Published on: 2026-08-20
Source: Central Bank of Russia – Центральный банк России –
An important disclaimer is at the bottom of this article.
Bank of Russia expanded the list documents for recognizing an investor as qualified according to educational criteria. Now a person can present a Russian certificate or diploma, confirming their knowledge of the financial market on a special exam. Previously, only international documents of specialists in financial analysis, investment consulting, asset and risk management, such as the CFA, were considered.
To obtain the status of a qualified investor, it is necessary to pass a special exam. Successful completion is confirmed by the “Qualifin” certificate from the National Financial Association (NFA) or the “Investment Certificate of the Moscow Exchange (MOEX Investor Certificate)”. Also accepted are the financial analyst certificate from the NFA and the investment advisor diploma from the National Association of Stock Market Participants. If the investor has such documents, the broker or management company can recognize them as a qualified investor, and they do not need to meet other requirements.
The new rules come into effect on August 31.
“Passing a special exam will make the path to ‘kval’ status more accessible and meaningful. It will be possible to obtain it not by having a large sum in accounts or a high income, but through one’s own knowledge. Many investors have been waiting for this opportunity. At the same time, our goal is not to increase the number of qualified investors on paper, but to encourage people to learn. Their actual level of preparedness is much more important than the numbers. We want investors who truly understand risks and can work with complex instruments to enter the market,” noted Mikhail Mamuta, Deputy Chairman of the Bank of Russia.
Let us remind you that the status of a qualified investor can also be obtained on other grounds. Among them are sufficient income over the past 2 years or the size of assets, experience working in an organization in the securities market or experience in independent investing, specialized education, and a combination of criteria is also possible.
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