The Central Bank of Russia has published a draft ordinance to update how brokers, trustees, dealers, and depositories are classified as large, medium-sized, or small professional securities market participants. The proposal would replace thresholds that no longer reflect current market conditions and use a firm’s transaction volumes and the type of operations it conducts to determine its category, which would then drive the regulatory requirements and intensity of supervision that apply. The review follows a marked expansion in the market between 2020 and 2025, including growth in client numbers, transaction volumes, and assets held in client accounts. Under the proposed approach, revised thresholds would reduce excessive regulatory and supervisory pressure on firms with a small market share that do not present significant risks.
Central Bank of Russia2026-05-28
Central Bank of Russia launches consultation on revised size thresholds for brokers dealers trustees and depositories
The Central Bank of Russia has issued a draft ordinance revising the criteria for classifying brokers, trustees, dealers, and depositories as large, medium, or small professional securities market participants. The new approach would base categories on transaction volumes and types of operations, with corresponding regulatory and supervisory intensity, and aims to ease requirements for firms with small market shares and limited risk.