Dependency relationships that arise when creating joint investment institutions
Authors: Borysov Igor 
Published: January 2021

Relevance of the problem. Economic (financial) dependence of legal entities today is manifested either in the control of their activities by another person so that they take into account its interests and will [1], or in the form of participation in the statutory fund and/or management of the legal entity. However, the lack of comprehensive and systematic research on the problems of dependence of economic entities does not allow to properly assess the compliance of those methods that are regulated by law and implemented in practice, turning an independent legal entity into a dependent. In addition, there are other types of dependencies that need to be studied, in particular, the dependence that arises when creating mutual investment institutions.

Target of research. To analyze the current legislation on those methods (techniques) of legal regulation that are used in the creation of mutual investment institutions – corporate investment and mutual investment funds, creating a special relationship of interdependence between these institutions and asset management companies, in order to assess their compliance (sufficiency).

Analysis of recent researches and publications. In the domestic scientific literature, the problem of dependence of legal entities has been studied by such scientists as V. I. Borisova [1], E. M. Dyadyuk [2], K. A. Karchevsky [3], Ya. V. Klimenko [4], from foreign – O. G. Sergeev [5], V. V. Tikhonov [6] and other scientists. At the same time, as already mentioned, a comprehensive, systematic study of the problems of dependence of economic entities of various types and forms, in particular, holdings, subsidiaries, as well as the application of these institutions in practice, has not been conducted in domestic science. There are no studies and relationships of dependence in the creation of collective investment institutions. In view of this, the study of problems of essential understanding of the relationship of dependence that arise when creating such intermediaries in the financial services market as mutual investment institutions.

Article’s main body. The author investigates the essence of dependence relations arising in the creation of joint investment institutions – corporate investment funds and mutual investment funds in comparison with the dependence relations of business entities.

Conclusions and prospects for the development. The concept of «dependence» in domestic law is not generalizing, because to characterize economic (financial) dependence, along with it, other concepts are used, in particular, «affiliate», «related person», «associates» and so on. In addition, the methods (techniques) of legal regulation used in the creation of mutual investment institutions – corporate investment and mutual funds, create a special relationship of interdependence between the CIF, which is a legal entity, and AMC, as well as between the mutual fund, who is not a legal entity is recognized as a quasi-subject that has incomplete (partial) legal personality, acts in economic turnover separately from other entities using corporate mechanisms of capital formation from the issuance of securities, and has a property separation from the AMC, which performs management functions about him.