The Central Bank of Russia has issued an ordinance broadening the assets available to unit investment funds, following its earlier consultation on changes to fund investment and risk limits. Retail unit investment funds may invest in a wider range of unlisted assets, including shares and bonds of any Russian issuer and investment units not intended for qualified investors, subject to a portfolio cap on unlisted assets. Funds may also invest qualified investors’ assets in cash-settled cryptocurrency derivatives. The ordinance also applies the existing 10% concentration limit to an entire group of affiliated organizations rather than to each company separately. This group-level limit will take effect in one year, and management companies will have a two-year transition period to align existing funds with the new asset-structure requirements. The ordinance will otherwise take effect 10 days after official publication, except for certain provisions.
2026-09-23Central Bank of Russia
Central Bank of Russia expands retail fund investment options and allows crypto derivatives for qualified investors
The Central Bank of Russia has expanded the assets available to retail unit investment funds and allowed funds to invest qualified investors’ assets in cash-settled cryptocurrency derivatives. Retail funds may hold a broader range of unlisted Russian securities and eligible investment units, subject to a portfolio cap. A 10% concentration limit will apply at affiliated-group level in one year, with a two-year transition for existing funds.