A bill prohibiting the sale of sophisticated financial products to inexperienced investors prior to testing has been submitted to the State Duma. Told on January 21 “RIA News” one of its authors, head of the financial market committee Anatoly Aksakov.
It is noted that the draft law has passed multi-stage discussions with the Bank of Russia and the professional community. The document proposes to limit the sale of complex financial products, including structural ones, to unqualified retail investors who do not have knowledge of the specifics of the market situation.
In addition, the bill postpones the introduction of mandatory testing of unqualified investors for the right to purchase complex investment products for six months – from April 1, 2022 to October 1, 2021.
Accordingly, until October 1, 2021, there will be a ban on the sale of complex financial products that should have been tested.
Earlier on the same day, the first deputy chairman of the Central Bank, Sergei Shvetsov, said that several hundred thousand Russians have invested 600 billion rubles in complex structured products, and, according to him, the majority of unqualified investors used their savings for this.
According to him, it is necessary to convey to people that it is necessary to separate the finances, which are necessary for the formation of a “safety cushion”, and investments for the purpose of long-term accumulation.
At the end of December 2020, the Bank of Russia announced plans to legally prohibit inexperienced investors from investing in complex financial instruments, as well as in derivatives market instruments.