How much was actually paid for the recognition of the qualification by the investor. What is of interest to us

Qualified investors can diversify their investments using foreign markets and a wider range of securities due to the ability to work with foreign securities, not placed publicly and / or not in free circulation, as well as with foreign financial instruments that are not securities.

The conditions for assigning the status of "Qualified Investor" are determined by law Russian Federation*, and in this moment depend on the total value of the client's assets, his experience and activity in the market.

*(the federal law"On the securities market", art. 51.2.)

Client is an individual

may be considered a qualified investor if they meet any of the following requirements:

1. Owns the following securities and/or other financial instruments:

  • government securities of the Russian Federation, government securities of constituent entities of the Russian Federation and municipal securities;
  • shares and bonds of Russian issuers;
  • government securities foreign states;
  • shares and bonds of foreign issuers;
  • Russian depositary receipts;
  • investment shares;
  • others applying for Russian exchanges financial instruments (futures, options), the total value of which is at least 6 000 000 (six million) rubles.

2. Has experience in Russian and/or foreign organization, which carried out transactions with securities and / or other financial instruments:

  • at least 2 (two) years, if such an organization (s) is a qualified investor by virtue of paragraph 2 of article 51.2 of the Federal Law No. 39-FZ
    • or
  • not less than 3 (three) years in other cases.

3. Made transactions with securities and (or) entered into agreements that are derivative financial instruments, over the past four quarters, on average, at least 10 times a quarter, but at least once a month. At the same time, the total price of such transactions (contracts) must be at least 6 000 000 (six) million rubles.

4. The amount of property belonging to a person is not less than 6 000 000 (six) million rubles. This only takes into account the following assets:

  • funds held in accounts and (or) in deposits (deposits) opened with credit institutions in accordance with the regulations of the Bank of Russia, and (or) in foreign banks, with the place of establishment in the states specified in subparagraphs 1 and 2 of paragraph 2 of Article 51.1 of the Federal Law "On the Securities Market", and the amount of accrued interest;
  • requirements for a credit institution to pay the cash equivalent of a precious metal for discount price the corresponding precious metal.

5. The presence of higher economic education, confirmed by a document of the state sample of the Russian Federation on higher education, issued educational organization higher professional education, which at the time of issuance of the specified document carried out certification of citizens in the field of professional activity in the securities market, or any of the following certificates and certificates: qualification certificate of a specialist financial market, auditor qualification certificate, insurance actuary qualification certificate, "Chartered Financial Analyst (CFA)" certificate, "Certified International Investment Analyst (CHA)" certificate, "Financial Risk Manager (FRM)" certificate.

Client is a legal entity

may be recognized as a qualified investor if he is commercial organization and meets any of the following requirements:

1. Has equity at least 200 000 000 (two hundred million) rubles;

2. Made transactions with securities and (or) entered into agreements that are derivative financial instruments, over the past four quarters, on average, at least five times a quarter, but at least once a month. At the same time, the total price of such transactions (contracts) must be at least 50 000 000 (fifty) million rubles;

3. Has a turnover (revenue) from the sale of goods (works, services) according to financial statements(national standards or rules for accounting and reporting for a foreign legal entity) for the last reporting year at least 2 000 000 000 (two billion) rubles;

4. Has the amount of assets according to the data accounting(national standards or rules for accounting and reporting for a foreign legal entity) for the last reporting year at least 2 000 000 000 (two billion) rubles.

The difference between the person who occasionally invests small savings in securities, and the one who makes transactions on the market for tens and hundreds of thousands of dollars every day, can be not only in the amount of funds, but also in status. One of them may call himself a "qualified investor" and confirm this title with a document, while the other will remain "unqualified" despite the fact that he has been working in the market for years.

What does it take to become a “qualified” investor in Russia, and what advantages does this status provide today? Let's start with the fact that the domestic stock market and its control are organized in such a way as to minimize the risks that an investor faces when making certain transactions. It is precisely with this desire to "remove" risks that the strict regulation of many processes is associated - for example, the issuance of securities, their advertising and disclosure of information about the operations performed. Whether we like it or not, an investor in Russia is often still perceived as a "incompetent" person, unable to calculate the risks. Which of course is not true in the case of experienced and competent stock market players.

To give such risk-loving players more freedom and save them unnecessary costs, in 2007 the institution of a qualified investor appeared in Russia. Both an individual and a legal entity can be recognized as such an investor: the main thing is that this investor has sufficient knowledge and skills to work on stock market, and his status was recognized by professionals - brokers, trustees and management companies of joint-stock investment funds and mutual funds investment funds and similar structures.


What needs to be done to become "one's own" in this environment?

