On Nov. 12, RUS CB discussed investors qualification and testing bill.
RUS CB announced that RUS PRL approved billon amendments of certain legislative acts (in terms of protecting individuals who are not qualified investors and increasing their confidence in the capital market).
Proposals
In order to obtain the status of a qualified investor, it will be sufficient to pass a special exam and receive a certificate (certificate) without meeting other criteria.
The list of universities for assigning status based on specialized education or an academic degree will be expanded and investor's income level will become a criteria.
Furthermore, the requirements for investor income size as well as sources will be established by the regulator, taking into account changes in the labor market.
The bill also provides for the possibility of becoming a qualified investor by combining various criteria – for example, if the criterion of education or academic degree is combined with the criterion of work experience, transaction experience, property, etc.
Without testing, non-qualified investors will have access to investment units of closed-end mutual investment funds, the requirements for which are established by RUS CB.
Effectiveness
The amendments will become effective six months after official publication of the law.
Nov. 2024 Law Published
On Nov. 22, 2024, RUS GVT approved law 390-FZon amendments of certain legislative acts which enters into force immediately.
In addition to the criteria set out for investors the law the deadline for filing an application for transferring pension savings to a long-term savings program.
Now, an application for transferring pension savings to a long-term savings program can be filed until Dec. 31, 2024 and can be withdrawn until Jan. 31, 2025.
Regulators
RUS CB; RUS PRL
Entity Types
Bank; CNSM; IA; Inv Co
Reference
PR 11/22/2024; Law 390-FZ, 11/23/2024; PR, 11/12/2024; Bill 496225-8
Functions
Compliance; Legal; Reporting; Risk; Suitability; Training
Countries
Russia
Category
State
Products
Banking; Deposits; Education; Fund Mgt; Mutual Funds; Securities
