Objects and subjects of investment activities. Subjects and objects of investment activity Subjects of investment activity are recognized

06.03.2024

Subjects investment activities are investors, customers, performers of work, users of objects of investment activity, as well as other legal entities (banking, insurance organizations, investment funds) - participants in the investment process. Subjects of investment activities can also be individuals, states and international organizations, foreign legal entities and individuals.

Investors invest their own, borrowed and raised funds in the form of investments and ensure their intended use.

Customers can be investors, as well as any other individuals and legal entities authorized by the investor to implement investment projects.

Users of objects of investment activity can be investors, as well as other individuals and legal entities, state and municipal bodies, foreign states and international organizations for which the object of investment activity is created.

Objects investment activities in the Russian Federation are:

newly created and modernized fixed assets in all sectors of the economy;
securities (stocks, bonds, etc.);
targeted cash deposits;
scientific and technical products and other property;
property rights and intellectual property rights.

Similar objects also include foreign investments, if they do not contradict the legislation of the Russian Federation. Foreign investors have the right to invest in Russia through:

equity participation in organizations created jointly with legal entities and individuals of the Russian Federation;
creation of organizations wholly owned by foreign investors, as well as branches of foreign legal entities;
acquisition of organizations, buildings, structures, shares in organizations, shares, shares, bonds and other securities, as well as other property that, according to the legislation of the Russian Federation, may belong to foreign investors;
acquisition of rights to use land and other natural resources;
provision of loans, credits, property and other property rights.

The law prohibits investing in objects, the creation and use of which does not meet the requirements of environmental, sanitary, hygienic and other standards established by legislation in force on the territory of the Russian Federation, or damages the legally protected rights and interests of citizens, legal entities or the state.

Subjects of investment activity operate in the investment sphere, where the practical implementation of financial investments is carried out. The investment sphere includes:

the sphere of capital construction, where investments are made in fixed assets for production and non-production purposes. This area unites the activities of customers-investors, contractors, designers, equipment suppliers, citizens in individual and cooperative housing construction and other subjects of investment activity;
innovation sphere, where scientific and technical products and intellectual potential are sold;
sphere of circulation of financial capital (monetary, loan and financial obligations in various forms).

All investors have equal rights to carry out investment activities. The investor independently determines the volumes, directions, size and efficiency of investments. It, at its discretion, attracts legal entities and individuals on a contractual (mainly competitive) basis to implement investments.

Unfinished objects of investment activity are the shared ownership of the subjects of the investment process until the investor accepts and pays for the work and services performed. If the investor refuses to further invest in the project, he is obliged to compensate the costs to its other participants, unless otherwise provided by the contract.

The state guarantees the stability of the rights of subjects of investment activities. In the event of the adoption of legislative acts whose provisions limit their rights, these provisions cannot be put into effect earlier than one year from the date of publication.

In accordance with the legislation in force on the territory of the Russian Federation, the protection of investments, including foreign ones, is guaranteed, regardless of the form of ownership. Investments cannot be nationalized or requisitioned free of charge. The application of such measures is possible only with full compensation to the investor for all losses caused by the alienation of invested property, including lost profits, and only on the basis of legislative acts of the Russian Federation and the constituent entities of the Federation.

Targeted bank deposits, shares or other securities made or acquired by investors, payments for acquired property, as well as rental rights in cases of their withdrawal are reimbursed to investors, with the exception of amounts used or lost as a result of the actions of the investors themselves or undertaken with their participation. Investments on the territory of the Russian Federation are in some cases subject to compulsory insurance, which is a guarantee of their preservation.

The investment process combines subjects and objects of investment activity.

They interact with each other in a certain way; as a result of such interaction, a certain product appears that is consumed by society, bringing benefits to the subjects in the form of profit or other material benefits.

It can occur without creating a product, in the form of a movement of capital, by transforming one form of capital into another. The result of such a transformation brings benefits to the subject of the investment process, without society consuming the results of this transformation. In this case, the objects and subjects of investment are closed only on each other.

Subjects of investment activity are:

investors, suppliers of investment resources;
subjects of production and financial activities in the country's economy;
various intermediaries facilitating investment activities.

Investors are the main subjects of investment activity. An investor can be any individual or legal entity of domestic or foreign origin, and even the state. The main characteristic of an investor: the availability of funds in monetary or material form, or the ability to attract such funds, which he is ready to provide to the investment consumer. The investor's expectations focus on the income he receives from the activities of the investment object.

