The Central Bank of Russia will raise the thresholds for classifying professional securities market participants as large, medium-sized or small from Oct. 1, 2027, easing regulatory and supervisory burdens on firms with limited market shares and risks. The change follows a consultation on revising thresholds that had fallen behind growth in client numbers, transaction volumes and client assets over 2020–2025. For large brokers, the client threshold will rise from 20,000 to 100,000, while the client portfolio threshold will double from RUB 500 billion to RUB 1 trillion and the transaction volume threshold from RUB 1 trillion to RUB 2 trillion. For large asset managers, the client threshold will increase from 20,000 to 30,000 and the assets under management threshold from RUB 100 billion to RUB 200 billion. Large depositories’ threshold for securities held in client accounts will double from RUB 500 billion to RUB 1 trillion. Classification of brokers, asset managers and dealers will continue to use quarterly indicators, with meeting any one criterion sufficient. For depositories, the value of securities in client accounts will remain decisive.
Central Bank of Russia raises securities market participant size thresholds from October 2027
The Central Bank of Russia will increase securities market participant size thresholds from Oct. 1, 2027, to reduce regulatory and supervisory burdens on firms with limited market shares and risks. The large broker client threshold will rise fivefold to 100,000, while its portfolio and transaction thresholds will double. Thresholds for large asset managers and depositories will also rise, with the existing assessment approach retained.