The Bank of Russia has created a standalone knowledge-based route to qualified investor status. From 31 August, individuals with an approved Russian certificate can apply without meeting the existing asset, income, work experience, or trading criteria.

In Russia, the designation gives retail clients access to securities and other financial products reserved for qualified investors.

Previously, investors could qualify through recognised international credentials such as CFA, relevant education, financial thresholds, professional experience or combinations of these criteria. The new rules add domestic examinations as another independent route.

Four Russian Credentials Join the List

Under Instruction No. 7402-U, the regulator will recognise the Qualifin certificate and Financial Analyst Certificate issued by the National Finance Association.

The list also includes the MOEX Investor Certificate and the Investment Adviser Certificate issued by the National Association of Securities Market Participants.

Holding any one of these documents allows a broker, management company or another authorised firm to recognise the individual as a qualified investor without checking their assets, income or experience.

However, the certificate does not automatically grant the status. The investor must apply to an authorised firm, which reviews the document and formally records the recognition.

The new route comes with higher financial thresholds introduced at the beginning of 2026. The standard asset requirement doubled from RUB 12 million to RUB 24 million, while the reduced threshold available under certain education or knowledge criteria rose from RUB 6 million to RUB 12 million.

Mikhail Mamuta, Deputy Governor of the Bank of Russia, said the objective was not to increase the number of qualified investors “on paper”, but to encourage people to study financial risks.

MOEX Test Sets a 70%

Pass Mark

The MOEX Investor Certificate exam is conducted remotely using proctoring technology. Candidates have 60 minutes to answer 50 questions and must get at least 35 correct.

The test covers six areas, ranging from financial-market participants and investment instruments to risk management, regulation, financial reporting, data analysis and financial mathematics. Successful candidates receive the certificate through their account on the Finuslugi platform.

The central bank’s instruction itself does not prescribe the examination programme, eligibility rules, examiner requirements or fees. These operational details are set by the organisations issuing the individual certificates.

The change comes one day before new cryptocurrency provisions take effect on 1 September. Those rules significantly restrict access for retail clients while giving qualified investors broader opportunities. Around 90% of Russia’s financially active population currently falls outside the qualified investor category.

From 31 August, holders of the newly recognised certificates can apply for qualified status under the new route. The number of investors who use it will be the next observable result of the reform.

This article was written by Tanya Chepkova at www.financemagnates.com.

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