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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="en"><front><journal-meta><journal-id journal-id-type="publisher-id">diright</journal-id><journal-title-group><journal-title xml:lang="en">Digital Law Journal</journal-title><trans-title-group xml:lang="ru"><trans-title>Цифровое право</trans-title></trans-title-group></journal-title-group><issn pub-type="epub">2686-9136</issn><publisher><publisher-name>Maxim Inozemtsev</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.38044/2686-9136-2023-4-1-74-85</article-id><article-id custom-type="elpub" pub-id-type="custom">diright-134</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>ARTICLES</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>СТАТЬИ</subject></subj-group></article-categories><title-group><article-title>Using digital technologies in the stock market: The criminal law aspect</article-title><trans-title-group xml:lang="ru"><trans-title>Использование цифровых технологий на фондовом рынке: уголовно-правовой аспект</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-2011-8087</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Комова</surname><given-names>Е. Ю.</given-names></name><name name-style="western" xml:lang="en"><surname>Komova</surname><given-names>E. Yu.</given-names></name></name-alternatives><bio xml:lang="ru"><p>кандидат юридических наук, менеджер Бизнес-блока</p><p>125009, Москва, ул. Воздвиженка, 10</p></bio><bio xml:lang="en"><p>Ph.D. in Law, manager of the Business Block of the State Development</p><p>10, Vozdvizhenka St., Moscow, 125009</p></bio><email xlink:type="simple">komova.e.yu@my.mgimo.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-4741-0184</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Сидоренко</surname><given-names>Э. Л.</given-names></name><name name-style="western" xml:lang="en"><surname>Sidorenko</surname><given-names>E. L.</given-names></name></name-alternatives><bio xml:lang="ru"><p>доктор юридических наук, профессор кафедры уголовного права, уголовного процесса и криминалистики, директор Центра цифровой экономики и финансовых инноваций</p><p>119454, Москва, пр. Вернадского, 76</p></bio><bio xml:lang="en"><p>Dr. Sci. in Law, Professor of the Department of criminal law, criminal procedure and criminalistics, Director of the Center for Digital Economics and financial innovations</p><p>76, ave. Vernadsky, Moscow, 119454</p></bio><email xlink:type="simple">12011979@list.ru</email><xref ref-type="aff" rid="aff-2"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Государственная корпорация развития «ВЭБ.РФ»</institution><country>Россия</country></aff><aff xml:lang="en"><institution>State Development Corporation “VEB.RF”</institution><country>Russian Federation</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="ru"><institution>Московский государственный институт международных отношений (университет) МИД России</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Moscow State Institute of International Relations (MGIMO-University)</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2023</year></pub-date><pub-date pub-type="epub"><day>26</day><month>05</month><year>2023</year></pub-date><volume>4</volume><issue>1</issue><fpage>74</fpage><lpage>85</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Komova E.Y., Sidorenko E.L., 2023</copyright-statement><copyright-year>2023</copyright-year><copyright-holder xml:lang="ru">Комова Е.Ю., Сидоренко Э.Л.</copyright-holder><copyright-holder xml:lang="en">Komova E.Y., Sidorenko E.L.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://www.digitallawjournal.org/jour/article/view/134">https://www.digitallawjournal.org/jour/article/view/134</self-uri><abstract><p>Under sanctions, digital services and products that are not affected by restrictions are of particular interest to unqualified investors of the Russian stock market. The possibility of illegal use of digital technologies in the stock market has not gone unnoticed by people with criminal intent. This article analyzes the already existing illegal practices in the stock market of using digital technologies and services, and also identifies criminal legal risks of their potential development in the future. The authors use general scientific methods of research as synthesis, analysis, induction, deduction, classification, as well as special methods (systematical, structural and dogmatical, as well as content analysis methods) based on a wide range of judicial practice. As a result, the authors formulate the following main areas of using digital technologies in the stock market for criminal purposes: 1) obtaining unauthorized access to users’ personal accounts; 2) organizing the activities of financial pyramids and illegal forex dealers; 3) fraudulent activity through the marketing of financial services by illegal financial market participants; 4) using artificial intelligence for the purposes of false trading. It has been established that the measures currently taken by supervisory and law enforcement agencies are not sufficient to protect unqualified investors from the criminal actions of malefactors. At the same time, the need to strengthen control over the use of digital technologies will require finding a balance between minimizing risks by government agencies and continuing to actively use new technologies on the Russian stock market.</p></abstract><trans-abstract xml:lang="ru"><p>В условиях санкционного давления на российский фондовый рынок особый интерес у неквалифицированных инвесторов приобретают цифровые сервисы и продукты, не имеющие санкционных ограничений. Возможность противоправного использования цифровых т ехнологий на фондовом рынке не осталась без внимания лиц с преступными намерениями. В статье анализируются уже существующие противоправные практики на фондовом рынке, связанные с использованием цифровых т ехнологий и сервисов, а также выявляются уголовно-правовые риски развития таких практик в будущем. Авторами использовались такие общенаучные методы познания, как синтез, анализ, индукция, дедукция, классификация, а также специальные методы: системно-структурный, формально-юридический, метод контент-анализа, был проанализирован большой массив практики правоприменения. В результате в статье были сформулированы следующие основные направления использования цифровых технологий на фондовом рынке в преступных целях: 1) получение несанкционированного доступа к личным кабинетам пользователей; 2) организация деятельности финансовых пирамид и нелегальных форекс-дилеров; 3) мошенническая деятельность через маркетинг финансовых услуг нелегальными участниками финансового рынка; 4) использование искусственного интеллекта в целях лжетрейдинга. Установлено, что предпринимаемые в настоящее время надзорными и правоохранительными органами меры недостаточны для того, чтобы обезопасить неквалифицированных инвесторов от преступных действий злоумышленников. В то же время необходимость усиления контроля за применением цифровых технологий потребует нахождения баланса между минимизацией рисков государственными органами и продолжением активного использования новых технологий на российском фондовом рынке.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>фондовый рынок</kwd><kwd>цифровые технологии</kwd><kwd>криминальные проявления</kwd><kwd>финансовые пирамиды</kwd><kwd>псевдоброкеры</kwd><kwd>искусственный интеллект</kwd><kwd>робоэдвайзинг</kwd></kwd-group><kwd-group xml:lang="en"><kwd>stock market</kwd><kwd>digital technologies</kwd><kwd>criminal manifestations</kwd><kwd>financial pyramids</kwd><kwd>pseudo-brokers</kwd><kwd>artificial intelligence</kwd><kwd>roboadvising</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Azzutti, A. (2022). AI Trading and the Limits of EU Law Enforcement in Deterring Market Manipulation. 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