Digital Investment Legal Relationship Involving a Credit Institution: Will, Information, and Technological Risk Allocation

The article examines the impact of digitalization on the civil-law structure of the investment relationships between a credit institution and its client. The paper compares the legislation of the Russian Federation and the Republic of Azerbaijan and covers three elements of the legal relationship: the expression of will and the form of the transaction, information duties, and risk allocation. It is shown that in a digital environment, the client’s consent is formed not by a single act of signing, but by a sequence of actions within a user interface designed by the professional party. Consequently, merely verifying compliance with the written (electronic) form is insufficient: the procedure of will formation itself must be evaluated. Information duties lose their accessory character and become an integral element of proper performance that directly affects the validity of consent. A technological risk emerges alongside market and legal risks; it falls outside the traditional dichotomy and should be borne by the party controlling the digital infrastructure. The article substantiates the identification of a digital investment legal relationship as a distinct type of civil relationship and describes a mechanism whereby public-law requirements operate not as external limits but as criteria of proper conduct of the professional party. The author concludes that mandatory limits are needed for contractual terms that shift the technological risk to the client.