The Central Bank of Russia released a draft Ordinance for public consultation that would allow unit investment funds (UIFs) currently limited to qualified investors to change their status to UIFs for non-qualified investors, subject to meeting specified conditions. The option would be available from 1 March 2026 and is positioned mainly for UIFs that invested in higher risk assets only at the initial stage. To reclassify, a UIF’s management company would need to amend the trust management rules to make units accessible to non-qualified investors and adjust the UIF’s composition and structure for the new unit holder base. At the point documents are submitted to the Central Bank of Russia for registration, all units would need to be fully paid and the UIF would need to face no restrictions or grounds for termination. The proposed status change is intended to enable qualified investors to exit once a project’s riskier stage is complete (for example, after commissioning a shopping mall) while allowing non-qualified investors to receive regular income, such as from leasing a completed facility. Feedback on the draft Ordinance is requested through 7 March 2025.
Central Bank of Russia 2025-02-21
Central Bank of Russia consults on conditions for qualified-investor unit investment funds to switch to non-qualified investor status from 1 March 2026
The Central Bank of Russia has issued a draft Ordinance for public consultation to allow unit investment funds (UIFs) restricted to qualified investors to reclassify as UIFs for non-qualified investors, effective 1 March 2026. Management companies must amend trust management rules and adjust UIF structures, ensuring all units are fully paid and free of restrictions at registration. This change aims to facilitate qualified investors' exit post-risk phase while enabling non-qualified investors to earn regular income.