The Central Bank of Russia has issued an ordinance allowing unit investment funds (UIFs) to change their status from ‘qualified’ to ‘non-qualified’ starting from 1 March 2026, setting out the conditions and process for reclassification. Reclassification is positioned for funds that began with higher-risk strategies such as financing the construction of shopping centres or warehouse facilities and may seek a more conservative approach once assets are commissioned. Management companies will need to align the trust management rules and the fund’s composition and structure with requirements for UIFs intended for non-qualified investors. When the revised documents are submitted for the Bank of Russia’s registration, all units must be fully paid and there must be no restrictions on the UIF or grounds for its termination. The change is framed as enabling qualified investors to exit after the riskiest stage while allowing new unit holders to enter and receive investment returns.
Central Bank of Russia 2025-07-31
Central Bank of Russia permits unit investment funds to reclassify from qualified to non-qualified status from March 2026
The Central Bank of Russia will allow unit investment funds (UIFs) to reclassify from 'qualified' to 'non-qualified' status starting 1 March 2026. This targets funds initially engaged in high-risk strategies, enabling a shift to conservative approaches post-asset commissioning. Management companies must comply with non-qualified investor requirements, including fully paid units and no termination grounds, before submitting revised documents for registration.