Investment subjects include investment consumers:

enterprises and organizations using investments to implement projects;
financial entities such as exchanges, brokerage companies, banks and other financial institutions;
co-investors of various origins participating in the financing of the investment project at the same level as the investor;
enterprises and organizations physically implementing investment projects;
intermediary organizations. facilitating rapid advancement to investment sites.

All investment subjects are united by one goal - the implementation of an investment project, therefore, several types of investment subjects are often united in the person of the investor. For example, an investor can be simultaneously the customer of the project, the executor and the user of the finished investment object. The law does not prohibit such an association.

Objects of investment activity

The objects of investment activity are any assets in which the investor is willing to invest financial or material resources.

In accordance with the accepted classification, investments are divided into real and financial. Accordingly, investment objects are divided into real and financial. Objects of investment in the real sector of the economy are enterprises and organizations, their fixed assets or working capital, inventories of finished products, scientific and technical products, rights to them and trademarks, rights to inventions and know-how, rights to land and deposits of natural resources .

Outside the real sector of the economy, investment objects can be sports organizations, cultural and entertainment organizations, museums, theaters, social and educational organizations. These investment properties may not even bring profit to the investor, the investor invests in these properties to achieve their goals. The goals can be very different, for example, to increase your status in society by investing in charitable foundations.

Special objects of investment are financial investments. Investments in these objects are made to generate income through stock speculation. Stock speculation occurs on securities exchanges, where the investor buys and sells securities depending on their price in the market at a given moment. The principle of financial investment is extremely simple: buy liquid securities cheaper and later sell them at a higher price. The securities market is highly risky, so investors invest in financial assets using intermediaries who are professionals in stock trading and good securities market analysts.

The motivation for investment activity is different between real and financial investors, although both want to receive income from their invested funds. That is why their objects and forms of investment are so different. The motivation of a real investor is aimed at creating a long-term business that is managed by the investor himself. Its objects and forms of investment are distinguished by high reliability, stable income, and low liquidity. Its objects are capital, therefore, in a planned economy, investments were called capital investments.

The motivation of a financial investor is speculative in nature: to create securities of varying returns and varying degrees of risk in order to also receive a stable income from their investments. But the securities market is more subject to fluctuations, and maintaining the profitability of the portfolio while maintaining the required level of risk is quite a difficult task. Therefore, the objects of a financial investor are securities, shares of large companies, the so-called “blue chips”, which guarantee fairly high reliability. Financial investors use precious metals, gold, and art objects as investment objects. These objects, just like blue chip stocks, add reliability and stability to the investment portfolio of a financial investor, although they somewhat reduce its profitability.

It is the motivation of the financial investor that determines the choice of investment objects and allows them to be classified into:

risky investors;
moderate investors;
conservative investors.

The investment portfolio of the former consists of, but also risky investment objects. These are young shares that an investor purchases at the very beginning of their activities. If the investor “got” into a promising direction, then upon achieving results, the financial investor sells shares to a strategic investor. The strategic investor is already among the real investors and his task is to disseminate the results of the venture company into mass production of products.

A conservative investor is content with lower returns, but high stability of income and occasional adjustments to the investment portfolio.

The sweet spot for financial investors is concentrated in the temperate zone. These include, in particular, the world's richest financial investor, Warren Buffett. Typically, these are high professionals in the stock markets who, in addition to knowledge of fundamental and technical analysis, have excellent instincts. This allows them to receive no less income on the securities market than real investors on their real investment objects.

