CC BY
6
2021, №2 ISSN 2078-9661
УДК 346.7
Fedotova E. I.
Investments in the legal system at the present stage
Annotation. This article examines the Russian legislation on investment. The author traces the development of investment legislation from the moment of perestroika to the present time. Scientific works concerning the legal regulation of investment relations, as well as various organizational and legal mechanisms for regulating these legal relations, are also considered. Based on the conducted research, a reasonable conclusion is made that the first legislative acts on investments were insufficiently developed. The ones that replaced them also contain certain inaccuracies indicated in the article. At the same time, investment legislation is developing very rapidly, as exemplified by the new laws applied to regulate investment relations.
Keywords: investment, investment, capital, capital investment, investment platform, public private partnership
For citation: Fedotova E. I. Investments in the legal system at the present stage // Humanitarian scientific journal. 2021. №2. pp 90-94 DOI:
https://doi.org/10.24412/2078-9661-2021-2-004
This is an open access article distributed under the terms of Creative Commons Attribution License (CC-BY 4.0).
In modern Russia, the issues of investment policy are very relevant, and have become especially acute since the beginning of the imposition of political and economic sanctions, and then the onset of the pandemic.
At the same time, in the matter of attracting investment, not everything depends on economic and political sanctions, since sooner or later they will be lifted. And then the arrival of investments in any country, including Russia, which are extremely necessary for the development of the economy, will already depend on the investment climate of the country [1]. At the same time, the investment climate depends very much on the competent regulation of investment relations, on the transparency of investment legislation, but the investment legislation in Russia has not yet been fully formed [2].
The works of L. D. Stepanenko and O. V. Litvinova [3], N. N. Yarkina [4], Yu. S. Pinkovetskaya [5], V. N. Leontiev [6], Iu. S. Shpinev [7] and many others have been devoted to the issues of legal regulation of investments in Russia in recent years.
At the time of the Soviet Union, the issues of investment in both legal and economic science were practically ignored, since the entire economic life was built on the model of a planned economy and there was no question of investing in order to make a profit on the territory of the USSR. The few studies on investment issues, among which we can mention the works of L. F. Lebedev [8], A. S. Fetisov [9], A. O. Shabalin [10], considered the main issues related to foreign investment.
Investment in a market economy is an indispensable tool for the economic and social progress of any state. At present, during the ongoing economic crisis,
the ongoing pandemic, as well as in the conditions of systematic political and economic sanctions by the leading world economies, the importance of investment for our country is increasing many times. It is also worth noting that significant investments are now in demand all over the world due to its rapid «digitization», since various information and digital technologies are increasingly entering the sphere of our life [11], and this requires significant financial costs.
Investment legislation in Russia has come a long way. The first rules concerning foreign investment appeared in 1991, when the first bilateral agreements on the promotion and mutual protection of capital investments and investments were concluded between the USSR and other countries [12].
In the same year, the first legislative acts designed to regulate investment relations appeared. We are talking about the Law of the RSFSR of June 26, 1991 «On investment activities in the RSFSR» [13] and the Law of the RSFSR of July 4, 1991 № 1545-I «On foreign investment in the RSFSR» [14].
These laws were designed to regulate all areas of the national economy, and, despite the fact that they were insufficiently developed, new laws regulating investment relations were adopted only in 1999. These are Federal Law № 39-FZ of February 25, 1999 «On Investment Activities in the Russian Federation carried out in the form of Capital Investments» [15] and Federal Law № 160-FZ of July 9, 1999 «On Foreign Investment in the Russian Federation» [16].
As the name implies, the first law regulates public relations in the field of investments made in the form of capital investments, while we note that the very concept of «capital investments» differs significantly both in tax [17] and accounting [18], and in other regulatory acts [19].
The second law, which also follows from the name, regulates investment relations with the participation of a foreign element.
Both of these laws leave outside the scope of their regulation issues related to the investment of capital in banks and other insurance and credit organizations.
Despite the fact that these two laws were adopted after quite a long time after the transition of our country to a market economy, they cannot be considered fully consistent with the present realities.
Thus, these two laws contain a completely different definition of the concept of investment, since in one of them, investment is understood as property made as an investment, and in the other - the process of investing such property [20].
It should also be noted that these laws are very rarely used directly in law enforcement practice, since much more often we are talking about specific civil law contracts used in the process of investment activities.
The use of public-private partnership mechanisms has recently become very popular. The adoption of this law has greatly contributed to the development of investment relations with the participation of the state, the subjects of the Russian Federation and municipalities. On the one hand, the state was able to attract private capital for the implementation of grandiose social and economic projects. On the other hand, the state, as an investor, helps businesses to implement the necessary programs of general importance.
At the same time, just as our life, not only does not stand still in the era of digitalization and informatization, but on the contrary, is rapidly moving to meet new technologies and knowledge, so legislation is rapidly following the developing economy.
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Author:
Fedotova Elena Igorevna
senior Instructor Maloyaroslavetsky district Administration
