Securities are a necessary satellite of the market economy. Increased interest of modern science in emissive securities , Especially non-documentary , This is primarily due to ,. Historically, this has been the case ,. in which the Russian securities market, after a huge historical and economic break in development during its formation, creates an objective need to improve the turnover of corporate emissive securities. (See also ,) that stable development of economic relations is practically impossible without improvement of legal structures , It becomes obvious imperative not only to change specific norms , There is an urgent need, but also in the creation of fundamental provisions on the legal nature and the actual legal essence of securities , Especially the .. The book highlights the problems of the legal nature of undocumented securities and identifies the main gaps in the current legislation. As a result of reading this book, it can be concluded that as a result of legal uncertainty, almost all launches of undocumented securities can be recognized as issues of surrogate securities on formal grounds. This problem is multiplied by the problem of the emergence of new types of securities, which the current legislation simply does not know.