Subjects of investment activity are investors, customers, work performers (contractors), users of objects of investment activity, as well as suppliers, legal entities (banking, insurance and intermediary organizations, investment exchanges) and other participants in the investment process (clause 1 of article 2 of the RSFSR Law "On investment activities in the RSFSR").
As we can see, the range of subjects is broadly defined, the criteria for identifying them as subjects of investment activity are not specified, so it is not clear why, for example, intermediary organizations (and which ones) are classified as such, or whether any credit organizations are subjects of investment activity.
The Law on Investment Activities in the RSFSR is applied to the extent that does not contradict the Federal Law “On Investment Activities in the Russian Federation Carried out in the Form of Capital Investments” (hereinafter referred to as the Law on Investment Activities in the Form of Capital Investments).
In accordance with the Law on investment activity in the form of capital investments, the subjects of investment activity are investors, customers, contractors, users of investment objects and other persons (clause 2 of article 4 of the Law). As we can see, the subjects are defined more clearly in this law, however, here too, due to the lack of criteria for classifying persons as subjects of investment activity, having listed the main participants in the investment process, it very vaguely refers to other persons who also seem to be related to subjects of investment activity.
Based on the concept of investment activity discussed above, it follows that the subject of this activity is primarily the investor.
Investors are subjects of investment activity who invest their own, borrowed or raised funds in the form of investments and ensure their intended use (Clause 3, Article 2 of the RSFSR Law “On Investment Activities in the RSFSR”).
Investors make capital investments on the territory of the Russian Federation using their own and (or) borrowed funds in accordance with the legislation of the Russian Federation (clause 2 of article 4 of the Law on investment activities in the form of capital investments).
Investors are persons who are able to independently carry out all practical actions related to the implementation of investment, from making decisions on investments to receiving profit from the implementation of an investment project. This is especially true for investments in the form of capital investments: at all stages of investment activity - organizational, investment and entrepreneurial - the investor can act independently, on his own behalf, without transferring his functions to other persons.
A developer is an individual or legal entity that provides construction and reconstruction of capital construction projects on a land plot owned by him, as well as engineering surveys, and the preparation of design documentation for their construction and reconstruction (Clause 16 of Article 1 of the Civil Code of the Russian Federation). The law uses the term “developer” (and not investor) as a broader concept that includes both investors and, for example, citizens carrying out individual housing construction on their land plots.
Persons carrying out engineering surveys, preparation of design documentation, as well as construction can be either the developers themselves or individuals or legal entities engaged by them or the customer on the basis of a contract. Moreover, all of them, including the developer, must meet the requirements imposed by law respectively on persons performing engineering surveys, design, and construction work.
Having put the facility into operation, the investor - already as an entrepreneur - organizes the production of goods and the provision of services using the facilities created as a result of construction.
We can say that, in accordance with the stages of investment activity, the investor carries out organizational, investment, and entrepreneurial functions.
For this purpose, he is endowed with a wide range of rights. Please note that the laws on investment activities contain special articles on these rights (Article 5 of the Law on Investment Activity in the RSFSR, Article 6 of the Law on Investment Activity in the Form of Capital Investments).
The main rights of the investor are the following:
1) equal right with other investors to carry out investment activities. The right of investment not prohibited by law is recognized as an inalienable right of an investor protected by law;
2) the right to independent investment choice. The investor himself determines the volumes and directions of funds as investments;
3) the right to independently and at its own discretion select persons for the implementation of investments, enter into agreements with them, including on a competitive basis (for example, agreements with customers, contractors, suppliers);
4) the right to control the intended use of funds as investments. Forms of control vary depending on the type of investment and investment activity. For example, control over the use of funds transferred as a contribution to the share capital of a general partnership is directly and directly exercised by all participants of this legal entity. Management bodies are not created here and all management issues, including the scope of control over the use of funds, are resolved by common agreement of the comrades. Each of them has the right to get acquainted with all the documentation on the conduct of business, and the waiver of this right, as well as its restriction, including by agreement of the participants, is void (Article 71 of the Civil Code of the Russian Federation). In business companies, control is exercised directly by investor participants at meetings when approving annual reports, balance sheets, profit and loss accounts, and also indirectly through the management bodies of a legal entity. Control over the activities of executive bodies is entrusted to the board of directors. To control the financial and economic activities of the company, audit commissions are created and external auditors are attracted on the basis of contracts;
5) the right to own, use and dispose of objects and investment results. These powers constitute the content of the investor's ownership rights to the relevant objects. If a unitary enterprise acts as an investor in the manner prescribed by law, then the property of the object of investment activity arises, respectively, of the state, municipal entity and a derivative right of property - economic management or operational management of the enterprise - a legal entity;
6) the right of an investor who is not a user of objects of investment activity to control their intended use and receive income from the operation of these objects. Thus, an investor - the owner of the property of a unitary enterprise: exercises control over the use for its intended purpose and safety of property belonging to the unitary enterprise, gives consent to carry out large transactions, as well as transactions in which there is an interest, makes decisions on conducting audits, can seize from a state-owned enterprise excess, unused or misused property and carry out other control functions (Article 20 of the Federal Law of November 14, 2002 “On State and Municipal Unitary Enterprises”). The owner of an enterprise has the right to receive part of the profit from the use of property under the economic control of such an enterprise. An enterprise with the right of economic management of the property assigned to it annually transfers to the appropriate budget part of the profit remaining after paying taxes and other obligatory payments, in the manner and in the amounts established by the Government of the Russian Federation, state authorities of the constituent entities of the Russian Federation and local governments (Article 17 of the said Law);
7) the right to transfer, under an agreement and (or) government contract, their rights to make investments and their results to other persons. For example, an investor-developer has the right to transfer to the customer the rights to implement an investment project;
8) the right to pool own and borrowed funds with the funds of other investors for the purpose of jointly carrying out investment activities on the basis of an agreement, for example, a simple partnership agreement (on joint activities);
9) the right to receive profit from entrepreneurial activity based on the use of objects of investment activity, to reinvest it both in the established production and in other objects of entrepreneurial activity.
According to their role in legal relations, investors can act as investors (for example, investors (limited partners) in limited partnerships), creditors (for example, banks that provided an investment loan for the implementation of an investment project), customers (investor - customer under a construction contract), buyers (for example, purchasing equipment under a supply agreement).
Investors can be the state, municipalities, individuals and legal entities.
Sources of financing investment activities can be:
- own funds (profit, accumulation funds formed from profits, depreciation charges and other own financial resources);
