Our paper is devoted to the phenomenon of the emerging financial market. The research relevance corresponds the fact that the most positive effect of financial development is associated with countries with emerging financial markets. This preposition determined the direction, purpose and structure of our research. We reveal and explain the essence of the emerging financial market and systemize its defining features. In particular, the research shows that some special features of the emerging market concern the role of public companies. Besides, we discuss the prospects of emerging financial markets in the context of responsible investment development.