Implementation of passports for financial products: discussion outcomes
Market participants have approved the Bank of Russia's proposal to provide consumers with important information about financial products prior to their purchase in a unified format. A financial instrument passport (or another key information document) needs to be short (no more than
Most of the respondents believe that companies should be obliged to provide consumers with product passports for certain complex instruments. Opinions have divided as to the particular instruments, but many participants think that they could include structured products, investment life insurance, over the counter derivatives, and subordinated bonds.
The Bank of Russia will continue to elaborate the approaches to regulating the procedure for informing consumers about the key characteristics of financial products in view of the received suggestions.