- borrowed funds (for example, investment banking and government budget loans). Borrowed funds, entering the investor's property sphere, are spent for investment purposes as their own property. The investor-borrower is obliged to return the funds received and pay interest to the lender. Co-investors, when developing joint investment projects, can establish as a mandatory condition for participation in the project the availability of their own funds in the amount of at least a certain percentage of the cost of work to implement the investment project. If the lender is the state, the minimum amount of the borrower's own funds for the implementation of the investment project is provided for by law;
- involved funds. These include funds received from other investors in the authorized capital as direct and portfolio investments, as well as funds received in the form of contributions from individuals and legal entities (but not into the authorized capital) for the purpose of implementing the investment project. When selling, for example, shares, the property in payment for them becomes the property of the joint-stock company, and obligatory legal relations are established between the shareholder and the company (Clause 2 of Article 48 of the Civil Code of the Russian Federation).
In practice, shared construction of real estate, including residential buildings, with the involvement of funds from citizens and legal entities has become widespread. The right to attract such funds is available to developers - legal entities and individual entrepreneurs who:
- own on a lease basis or as owners land plots provided to them in the prescribed manner for the construction of an object, which will include shared construction objects;
- received a construction permit in accordance with the requirements of the Town Planning Code of the Russian Federation;
- published in the media and (or) posted on public information and telecommunication networks (including the Internet) a project declaration no later than 14 days before the day the developer concludes an agreement with the first participant in shared construction. The project declaration includes information about the developer and the construction project. The requirements for its content are determined by Art. 20, 21 of the Federal Law of December 30, 2004 N 214-FZ "On participation in shared construction of apartment buildings and other real estate and on amendments to certain legislative acts of the Russian Federation" - * (source No. 822) (hereinafter referred to as the Law on Participation in shared construction).
Participants in shared construction act as co-investors. The exception is for citizens who enter into legal relations with the developer in order to obtain ownership of a shared construction project (most often an apartment) solely for personal, family, and household needs not related to their business activities. Citizens' funds for these purposes do not have the characteristics of investment discussed above. These relations, in addition to the specified Law on participation in shared construction, are subject to the legislation of the Russian Federation on the protection of consumer rights. Developers raising funds from citizens for the construction of an apartment building in which the citizen will receive ownership of an apartment must meet the requirements established by law (availability of a license, availability of own funds in the established amount, compliance with standards for assessing the financial sustainability of the developer’s activities).
Other subjects of investment activity.
It is legitimate to talk about subjects of investment activity other than the investor in cases where the investor authorizes these persons to implement part of their functions and transfers the rights to manage their funds as investments for the use of the object of investment activity.
Such subjects are the customer and user of investment objects.
Customers are individuals and legal entities authorized by investors who implement investment projects without interfering with the entrepreneurial and other activities of other participants in the investment process, unless otherwise provided by the agreement (contract) between them. Customer services are widespread in the capital construction industry. Customers enter into agreements with contractors, suppliers and other counterparties in order to implement the investment project, and exercise construction control over the contractors' performance of work. The customer has the right, on his own initiative, to involve the person who performed the design work on the construction project being inspected to verify the compliance of the work performed with the design documentation.
The customer pays the contractor for the work performed. For these purposes, the customer is given the investor the rights to own, use and dispose of the investor’s funds intended for investment in accordance with the terms of the agreement, government contract and legal requirements. However, these funds do not become the property of the customer.
Customers manage them in the interests of the investor and at his expense, acting as an intermediary between the investor and other participants in the investment process. The investor can perform the functions of a customer himself, without resorting to the services of relevant organizations and individual entrepreneurs.
Users are the subjects for whom objects of investment activity are created and purchased. We can talk about a user as a subject of investment activity only if the investor grants a certain person the rights to use an object, for example, a constructed building. In cases where investor-developers build a facility for themselves and operate it themselves, there is no other user figure other than the investor himself.
The user as a subject appears at the third stage of the investment process - entrepreneurial. It must ensure the efficient use of investment facilities, such as buildings and equipment.
The user’s immediate task after putting the facility into operation is to achieve payback on the investment project. The user carries out business activities using new equipment, organizing work in industrial buildings created as a result of the implementation of an investment project. It is clear that this activity, carried out on a professional basis, requires highly qualified managers of the organization operating the facilities and its personnel. The profit received by the user, depending on the legal status of the investor and the user, the terms of the agreement concluded between them, in particular: a) is transferred to the investor, minus that which, in accordance with the law, remains at the disposal of the user (in relation to state-owned enterprises); b) remains at the disposal of the user, who transfers part of the profit to the investor (an enterprise with the right of economic management).
An investor can receive income not in the form of deductions of a share of profit, but as payment for the use of property (in the case of financial lease (leasing) of property.
The relationship between the investor and the user is determined by an agreement (decision) in accordance with the law.
An example of such a relationship based on a contract is, for example, financial rent (leasing) of new equipment.
Based on the decision of the competent body of state and municipal authorities, property is assigned to unitary enterprises with the right of economic management or operational management.
If the investment was non-profit, the objects of investment activity are used for their intended purpose, under the control of the investor (for example, buildings of schools, hospitals and other state and municipal institutions).
Performers (contractors) - carry out the tasks of investors and customers. In the field of capital construction, contractors build and reconstruct facilities on the basis of a contract and (or) a government contract for construction work for government needs.
Unlike customers, contractors do not manage the investor’s funds; they perform duties under a construction contract, receiving remuneration for the work performed.
Since performers (contractors) are not vested with investment powers, they should not be considered as subjects of investment activities.
Another thing is that contractors, as well as suppliers of machines, mechanisms, equipment, are objectively participants in the investment process - i.e. persons assisting the investor in the implementation of the investment project.
The main activity of the supplier or contractor is their ordinary business activity, not investment activity. The products they produce are their current assets. By selling equipment to the buyer, performing work for the investor, the customer, they sell their goods, work - current assets, like all other persons selling their goods and services on the market. Buyers, customers, acquiring property that has been in service for more than a year and is capable of generating income during their use, register them as fixed assets (non-current assets), acting by force of law as investors.
So, the production and sale of goods, work by a supplier or contractor is their entrepreneurial, not investment, activity. And the acquisition by the buyer, the customer, of objects that they take into account as fixed assets, intangible assets, relates to investment activities, acting as one of the parties in the activities of the entrepreneur (along with others, such as marketing, sales, supply, etc.).