A "diploma" of a qualified investor can be issued to a player by any of the above market participants - for example, a broker. To obtain this status, you must meet two of the three requirements specified in the decree. Federal Service on the financial market:

own securities in the amount of at least 3 million rubles, including securities transferred to trust management;
make at least 10 transactions in the stock market on a quarterly basis during the last year for a total annual amount 300 thousand rubles, or at least 5 transactions over the past three years for a total of 3 million rubles;
have experience in a company that deals with securities and financial instruments. Including in a company - a qualified investor for at least one year; in a company that was recognized as a qualified investor already when this person by its employee - at least three months; in other cases - at least two years;

If you meet at least two of the three requirements, you can safely apply to a professional participant in the stock market with a statement recognizing yourself as a qualified investor. The application must sign that you fully understand the level of risk associated with the possession of securities or financial instruments intended for experienced players. And also indicate the specific securities or financial instruments in respect of which you want to be recognized as a qualified investor and with which you want to make transactions yourself.

Some might complain that under these rules, the status of "qualified" can only be obtained by a sufficiently experienced and wealthy investor. But we note that those transactions that were not made by the investor himself, but, for example, by his trustee, also go to the “offset”. When assigning a status, it is important not who exactly made the transactions, but that they take place at all, while the investor understands what he is doing in the market and is aware of the consequences of his steps.

Why is it worth getting the status of a qualified investor?

The most amazing thing is that with the new status you get very few additional rights and benefits. The main thing is that the status, as it were, makes it clear to market regulators that a particular investor does not need comprehensive protection of his rights and, as a result, can invest in riskier, but also more profitable instruments. With the new status, a qualified investor has the opportunity to acquire and own securities that are not intended for a wide range of players. First of all - shares of certain categories of closed-end investment funds: credit funds, private equity funds, hedge funds, funds for especially risky (venture) investments and some real estate funds (depending on the level of risk in accordance with the investment declaration of the fund) - all that a relatively high level of risk. And finally, such an investor will have the opportunity to receive specific information for professional market players, which is also usually not available to ordinary investors.

However, in practice, all these advantages often tend to zero.

Yes, the legislation provides for the issue of almost any security for qualified investors. But in practice for Russian market so far, there are very few such tools. As for the funds mentioned above, in which only qualified investors can invest, it is easy to see that their distinguishing feature is high entry thresholds for investments. If open-end mutual funds are characterized by the cost of one share of several tens of rubles and the amount of the minimum down payment several thousand rubles, then in order to join one of the closed-end funds, hundreds of thousands and millions of rubles may be required.

However, "voluntary" securities are gradually appearing on the market, intended only for qualified investors. About a year ago, the first issue of bonds intended for players in this category was registered. But we note that the rates on them differ only slightly from the average market rates: qualified investors know the market well, and issuers did not save much on placement to be ready to pay for working capital above the average market rate. It is possible to earn on these securities as soon as possible due to the volume of investments: they place securities in relatively large packages, and in bulk, as you know, it is cheaper to buy absolutely everything, even money.

So do you personally need the status of a “qualified” investor?

At the moment, the status of a qualified investor in Russia is a small advantage in itself. It is beneficial to receive it only if you want to purchase a certain security or financial instrument, which is designed specifically for this category of investors and is not available to a wide range of players. Otherwise, obtaining the status of a qualified investor is practically meaningless. And fund intermediaries are likely to use their legal right to refuse the applicant to confer this title.

Therefore, first ask yourself the question: do you need tools and papers that only professionals work with? And do you want to own funds for qualified investors?

Of course, such funds have more investment opportunities and a greater choice of instruments than ordinary funds. They have the possibility of a phased payment of shares, as well as investing the fund's resources in affiliates management company, the purchase of property from fund shareholders and similar persons, and the funds themselves are exempt from mandatory disclosure of information about themselves and their activities. But all these advantages have a downside. The risk of violation of rights and legitimate interests investors in such funds is higher than in the "regular" stock market, but often qualified investors are willing to turn a blind eye to this in anticipation of higher returns.

A qualified investor is the most professional type of investor who has more opportunities to invest their funds, but also must meet a greater number of certain criteria.

It is believed that a qualified investor (CI) is an experienced participant in the securities market, who is able to take on much greater risks than ordinary traders, has a significantly larger amount of capital, possesses analytical skills, and is also able to understand complex stock instruments and use them competently.

Wikipedia defines a CI as an individual or company gaining access to operations in the markets of traded securities, in relation to certain types of issued assets, or other trading instruments, specific types of services, defined exclusively for qualified .


What are the benefits?

This status gives access to those stock market assets that are not available to other players. Foreign securities and some bonds are considered such securities. It also allows you to engage in extremely high-risk investments, the so-called venture capital.

Many venture capital funds only work with holders of researched status.

The same policy is used by some brokerage companies that give access to international trading. This also includes a number of close-end investment funds that organize their work, focusing only on this class of clients.

The flow of information is also expanding. Using its status, CI is able to request large volumes of reporting from issuing companies and participate in special trading on the Moscow Exchange, if we are talking about the Russian market.

Risks and disadvantages

Despite the advantages, of course, working on such special structures, CI also takes on a certain level of risk, which is several times higher than in standard trading. What risks does this type of depositors bear?

First of all, they are determined by the forms of attachments. Here, not only traditional stocks and bonds, available to all individuals, are used, but also fixed-term and derivative contracts - derivatives.

