquisition of 20% or more shares, etc. Accordingly, a legal analysis of legal relations, as well as arising disputes regarding the exercise of the rights of participants in these relations, cannot be carried out in a situation of ignoring any of them.

Despite the absence of a single codification act, one can hardly agree with the authors who advocate the development of an investment code. Such an act, according to Yu. Ershov, could contain sections on investment activity, on attracting capital investments in the form of portfolio investments, on public investment, sections on concessions, leasing, and on protecting investments. Russian investors abroad, on bilateral agreements, on the promotion and mutual protection of investments, etc. This approach, it seems, does not take into account the specifics of investment, and relations that are not investment in nature are unreasonably drawn into the sphere of regulation: leasing, concession, etc. At the same time, those authors who propose such projects forget that most of the issues proposed for resolution through the adoption of the investment code have already been resolved at the level of other, special laws: on joint-stock companies, on the securities market, etc. For example, from the analysis of the norms of the Federal Law of July 24, 2002 No. 111-FZ “On investing funds to finance the funded part of labor pensions in the Russian Federation”, it can be seen that the regulatory act creates a legal regime for the accumulation and use of funds for the purpose of providing pensions to the person concerned . The legislation, in particular, establishes legal framework relations on the formation and investment of funds pension savings, defines the features of the legal status, rights, duties and responsibilities of subjects and participants, and also establishes the foundations for state regulation of control and supervision in the field of formation and investment of pension savings, etc. Thus, the regulatory act takes into account the features of this type of investment, which not always possible at the level of a codified act. At the same time, a fundamental regulation on the investment market is needed. And such an act should be the Law on the Securities Market. In addition to solving the problems of building a unified regulatory framework for the registration of investment proposals - stock, bond, construction, etc. - the normative act should contain a ban on the public distribution of any investment proposals, regardless of its name, if potential investors are invited to enter into relations with the investment organizer without procedures for registering such an offer, as is done today for shares, bonds, investment shares, etc.

Important in the regulation of investment relations are normative acts and other sectoral, non-civilistic affiliation. Speaking of a different industry affiliation, we mean, first of all, the norms of an administrative and legal nature. These include the rules for the implementation of state registration of the issue of emissive securities and securities prospectuses, the issuance of licenses to professional participants in the securities market, antimonopoly legislation and others. It is no coincidence that O. A. Krasavchikov emphasized that “the legal regulation of social relations is carried out through the normative fixing of certain rules of conduct and through the issuance of administrative acts that contribute to influencing the dynamics of specific civil-legal relations”, and, as V. V. Rovny accurately noted , "the purpose of administrative management can be considered a benefit ...". This state of affairs is caused primarily by the fact that the investment market belongs to the sphere of the economy, where “the state uses the methods of public legal regulation to equalize the positions of economically strong and economically weak parties entering into contractual relations”. One of such methods is the use of administrative-legal means.

The norms of budgetary law are also important for investment. In particular, when issuing state and municipal securities, it is necessary to use the norms of the Budget Code of the Russian Federation and other norms of budgetary (financial) law. Thus, the legal regime of investment is formed under the influence of the norms to a greater extent. civil law, partially administrative, as well as other branches of law: budgetary and tax. Therefore, while agreeing on the whole with the widespread assertion that investment legislation is a complex branch of legislation that combines norms of various industries, at the same time, one cannot fail to note the priority importance of civil law.