Qualified investor test introduced in Russia
The Bank of Russia has expanded the list of documents to confirm an individual’s eligibility for the qualified investor status based on education criteria. Now an individual may submit a Russian certificate after passing a special test on financial market knowledge. Previously, individuals wishing to obtain the qualified investor status were required to hold international certifications in areas such as financial analysis, investment consulting, or asset and risk management, e.g. the CFA designation.
An individual is required to pass a special test to obtain the qualified investor status. After passing this test, a person will receive a Qualifin Certificate from the National Finance Association (NFA) or a MOEX Investor Certificate. Other options include a Financial Analyst Certificate from the NFA and an Investment Adviser Certificate from the National Association of Securities Market Participants. Holding any of these certificates is sufficient for a broker or a management company to recognise the individual as a qualified investor.
The new rules will become effective on 31 August 2026.
‘Passing a special test will make the way towards the qualified investor status more accessible and deliberate. Individuals will be able to obtain the status not only because of large account balances or high income, but on the basis of their knowledge. Many investors have been waiting for such an opportunity. Nevertheless, our objective is to encourage people to gain knowledge rather than to simply increase the number of qualified investors on paper. The actual level of their knowledge is much more important than this number. We want people to understand the risks and learn how to manage complex instruments before they enter the market,’ said Mikhail Mamuta, Deputy Governor of the Bank of Russia.
Additionally, individuals may receive the qualified investor status on the basis of other criteria, including the required level of income over the past two years or the minimum asset value, work experience at an organisation involved in the securities market or experience in independent investment, a relevant degree, or a combination of criteria.