About the regulation of central depositories activity as the relation subjects at the securities market

This article analyzes one of the key questions of recently constantly updating securities legislation. It is a matter of the "central depository" a term which has become plural. Analyzing the perspectives of different professionals, and regulatory and legal basis for the development of practical ideas "central depository" author makes some very interesting conclusions. Including theoretical background explained the legal consolidation of the "central depository" as the subject of relations in the field of securities turnover. Identified and evaluated in the discursive and historical aspects of the various positions on the legal status of the entity. Examines and summarizes the legal and regulatory framework of the "central depository", formed from the beginning of the 1990s. Revealed a number of non-operating virtually rules and regulations that entail uncertainty legal definition of "central depository". It is proposed as a concept the definition of “legal activism” which concretizes the category of a legal capacity which is uncertain with regard to the subjects of securities turnover relationships. Also assessed the content of the new Federal law "On the Central Depository," notes its shortcomings, especially its projected use. Grounded the system of basic legal signs of "central depository" and its main economic and legal significance, as well as prospects for its role as a legal relations subject under the existing regulatory framework.