Features of legal security of investment funds in the context of sustainable innovative development of the energy system

The article addresses current issues concerning the regulatory framework governing the activities of investment funds in the context of sustainable and innovative development of the energy system. The provisions of the draft Law of Ukraine «On Investment Funds» (Reg. No. 13246 dated 01.05.2025) are analyzed, and the necessity of its improvement is identified, taking into account the dynamic development of the digital economy, financial technologies, as well as Ukraine’s integration commitments within the implementation of EU legal acts. The need to regulate provisions related to grants in the activities of investment funds is emphasized, as this corresponds to the goals of effectively implementing public-private partnerships; to the principles of sustainable development enshrined in EU documents and the Association Agreement with Ukraine; and to the practices of leading jurisdictions in the field of impact asset management. The importance of including provisions in Ukrainian legislation that would promote the establishment of fiscal or other economic incentives for individual Ukrainian citizens to participate in collective investment institutions has been established. The current absence of such provisions is a significant gap. As a result of the conducted research, it is stated that under modern conditions, forming a strategic vision for the development of investment funds is essential, and this vision should be aligned with the priorities of economic development. It is noted that given the active transformation of the investment market under the influence of digital technologies and decentralized capital raising models, fundamental changes to investment legislation are needed to improve and optimize the activities of investment funds, including in order to ensure the sustainable development of innovative energy in Ukraine.