The Central Bank of Russia has approved amendments to the basic standard for protecting the rights of management companies’ clients. The revised standard introduces a procedure to test whether retail clients of management companies understand certain financial instruments intended for qualified investors and, if they pass, allows them to qualify under lower asset or income thresholds. The test covers units of interval and closed-end unit investment funds, as well as structured and perpetual bonds. Applicants who pass can obtain qualified investor status with assets of RUB 12 million instead of RUB 24 million, or annual income of at least RUB 6 million in the past two years instead of RUB 12 million. That status is limited to the complex instruments for which the investor has demonstrated knowledge. Management companies must also provide clients with the key provisions of the standard and the possible investment risks before concluding an agreement. The amendments will come into force on 3 December 2026.
Central Bank of Russia2026-06-01
Central Bank of Russia amends management company client protection standard to add investor tests and cut thresholds to RUB 12 million
The Central Bank of Russia has approved amendments to the basic standard for protecting management companies’ clients, introducing knowledge tests for retail clients seeking access to financial instruments intended for qualified investors. Retail clients who pass may obtain qualified investor status for specified complex instruments at reduced asset or income thresholds, while management companies must provide key standard provisions and risk disclosures before concluding agreements.