Some Issues of Qualification of Crimes Against the Procedure for Issuing Securities

Relevance. During the financial and economic crisis caused by many factors, among which are the collapse of the "oil deal" in the OPEC format, the economic consequences of the spread of COVID-19, the formation of a credit  bubble, the unpredictability of currency volatility, there is a decrease in the profitability of the usual savings and savings instruments. On the other hand, against the background of these phenomena, the need for business to attract third-party capital is only growing, which, together with the desire of citizens not only to preserve, but also to multiply their free savings, causes the rapidly increasing popularity of investing in securities. At the same time, of particular importance for the investment process is its first stage – the issuance (issue) of securities. Without proper legal protection, this institution becomes a fertile ground for various kinds of abuses that cause significant damage to investors, securities holders, corporations, and the state.
The purpose of the work is to determine the criminal-legal mechanism for protecting the issue of securities in the Russian Federation.
Objectives: to give a legal description of criminal encroachments on the procedure for issuing securities (including solving the problems of delineation from general norms), to compare the legislation of the Russian Federation regulating the procedure for issuing securities with the similar legislation of some other states, to determine the sufficiency and necessity of the existing system of criminal law norms through which the issue of securities is protected.
Methodology. In the course of the work, methods of comparative, systemic and structural-functional analysis, systematic interdisciplinary analysis and synthesis were used. The study was conducted using general philosophical methods of induction and deduction, a comparative legal method.
Results. The study revealed that the existing system of criminal law norms aimed at protecting the issue of securities does not meet the challenges of the modern reality of the stock market, and the approaches applied by the legislator to the construction of criminal law prohibitions are not relevant to the initial norms of civil and financial law.
Conclusion. It seems appropriate to follow the example of European states and qualify the criminal acts committed in the process of issuing securities as fraud. At the same time, Article 185 of the Criminal Code of the Russian Federation should be formulated in such a way that its blank nature refers the law enforcement officer directly to such a dynamic corporate law.

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