Page 97 - RusRPTFeb21

products in the hands of citizens at about 600bn [rubles],), created concerns <...about the expectations of citizens who have purchased such products and how they correspond to reality,” Shvetsov explained.
Earlier, the Bank of Russia prepared a bill amending the requirements for offering financial instruments and services to ordinary investors. According to the document, professional stock market participants will not be allowed to offer structured bonds, bonds with a non-guaranteed coupon, as well as shares or derivative financial instruments to unqualified investors, if transactions are not concluded at an organized trading site.
The law provides for a testing procedure for unqualified investors before they start working with a financial instrument. He explained that the test will assess how well a retail investor understands what instrument they are going to purchase. The test will consist of two parts: the first will include questions about the investor's experience with the purchased instrument, the second will include questions on understanding the instrument itself. It is planned that the test will take about 10-15 minutes.
Earlier this month, Anatoly Aksakov, head of the State Duma's financial market committee told TASS, that the Russian government may adopt the law on testing for unqualified investors who intend to buy complex financial instruments already in February.
97 ​RUSSIA Country Report​ February 2021 ​ ​www.intellinews.com