The subjects of investment activity are investors, customers, performers of work, users of objects of investment activity, as well as other legal entities (banking, insurance organizations, investment funds) - participants in the investment process. Subjects of investment activities can also be individuals, states and international organizations, foreign legal entities and individuals.
Investors invest their own, borrowed and raised funds in the form of investments and ensure their intended use.
Customers can be investors, as well as any other individuals and legal entities authorized by the investor to implement investment projects. If the customer is not an investor, he is granted the rights to own, use and dispose of investments for the period and within the powers established by the contract.
Users of objects of investment activity can be investors, as well as other individuals and legal entities, state and municipal bodies, foreign states and international organizations for which the object of investment activity is created. If the user of the object of investment activity is not an investor, the relationship between him and the investor is determined by the agreement (decision) on investment. Subjects of investment activities have the right to combine the functions of two or more participants.
The objects of investment activity in the Russian Federation are:
- newly created and modernized fixed assets in all sectors of the economy;
- securities (shares, bonds, etc.);
- targeted cash deposits;
- scientific and technical products and other property objects;
- property rights and intellectual property rights.
Similar objects also include foreign investments, if they do not contradict the legislation of the Russian Federation. Foreign investors have the right to invest in Russia through:
- equity participation in enterprises created jointly with legal entities and individuals of the Russian Federation;
- creation of enterprises wholly owned by foreign investors, as well as branches of foreign legal entities;
- acquisition of enterprises, buildings, structures, shares in enterprises, shares, shares, bonds and other securities, as well as other property that, according to the legislation of the Russian Federation, may belong to foreign investors;
- acquisition of rights to use land and other natural resources;
- provision of loans, credits, property and other property rights.
The law prohibits investing in objects, the creation and use of which does not meet the requirements of environmental, sanitary and hygienic and other standards established by legislation in force on the territory of the Russian Federation, or damages the legally protected rights and interests of citizens, legal entities or the state.
Subjects of investment activity operate in the investment sphere, where the practical implementation of financial investments is carried out. The investment sphere includes:
- the sphere of capital construction, where investments are made in fixed assets for production and non-production purposes. This area unites the activities of customer investors, contractors, designers, equipment suppliers, citizens in individual and cooperative housing construction and other subjects of investment activity;
- innovation sphere, where scientific and technical products and intellectual potential are sold;
- sphere of circulation of financial capital (monetary, loan and financial obligations in various forms).
All investors have equal rights to carry out investment activities. The investor independently determines the volumes, directions, size and efficiency of investments. It, at its discretion, attracts legal entities and individuals on a contractual (mainly competitive) basis to implement investments. An investor who is not a user of objects of investment activity has the right to control their intended use and exercise other rights provided for in the contract in relations with the user of such objects. The investor is given the right to own, use and dispose of objects and investment results. He can transfer under the contract his rights to investments and their results to legal entities and individuals, federal and municipal authorities.
Unfinished objects of investment activity are the shared ownership of the subjects of the investment process until the investor accepts and pays for the work and services performed. If the investor refuses to further invest in the project, he is obliged to compensate the costs to its other participants, unless otherwise provided by the contract.
The state guarantees the stability of the rights of subjects of investment activities. In the event of the adoption of legislative acts whose provisions limit their rights, the corresponding provisions of these acts cannot be put into effect earlier than one year from the date of publication. In cases where government bodies adopt acts that violate the legal rights and interests of investors and other participants in investment activities, losses, including lost profits, caused to subjects of investment activities as a result of the adoption of such acts, are compensated to them by these bodies by decision of a court or arbitration court.
In accordance with the legislation in force on the territory of the Russian Federation, the protection of investments, including foreign ones, is guaranteed, regardless of the form of ownership. Investments cannot be nationalized or requisitioned free of charge. The application of such measures is possible only with full compensation to the investor for all losses caused by the alienation of invested property, including lost profits, and only on the basis of legislative acts of the Russian Federation and the constituent entities of the Federation.
Targeted bank deposits, shares or other securities made or acquired by investors, payments for acquired property, as well as rental rights in cases of their withdrawal are reimbursed to investors, with the exception of amounts used or lost as a result of the actions of the investors themselves or undertaken with their participation. Investments on the territory of the Russian Federation are in some cases subject to compulsory insurance, which is a guarantee of their preservation.

