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Collective investments in Russia
It is hard to imagine the modern market without a such sector as collective investments. Almost all high-developed national and international legal systems regulate relations in this sphere of economic activity in one way or another. Relations of collective investment always consider to form a sizable material pool of wide circle of investors’ funds. This pool is to be under management of special organization. At that the investors rights on these funds is certified by different kinds of investment documents. Nevertheless these documents have such common features as: standard character, ability of circulation including circulation on exchange. Person who manage a material pool act in the interests of the investors according to investment strategy which is prescribed in a special document (this one has different forms in different constructions).
Russia is not an exception from this rule. Russian market of collective investments is on the stage of dynamic growth now. At that the laws in this sphere are very varied and fit in general to world-accepted organization standards of collective investments programs.
1. Variety of collective investment programs in Russian.
Russian legislation affords different institutes which mediate projects realization in sphere of collective investments.
It is possible to create a corporation which joins the investors’ funds in corporative property.
For example, Share Investment funds (SIF) which activity is regulated by the Law on investment funds (accepted in 2001) are created as joint-stock company i.e. a public corporation. So the investor rights are certified by SIF stock.
Non-public pensionary funds (NPF). They are a special kind of corporations which activity is regulated by the Law on non-public pensionary funds (accepted in 1998). The investors’ rights are certified by a contract with certain NPF.
Non-corporative formations (a contract model) are based on a contract on asset management of the material pool.
First it is possible a structure where a manager coordinates directly with wide circle of the investors. At that the investors rights are certified with a security which assigns the share of its participation in the managed material pool and the right to demand the appropriate management from the manager. The examples of such constructions are the following:
unit investment trust management (is regulated by Law on investment funds of 2001);
mortgage coverage management (is regulated by Law on mortgage securities of 2003).
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