Problems of legal regulation of derivative financial instruments in the Russian Federation

the purpose of the article is to study the legal regulation of derivative financial instruments (PFIs) in the Russian financial market. To achieve this goal, the research implements the solution of such tasks as identifying the definition, types and functional purpose of PFI in accordance with the current legislation of the Russian Federation. Particular attention is paid to the use of digital financial assets (CFAs) as the underlying assets of PFI and related regulatory challenges. Based on the analysis of the norms of the Federal Law "On the Securities Market", the Civil Code of the Russian Federation, the legislation on the CFA and scientific papers, key problems in the field of legal regulation of derivative financial instruments are identified. The author highlights the lack of integration of Russian legislation with international standards, the complexity of the legal qualification of certain types of PFI, regulatory uncertainty regarding derivative financial instruments with an underlying asset in the form of digital financial assets, issues of protecting the rights of unqualified investors and law enforcement issues as the most pressing problems. In conclusion, specific proposals are formulated to improve legislation and law enforcement practice in order to create a balanced, effective and stable regulatory environment for the Russian PFI market.

derivative financial instruments, derivatives, legal regulation, financial market, securities market, digital financial assets, underlying asset, hedging, speculation, protection of investors' right