Changes in regulation of retail UIFs: outcomes of Bank of Russia report discussion
The Bank of Russia has outlined key changes to the regulation of retail unit investment funds (UIFs) following the public discussion of its report. They are aimed at making UIFs more attractive for investment and protecting the rights of retail investors.
The regulator is planning to expand the list of available investment instruments by including unlisted securities and simple debt digital financial assets. However, the portion of these products in the portfolio of retail UIFs will be subject to a single limit of 10% (20% for closed-end UIFs).
In addition, management companies will be granted the right to cancel the formation of a UIF if the investment strategy is no longer relevant or in demand. This will allow investors to receive back their money paid for investment units faster.
Furthermore, a procedure for merging several exchange-traded UIFs into a single fund will be introduced. Currently, this option is only available to open-end UIFs and is used to manage funds more efficiently and minimise operating costs.
The development of these and other measures is planned for 2026–2027.