More on the topic Subjects of investment activities:

State guarantees of the rights of subjects of investment activity and protection of investments
Economic and legal foundations of investment activity. Subjects of investment activity, their rights and obligations

Persons engaged in investment activities who are bearers of a certain amount of rights and obligations, whose legal capacity and legal capacity are determined on the basis of the norms of investment legislation and who have the legal ability to exercise rights and fulfill legal obligations in certain areas of investment in objects permitted by current legislation (Fig. 3.1 ).

Taking into account an integrated approach to the issue under consideration, the subjects of investment activity are investors, customers, contractors, users of investment objects, financial intermediaries represented by institutions that ensure the accumulation of temporarily free funds and their most effective placement and other participants in the investment process.

Rice. 3.1.

The range of these entities is quite wide; there are no criteria for classifying them as entities of investment activity.

Based on paragraph 1 of Art. 4 of the Law on Capital Investments, the subjects of investment activity carried out in the form of capital investments are investors, customers, contractors, users of investment activity objects, and other persons.

The main subject of investment activity is the investor.

Investors(Fig. 3.2) - subjects of investment activity that invest their own, borrowed or raised funds in the form of investments and ensure their intended use (clause 3 of Article 2 of the Law on Investment Activities).

On a note. The Law on Capital Investments, in addition to the investor, lists entities authorized by the investor to implement some of certain functions and carry out other actions. These subjects are the customer, the user of the objects of investment activity. In addition, some entities act as participants in the investment process, for example, contractors.

Rice. 3.2.

Customers- individuals and legal entities authorized by investors who implement investment projects. At the same time, they do not interfere with the entrepreneurial and (or) other activities of other investment entities, unless otherwise provided by the agreement between them. Customers can be investors. The customer, who is not an investor, is granted the rights to own, use and dispose of capital investments for the period and within the powers established by the agreement and (or) government contract in accordance with the legislation of the Russian Federation.

The customer plays an important role as a subject in the investment and construction process; in particular, technical customer services are widespread in the construction industry.

