The Central Bank, despite criticism from market participants, has not abandoned the idea to ban protected non-professional investors to invest in foreign securities without testing, RBC reported. The publication refers to the text prepared by the Central Bank amendments to the second reading of the bill on the categories of investors. The authenticity of the document confirmed familiar with the amendments, the source.
Informed Forbes with reference to sources wrote that in early July, the Governor discussed the bill with the participants of the stock market. Brokers were asked to soften the bill, in particular, to abandon the idea to prohibit protected non-professional investors to buy foreign securities, told the friends of Forbes. But according to one of them, the head of the Central Bank Elvira Nabiullina, “were strongly opposed to the common investors in foreign securities”.
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The bill has already passed in the first reading, now it is prepared for the second. He proposes to divide investors in the stock market in four categories. To simple unskilled investors are invited to refer to citizens, the amount or value of the securities is 400 000 and more. Simple to qualified parties with assets in the amount of 10 million rubles, or with experience in the financial markets. For professional investors — persons with special international certificate great experience on financah or net assets of not less 50 million roubles. All others will be counted among the specially protected non-qualified investors. They, under the bill, will be able to invest only in the most intuitive and reliable tools, according to the Central Bank, — securities from the quotation lists of the first and second level, mutual Funds, foreign currency and precious metals.
The amendments to the second reading of the Central Bank proposes to make the following changes:
To move the anticipated date of entry of the bill into force by 1 January 2021. In the version adopted on first reading, the document should come into force two years after adoption and publication. The document does not specify how new requirements will affect open positions non-professional investors.
In addition, the Central Bank assumes that the investor will have to save up to 1.4 million rubles, to get a promotion in the category, which will allow you to invest in a wider range of assets. In early July, it was about the threshold of 400 000 rubles, while the market participants were encouraged to lower the bar to 160 thousand. Strap 1.4 million rubles, “corresponds to the level of protection of deposits in the insurance system”, reminded the press service of the Central Bank.
The Central Bank also wants to oblige protect investors through a broker or other financial specialist testing knowledge of the risks. Without testing they will not be able to access a number of tools, for example, to margin (they take the money from the broker) and foreign securities, including stocks of major international companies. About testing while it is known only that it will be free, and to participate it will be possible, leaving the statement from the broker. Testing standards will be developed after the adoption of the bill, said RBC source in the financial market.
“No final decision will be made during the discussion of amendments at the state Duma. Currently, the Bank of Russia was discussing the bill a second reading with market participants”, — quotes RBC press service of the regulator.
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