Bank of Russia clarifies rules for investment platform operation
Conditions for raising funds to finance the same project via an investment platform should be equal for all investors. Any changes in or termination of contractual relations are only possible after a borrower receives consent from all investors in the project. This is clarified in the Bank of Russia’s information letter answering the questions from investment platform operators.
The regulator recommends that investment platform operators should check borrowers for compliance with the legally established requirements, for instance, for signs of bankruptcy.
The Bank of Russia reminds operators that they should pay attention to the risks associated with using several nominal accounts to raise funds for the same project. According to the regulator, the use of one account will prevent possible disputes between an operator’s clients.
The letter clarifies the procedure for dealing with non-qualified investors. The latter are allowed to invest no more than 600,000 rubles through investment platforms over one calendar year. This requirement is applicable to all investment proposals a particular person participates in over the said period.
The Bank of Russia has issued this information letter for preventive purposes to mitigate operators’ risks in the course of their work. The regulator’s recommendations will help establish a uniform practice in this developing segment of the financial market.