To invest in complex instruments, you need to take a test. Understanding the new law
Miscellaneous / / December 28, 2021
Investing in structured bonds or options is now possible only if you answer four out of four questions correctly.
What law are we talking about
There are two types of investors in Russia - qualified and unskilled. The first can be legal entities and individuals. A person must be recognized as a qualified investorBank of Russia Ordinance No. 3629-U dated April 29, 2015 "On Recognizing Persons as Qualified Investors and on the Procedure for Maintaining the Register of Persons Recognized as Qualified Investors" broker or commercial bank. The candidate must also have an economic education, experience in trading in the financial market and more. It is important that this status is not for everyone. (You can read more about all this in a separate material Lifehacker.)
An unqualified investor is literally anyone who has discovered brokerage or individual investment account and wants to invest. He has access to a limited set of instruments - relatively simple and reliable securities, bonds, shares of investment funds. With this approach, an inexperienced person is less likely to lose everything in a short time.
This scheme worked until October 1, 2021. Since that date, the conditions for unqualified investors have changed. It will be possible to invest in some of the tools that were previously available only after passing the testFederal Law of July 31, 2020 No. 306-FZ "On Amendments to the Federal Law" On the Securities Market "and Certain Legislative Acts of the Russian Federation".
What can you invest in without a test
There are still fairly reliable low-risk tools available to everyone, for example:
- Shares of companies from stock exchange quotation lists. This is the name of the listList of securities / Moscow Exchange securities that have been selected according to several criteria and are considered sufficiently reliable.
- ETF from the quoted list.
- Government bonds.
- Investment shares of open-ended and interval mutual funds.
- Foreign shares from indices, included in the listThe decision of the Board of Directors of the Bank of Russia on the establishment of a list of indices for the purpose of applying clause 7 of part 8 of Article 11 of the Federal Law of June 11, 2021 No. 192-FZ “On Introducing amendments to certain legislative acts of the Russian Federation "and subparagraphs 6 and 7 of paragraph 2 of Article 31 of the Federal Law of April 22, 1996 No. 39-FZ" On the Securities Market papers " Central Banks like S&P 500, NASDAQ-100, FTSE.
What can you invest in only after the test
Obviously, these are higher risk instruments. For instance:
- Sales and ETFthat are not included in the quotation list.
- Foreign stocks that are not included in the indices approved by the Central Bank.
- Bonds of companies with a credit rating lower than that established by the Central Bank.
- Derivative financial instruments - futures, options.
- Shares of closed-end mutual investment funds.
- Structured bonds are securities, payments for which depend on whether some predetermined event occurs.
- REPO transactions, that is, the sale of securities with the obligation to repurchase them at a specified time at a previously agreed price.
Accordingly, if you want to invest in tools from this list, you will have to go through testing.
Who conducts testing
It does broker. For an investor, knowledge testing is free.
But it should be understood that there is no big universal test that will open access to all previously inaccessible investment methods. Before the first deal with a new instrument, the broker will offer a test specifically for this instrument. Let's say you want to buy a share of a closed Mutual fund - take the test, and then you can freely do it now and in the future. There is no need to re-confirm knowledge. But only with this broker. If another has an account, then he will also have to pass a test before a trade with a new instrument.
If you want to invest in futures for the first time, another test awaits you. In structured bonds - again. Until you open all the tools - if you want, of course.
What the test looks like
This can be seen in the base standardBasic standard for the protection of the rights and interests of individuals and legal entities - recipients of financial services, provided by members of self-regulatory organizations in the financial market, uniting brokers / Central bankdeveloped by the Central Bank in connection with the testing law. Questions are at the end of the document in the appendices.
The test consists of two blocks. The first, Self-Assessment, contains general questions such as “Do you have knowledge of financial instrument? " or "How many unsecured deals did you have in the last year?" However, there are few answers to what influence. It is needed for you to check for yourself, are you ready to a particular instrument.
Whether you discover new ways of investing is influenced by the second block - "Knowledge". Here the questions are already specific. For example, to access unsecured trades, you need to choose from four options, what is margin trading or in in which case a broker can forcibly close a client's position in the presence of previously concluded margin / unsecured deals. In total, there will be four questions in this block, and it is necessary to answer all correctly.
An important nuance: if you have already invested in something from the closed list by October 1, 2021, then you will have access to this tool. Since you are already experienced, it is considered that it is no longer necessary to test you.
What happens if you fail the test
You can retake it, and immediately, if you want. The number of attempts is also not limited.
If you do not pass the test, then the broker can conduct a deal with a new complex instrument, but with restrictions. The investor must sign a statement that he accepts the risks associated with investments, the test for which he failed. In this case, the value of the transaction cannot exceed 100 thousand rubles. An exception is if one lot is more expensive than this amount. Then the limit is one lot.
What is worth remembering
- To invest in a previously untried complex tool, you now need to pass a test.
- The test is carried out by the broker before the first deal with a new instrument. It must be completed once. Further, access to this method of investment will be unlimited.
- The test contains enough basic questions, you can prepare for it. And you need to do it. If you are unable to complete the task, this is a reason to consider whether it is worth investing in this tool. Observe the golden rule: only invest in something you understand well how it works.
- If you are a qualified investor or are going to invest in simple instruments, you do not need to take the test.
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I am writing for Lifehacker about money, law and rights, things that help to live easier, better and more fun. And of course, I check the advice for myself: I get tax deductions, I file tax returns online, and I paid off my mortgage ahead of schedule and forced the mail to find my package.