In accordance with paragraph 22 of Art. 1 GRK RF technical customer- an individual acting on a professional basis, or a legal entity who is authorized by the developer and on behalf of the developer enters into agreements on the performance of engineering surveys, on the preparation of design documentation, on the construction, reconstruction, major repairs of capital construction projects, prepare assignments for the implementation of these types of work , provide persons performing engineering surveys and (or) preparing design documentation, construction, reconstruction, major repairs of capital construction projects with materials and documents necessary to perform these types of work, approve design documentation, sign the documents necessary to obtain permission to enter capital construction project into operation and perform other functions.

Developer has the right to perform the functions of a technical customer independently, which follows from the definition of a technical customer and is supported by practice. In this case, he will need to obtain the appropriate permit for at least the minimum list of works on the basis of Order of the Ministry of Regional Development of Russia dated December 30, 2009 No. 624 1. In turn, this entails financial costs, since it is necessary to fulfill the minimum requirements specified in Art. 55.5 of the Civil Code of the Russian Federation, in Decree of the Government of the Russian Federation of March 24, 2011 No. 207

for technically complex, especially dangerous and unique objects (such objects are specified in Article 48.1 of the Civil Code of the Russian Federation).

Need to pay attention to the question of separating the functions of the developer and the technical customer as a means of eliminating the risks of the developer’s liability for improper supervision and control over the work. The technical customer's obligation to exercise construction control is supported by the requirements of Art. 748 of the Civil Code of the Russian Federation 1 (customer - within the framework of a construction contract), according to which a contractor who has performed work improperly does not have the right to refer to the fact that the (technical) customer did not exercise control and supervision over their implementation, except in cases where the obligation Such control and supervision is entrusted to the (technical) customer by law.

Contractors- individuals and legal entities who perform work under a contract and (or) state or municipal contract concluded with customers in accordance with the Civil Code of the Russian Federation. Contractors are required to have a license to carry out those types of activities that are subject to licensing in accordance with federal law (Clause 4, Article 4 of the Law on Capital Investments).

On a note. Unlike customers, contractors do not manage the investor’s funds; they perform duties under a construction contract, receiving remuneration for the work performed. The contractor is considered as a professional producer of the work he performs. Carrying out a contract for him is an entrepreneurial activity, in contrast to the customer, who turns to the contractor only from time to time. Not every customer is an entrepreneur, but for an entrepreneur, contacting a contractor to perform certain work is, as a rule, an occasional action, but not a permanent professional activity.

Users of capital investment objects- individuals and legal entities, including foreign ones, as well as state bodies, local governments, foreign states, international associations and organizations for which the specified objects are created. Users of capital investment objects can be investors (Clause 5, Article 4 of the Law on Capital Investments).

A subject of investment activity has the right to combine the functions of two or more entities, unless otherwise established by an agreement and (or) government contract concluded between them.

Subjective rights and obligations of participants in investment activities constitute the content of investment relations, and most experts consider the legal status based on an analysis of the rights and obligations of subjects of investment activities enshrined in legislation 1 . In this case, as a rule, they are based on the rights and obligations enshrined in Art. 6.7 of the Law on Capital Investments and Art. 5.6 of the Law on Investment Activities (Table 3.1).

The content of investment legal relations is not limited to the rights and obligations enshrined in the two above-mentioned legislative acts. There are types of investment activities not covered by these documents. At the same time, various rights and obligations of subjects of investment legal relations are secured by the norms of the Civil Code of the Russian Federation and other acts of civil legislation, and for public official legal relations, also by administrative and financial norms. In addition, in relation to this specific case and for certain types of investment legal relations, the state establishes special rules.

For your information. Investors may have general or special legal status.” For example, an investor with general legal status does not require special permission (license). In turn, investors with a special legal status, such as institutional investors (credit, insurance organizations, etc.), by virtue of their status, are required to engage in investment activities, for example, investments in securities. These investors have special legal capacity, invest funds in the manner prescribed by regulatory legal acts, and their activities are licensed.

In accordance with Art. 51.2 of the Law on the Securities Market distinguishes such a category of investors as qualified investors. Qualified investors include professional participants in the securities market, clearing organizations, credit organizations, joint-stock investment funds, management companies of investment funds, mutual funds and non-state pension funds, insurance organizations, non-state pension funds, non-profit organizations in the form of funds that relate to infrastructure support for small and medium-sized businesses, the Bank of Russia, the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", the deposit insurance agency, the state corporation "Russian Nanotechnology Corporation", as well as the legal entity that arose as a result of its reorganization, international financial organizations , including the World Bank, the International Monetary Fund, the European Central Bank, the European Investment Bank, the European Bank for Reconstruction and Development, and other persons classified as qualified investors by federal laws.

