Year of Graduation
Protection of Consumers’ Rights on the Securities Market
This thesis discovers an issue of presence of “consumer” or “vulnerable party” in the securities market and presence of due legal protection of such persons. On the one hand vulnerable party of the legal relationships traditionally is subjected to regulation by consumer legislation (namely by Federal Law “On Consumers’ Rights Protection”), on the other hand application of this legislation to relationships in financial markets is problematic. In this context the following objectives was set: ascertainment of presence of vulnerable party on the securities market and determination of criterion for identifying such persons; analysis of existing measures of legal protection of consumers in the securities market; elaboration of recommendations on areas of work for development of adequate legal protection of consumers in the securities market.The author arrives at conclusions on presence of vulnerable party in the securities market and on necessity of provision of additional rights and guarantees to such persons. The criteria that should be used for excretion of consumers on the securities markets are competence and knowledge of a person in relation to financial products or objects of relationships in financial market. It emerged that these criteria are taken as a basis for classification of investors on the securities market on qualified and nonqualified investors set by Russian legislation. Therefore the status of nonqualified investor may be taken for excretion of consumer on the securities market. However the Russian legislation doesn’t provide nonqualified investor with adequate legal protection at the moment. Range of amendments to the Russian legislation aimed at creation of proper obligation fulfillment by professional participants of the securities market, ensuring effectiveness of liability of professional participants of the securities market before consumers, elaboration of measures against unfair practices on the securities market, working-out of mechanism for calculation of damages of clients of professional participants of the securities market are proposed in the thesis.