Bank of Russia to revise size criteria for PSMPs
From 1 October 2027, the thresholds for classifying professional securities market participants (PSMPs) as large, medium-sized, and small entities will be raised. The new ranges will alleviate the excessive regulatory and supervisory burdens on companies that do not hold a considerable market share and do not pose significant risks.
When assessing the scale of operations of brokers, asset managers, and dealers, the Bank of Russia will continue to factor in such quarterly indicators as the number of clients, the sizes of their portfolios, and transaction volumes. Notably, meeting only one criterion will be sufficient. For depositories, the value of securities in client accounts will remain the decisive factor.
For example, currently, a broker is considered a large PSMP if it provides services to over 20,000 investors, or if its client portfolio size exceeds ₽500 billion, or its transaction volume is ₽1 trillion. From autumn 2027, the threshold for the number of clients will increase five-fold to 100,000 and the thresholds for other indicators will double. For large asset managers, the client base threshold will expand from 20,000 to 30,000 people and the threshold for assets under management will increase from ₽100 billion to ₽200 billion. For large depositories, the threshold for the value of assets in client accounts will double from ₽500 billion to ₽1 trillion.