Digital Technologies and their Role in Reducing the Risks on the Securities Market

Abstract

The article is devoted to the topical issue of the introduction of digital securities and the application of blockchain technology on the securities market, which is supposed to make the securities market more transparent and reduce participants' risks. In connection with the Strategy of the Information Society Development in Russia approved in May 2017 and, in this connection, the further prospects of the development of the securities institution, the issue of the justification of dividing securities into documentary and non-documentary with different legal regimes is raised. The work concludes that the fundamental in a security are precisely the rights it establishes, but not the form of consolidation. Therefore, it seems to be incorrect that the civil legislation of Russia classifies all securities to property (things) based on a classical understanding of a security as a paper document. It also seems illogical that at the present time, despite the understanding in the legislation that the non-documentary security is the "obligation or other right", the legal regime of such a security is subsidiarily subordinated to the legal regime of the thing (Article 143 of the Civil Code of the Russian Federation).