STRUCTURAL BOND AS A NEW PERSPECTIVE OF THE SECURITIES IN RUSSIA

Public relations emerging at the securities market become more complicated, new participants appear, mechanisms of interaction between them are built up, securities that were not previously known to the Russian financial market are put into circulation. Modernization of the relevant public relations requires a timely review of the current legislation governing the circulation of securities. The article reviews a new version of the Federal Law No. 39‑FZ dated April 22, 1996 “On the Securities Market”, which will be effective from October 16, 2018, introducing a new type of security — a structural bond. Traditionally, a bond has been treated as a debt security guaranteeing its holder the right to receive the nominal value of the bond in the period specified therein. The emergence of a new financial instrument ‑ a structural bond that places the return of its face value in dependence on the offense or non‑occurrence of circumstances determined by the law, generates a legitimate interest both from the legal practitioners and from civilian scientists. The above circumstances confirm the thesis about the relevance of the research topic. The purpose of this work is to study the concept of a structural bond, the specifics of its issue and circulation. The structure of the study is determined by the purpose, objectives and includes the introduction, the main part, conclusions, and the list of references. The introduction formulated the relevance; the study of the relevant topic, the scientific novelty, the purpose and objectives of the study, the theoretical and practical significance of the work is revealed. The main part of the article analyzes legislation regulating the features of issuing and placing structural bonds, reveals the advantages of structural bonds over traditional bonds, details the factors affecting the owner of the face value of that security. In conclusion, the authors come to the conclusion that the structural bond is a very attractive financial instrument, which, of course, will be of interest to issuers and investors. The authors emphasize the need for adoption of the regulations that detail the issuance of structural bonds and the introduction of changes to existing ones. It is noted that any conclusions of these innovations can be made only when these products are tested and appropriate law enforcement practice is developed.

securities, bonds, structural bonds, emission, issuers, financial instrument, financial markets, credit organizations, qualified investor, Civil Code of the Russian Federation.

Akhmatyanova V. A., Sagitova I. F. Structural bond as a new perspective of the securities in Russia // Business. Education. Law. 2018. No. 4 (45). Pp. 334–340. DOI: 10.25683/VOLBI.2018.45.445.