Published on: 2026-09-23
Source: Central Bank of Russia – Central Bank of Russia –
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The Bank of Russia has expanded the range of assets into which management companies can invest funds of retail mutual investment funds (PIFs). The corresponding indication registered by the Russian Ministry of Justice. It comes into force 10 days after publication, except for certain provisions.
Funds will have access to a wider range of instruments that are not traded on the exchange. Currently, funds can acquire investment units of open-end mutual funds, bonds of Russian companies involved in projects of technological sovereignty and structural adaptation of Russia’s economy, as well as substitute bonds. Now they will be able to include in their portfolio any shares and bonds of Russian issuers and investment units not intended for qualified investors. However, the share of assets not traded on the exchange is limited.
It is also permitted to invest the funds of qualified investors in settlement instruments whose value is linked to cryptocurrency quotes.
The Bank of Russia has revised the calculation of concentration limits in retail mutual funds. In particular, whereas previously the share of assets of a single company in a fund’s portfolio could be 10%, this limit now applies to the entire group of related organizations. This rule will take effect in one year. At the same time, for management companies that already have established funds, a two-year transitional period is provided to align their activities with the new requirements for asset structure.
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