Protection of the rights of individuals in the securities market: a review of judicial practice

The large-scale involvement of citizens in the functioning of the securities market is associated with a high investment risk. In connection with the emergence of disputable situations, citizens apply to the courts with various requirements, referring to the fact that they are consumers. At the same time, the courts are not always able to protect the rights of citizens since it is very problematic to prove the status of a consumer. This situation actualizes questions about the legal status of citizens in the securities market and the judicial protection of their rights.

The purpose of the study is to assess the judicial practice in disputes related to the participation of citizens in the securities market.

When writing this article, general scientific methods (system, functional, group of logical methods) and special legal methods (formal legal, legal modeling method) were applied.

The article describes the main approaches to the qualification of legal relations with the participation of citizens in the securities market, developed in judicial practice and doctrine. At the same time, it is concluded that judicial practice is based on the position that citizens in the securities market are not consumers. This approach can be seen in disputes arising from brokerage service agreements, agreements with traders, agreements with forex dealers, and trust management agreements. However, it seems that the question of the legal status of a citizen should not be decided a priori, not only depending on the type of contract, but also on the number and frequency of transactions in the securities market, on the volume of investment, on the risks taken and on other characteristics of the actual activity of the citizen.