Up to 90% of all investors in Russia will be severely limited in their capabilities. The bill on categorisation of investors, which is in the last six months and is likely to be passed by the Parliament soon, has changed, and not in the direction of easing. At least, judging by the latest revision, which became available to market participants at the end of September.
In General, the document reflects the main trends in regulating financial markets, it becomes more difficult. Instead of dividing investors into qualified and unqualified there is another category of protected unskilled investor. It’s people who have no more than 1,4 million rubles for investments in financial assets, that is, the vast majority of private investors in Russia. It is their defense sent a bill. However, risk reduction is given a very high price — a significant portion of high-yield products may become unavailable to the public.
Overall access to the financial market in Russia has never been the property of millions, despite the fact that both technical and legal possibilities exist. It would seem that in conditions, when the inflow of capital from abroad is limited, and the company rather accumulate profits than investing it in development, actively working with the savings of individuals can give a significant boost not only to the financial sector and the economy as a whole. Meanwhile the new law as it encourages people who do not have experience in the financial market, and try not to buy it, and give the money to the state, or leaving them on Deposit in state banks (since they dominate the Deposit market), or buying Federal bonds and securities of “blue chips” such as “Gazprom” and “Rosneft”, or participating in co-financing individual pension capital.
In the case of the adoption of the law of restrictions will affect not only the traded assets. For example, in the latest version of the bill is not available to unqualified investors will also be investing in a microfinance company. To place deposits in such companies will be able to only qualified investors. For this you will need to have the volume of securities not less than 10 million rubles.
Earlier the issue was discussed in preparation of the amendments to the law on microfinance business and had to be administered by self-regulatory organizations. However, it now appears that the authorities decided to handle the problem using a different bill, which originally did not concern the microfinance and was not discussed with relevant experts.
Would suffer because of this, the microfinance market? About the same as Amazon, Apple and Google, whose shares now ordinary Russians cannot buy. According to estimates, the total investment of individuals in the microfinance segment subject to the bonds of July 1, amounted to about 23 billion rubles. With 90% of this amount or more, now accounts for professional investors, who operate multi-million dollar portfolios and consider MFIs as another tool to diversify their risks.
A serious company will always be able to find ways of funding, for example, by attracting institutional investors, or the extension of the programme of issue of bonds. If anyone will lose from the imposition of restrictions is unqualified investors.
Of course, some part of the population will be able to reach the financial market, through banks, pension funds, insurance. But this involves costs, which, on the one hand, reduce the income of investors, and with another — are quite unproductive for society.
In the end, the most important direction of business development in our time is ubersetze — the elimination of intermediaries, direct contacts between investors and projects, customers and suppliers in open areas. Of course, finances are never unregulated. Finding the balance between risk and speed of development is always difficult. And it raises the question as to whether it is appropriate in the face of very modest economic growth to erect obstacles to the transformation of savings into investments?
The opinion of the author may not coincide with ideas of editorial
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