Investor rights

(according to Article 6 of the Law on Capital Investments 1)

Table 3.1

	Rights
	Carry out investment activities
	Independently determine the volumes, directions, sizes and efficiency of investments
	Own, use and dispose of objects and investment results
	Control the intended use of investments
	Transfer your powers in the investment process and the results of investment activities obtained
	Conclude agreements with other investment entities
	Combine own and borrowed funds with funds of other investors for the purpose of joint investment
	Make investments in business objects on the territory of the Russian Federation at the expense of income or profits from foreign investments (reinvestment)

At the same time, an individual can be recognized as a qualified investor if he meets any of the specified requirements (clause 4 of article 51.2 of the Securities Market Law):

1) the total value of securities owned by this person and (or) the total amount of obligations from contracts that are derivative financial instruments and concluded at the expense of this person comply with the requirements established by regulations of the Bank of Russia. At the same time, the said body determines the requirements for securities and other financial instruments that can be taken into account when calculating the specified total value (total amount of liabilities), as well as the procedure for its (his) calculation;
2) has work experience established by the regulations of the Bank of Russia in a Russian and (or) foreign organization that carried out transactions with securities and (or) entered into agreements that are derivative financial instruments;
3) made transactions with securities and (or) entered into agreements that are derivative financial instruments in the quantity, volume and within the time frame established by the regulations of the Bank of Russia;
4) the amount of property owned by this person and the procedure for calculating this amount are established by regulations of the Bank of Russia;
5) has an education or qualification certificate established by regulations of the Bank of Russia.

In accordance with paragraph 5 of Art. 51.2 of the Law on the Securities Market, a legal entity can be recognized as a qualified investor if it is a commercial organization and meets any of the specified requirements (Fig. 3.3):

Rice. 3.3.

Recognition of a person upon his application as a qualified investor is carried out by brokers, managers, and other persons in cases provided for by federal laws, in the manner established by the Bank of Russia (directive of the Bank of Russia dated April 29, 2015 No. 3629-U “On recognizing persons as qualified investors and the procedure for maintaining register of persons recognized as qualified investors 1).

In practice, the concept of a nominal investor is distinguished. Nominee investor is an investor who is registered as the owner of securities, although they do not actually belong to him. They are usually a bank, trust company, or other institution that, at the request of the beneficiary clients, acts as the holder of the securities.

Depending on certain classification criteria, certain types of investors are distinguished.

1. In relation to the source of income, level of profitability and investment risk, conservative, moderate and aggressive investors are distinguished.

Conservative investors are aimed at obtaining a stable income over a long period of time. They prefer to invest in low-risk investments that provide a continuous stream of guaranteed payments. A conservative investor invests in organizations that have stable operations, as well as in financial instruments with a short-term nature.

Moderate Investors A sufficient level of income with an average level of risk is chosen as the main guideline.

Aggressive investors strive to obtain the highest possible return from each investment, despite the high level of risk.

The activities of the above types of investors depend on a certain type of investment portfolio (composition of investment values): a portfolio aimed at primarily generating income through a high level of profit from investment projects, as well as interest and dividends on securities, a portfolio aimed at increasing production volumes by type products, as well as the predominant increase in the market value of the securities included in it.

2. According to the organizational form, corporate, institutional and individual investors are distinguished.

In the role corporate investors various firms, enterprises, companies perform; institutional investors - financial intermediaries (banks, investment funds, non-state pension funds, insurance companies, etc.). Individual investors are individuals.

3. Based on the purpose of investment, a distinction is made between strategic and portfolio investors.

Strategic investors direct their activities to seize a sphere of influence and establish control over property by acquiring a parity stake and a larger share in the authorized capital. Strategic investors try to maintain control over property and expand their sphere of influence, often through mergers and acquisitions of other companies. A strategic approach to investing, with the aim of acquiring companies, is based on long-term partnerships with counterparties, focusing efforts on effective sectors of the economy, investment values, volume distribution of assets and liabilities, integration of investment portfolio elements, etc.

Portfolio investors invest their capital in various assets, usually financial instruments, in order to diversify risks and obtain acceptable current income or future capital gains.

4. National and foreign investors are distinguished according to whether they belong to residents or non-residents. In the international investment system, the most noticeable relationship is of a “diagonal nature”, when a foreign investor is a private person, and the state (public entity) accepts investments. A significant role in the international investment system is played by international organizations and banks (OECD, IBRD, IDA, MIGA, etc.).

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