The article examines the legal aspects of the formation of investment institutions in the BRICS community. The author proceeds from the fact that the reformatting of the world economic order is currently taking place, in which the role of the BRICS member states is significantly increasing. An essential segment of the economic order is investment relations that are experiencing a crisis. As a result of the rejection of the unipolar world, relations are regionalizing, which requires new approaches to regulation in regional associations, including in the BRICS community. Attention is paid to both the substantive and jurisdictional problems of this process. The need to take into account the negative experience of applying the Washington Convention, on the basis of which an arbitration institution with jurisdiction to consider international investment disputes was established, is emphasized. The author believes that when adopting the BRICS multilateral investment convention, it is necessary to build a regulatory model in which substantive law would be linked to procedural and judicial law. At the same time, it is necessary to equalize the balance of the rights of the investor and the recipient of investments, formulate key concepts — “investment”, “investor”, “recipient of investments”. The construction of investment arbitration within the framework of the BRICS should be accompanied by the correlation of this institution with the Institute of International Commercial Arbitration in order to eliminate uncertainty in the delimitation of their competence. This approach will eliminate possible parallel processes, manipulation of jurisdiction and violation of the principle of res judicata. From a legal and technical point of view, the creation of a system for regulating investment activity in the BRICS member states will require the abandonment of bilateral investment agreements and the transition to a multilateral convention uniting BRICS members.