The Central Bank of Russia has set out planned changes to the regulation of retail unit investment funds (UIFs) following a public discussion of its report, aimed at increasing the attractiveness of UIFs for investment while protecting retail investors’ rights. The package would expand eligible assets to include unlisted securities and simple debt digital financial assets, subject to a single portfolio limit of 10% for retail UIFs and 20% for closed-end UIFs. Management companies would also be able to cancel the formation of a UIF if its investment strategy is no longer relevant or in demand, enabling faster returns of money paid for investment units. In addition, a new procedure would allow the merger of multiple exchange-traded UIFs into one fund, extending an option currently available only to open-end UIFs and used to improve efficiency and reduce operating costs. Development of these and other measures is planned for 2026–2027.
Central Bank of Russia 2025-11-12
Central Bank of Russia outlines retail unit investment fund reforms allowing unlisted securities and digital debt assets with a 10% portfolio cap
The Central Bank of Russia plans regulatory changes to retail unit investment funds (UIFs) to enhance their attractiveness and protect retail investors. Proposed measures include expanding eligible assets, allowing management companies to cancel UIF formation, and permitting the merger of multiple exchange-traded UIFs. Implementation is targeted for 2026–2027.