Participation in closed-end mutual funds can also be endowed with a number of dangers. Often this type of mutual funds is focused on aggressive strategies and is associated with assets of low reliability. This is work on securities of developing companies, venture support for enterprises, aggregate portfolios of various kinds of speculative instruments, and so on.

Institutional enterprises

The status of an institutional qualified investor can also be defined for a legal entity. Mainly large funds, banking organizations and brokerage houses.

A good example is Sberbank. This is a huge company with reliable financial flows. In order to expand its trading opportunities, Sberbank must meet the criteria set by law for this class of players.

In order to exercise their right to receive the status, a bank note is issued, as well as documents and financial reports. They help companies describe their capabilities and get the coveted admission to new level trade.


Legislative regulation

Russian laws clearly prescribe the conditions for obtaining CI status for both individuals and legal entities. Today the main similar normative act is an instruction of the Bank of Russia, number 3629, which entered into force on April 29, 2015.

It is this legal document that becomes the main one, which defines the concepts of qualified and unqualified participants, describes the list of parameters, the procedure and requirements for recognizing a person as a CI.

Additionally, the creation of a registry is prescribed. This register serves as a unified database, which is checked by brokers and mutual fund managers who make a decision on accepting a trader as a CI.

List of requirements

In accordance with the above act, all persons applying for research status must meet at least one of the following criteria:

  • Availability of securities or other financial instruments for a total amount of at least 6 million rubles.
  • Experience in the structures responsible for working with the Central Bank. This is where experience matters. If the company in which the applicant worked has the required license itself, then the experience is at least two years. In other cases - 3 years.
  • I have a state-recognized diploma in economics. At the time of application, the university continues to work and produce personnel. Yes, if you studied and passed the exam, then this is a plus.
  • The existing qualification of a specialist can also provide an opportunity. It's about specialist certificates. stock trading or an auditor.
  • Availability of foreign certificates: “Chartered Financial Analyst (CFA)”, “Certified International Investment Analyst (CHA)” or “Financial Risk Manager (FRM)”
  • Property worth at least six million Russian rubles. The property must be denominated in the Central Bank, funds in accounts with interest, or precious metals, for the same amount.
  • Each quarter, the applicant concludes 10 or more contracts in the market. Their total amount must also be at least 6 million. The frequency of transactions is at least once a month.

How to get a status?

If you meet at least one of the above criteria, then you can try to get a qualified investor license. To do this, you should contact the company providing brokerage services. This includes banks or investment organizations.

Applicant writes an application prescribed form. Documents confirming compliance with the above items are attached to it. If there are more criteria, then it is better.


List of documents

  • Notarized copy work book confirming your experience in the organization. If the organization has a CI license, then a copy of it will also be required.
  • A diploma, if you are a professional economist, from the university that certified you.
  • Certificate “Chartered Financial Analyst (CFA)”, “Certified International Investment Analyst (CHA)” or “Financial Risk Manager (FRM)”.
  • Brokerage report confirming that you have entered into trades. Your intermediary will provide it to you.
  • Also request statements showing that your balance sheet contains securities for the entire same amount of 6,000,000 rubles.
  • Bank statement of the account or deposit on which you hold the allowance amount.
  • If your assets are held by a trustee, then his certificate will be required, also in the form of paper.
  • If the assets are in precious metals, then transfer them to cash and present documentation.

Do you need such status?

Increasingly, brokers are reporting that the number of qualified investors is growing. But do they enjoy their privileges?

Approximately half of the holders of such a license continue to work in the old directions, completely without using products intended for CI status.

A logical question arises, why should such a document be obtained? Perhaps people are attracted to status. On the other hand, such participants are subjected to greater pressure from funds and brokerage organizations that offer them investment opportunities that sometimes do not meet expectations.

We also note the more stringent tax control. In fact, the difference between a private person, with and without a license, is small. Today, the stock market offers a lot of very profitable opportunities for both camps. Only employees of brokerage organizations become a separate group, for whom such a document allows them to better present themselves. This is a marketing ploy, as well as a banal professional development as an employee.

A qualified investor is a natural or legal person who trades securities professionally and not from time to time. It is assumed that a qualified investor is aware of the risks associated with investing and trading in the Russian stock market. To become a qualified investor, you need to satisfy any two the following requirements:

Requirements for an individual when acquiring the status of a qualified investor

  1. Own securities or other exchange-traded instruments worth more than 3 million rubles.
  2. The number of exchange transactions for 3 months - at least 10, for an amount of less than 300 thousand rubles during the last year.
  3. Experience in a company with the status of a qualified investor (for example, in brokerage company) for at least a year.

Requirements for a legal entity (commercial organization)when acquiring the status of a qualified investor

  1. Equity capital in the amount of at least 100 million rubles.
  2. At least 5 quarterly transactions in the amount of at least 3 million rubles during the last year.
  3. Turnover of at least 1 billion rubles for the last reporting year.
  4. The amount of assets is at least 2 billion rubles for the last reporting year.

Where and how to get the status of a qualified investor?

You can contact any broker or credit organization, write an application and attach the necessary documents:

  • A copy of the work book when certifying the place of work;
  • An extract from the depository to confirm the ownership of the required amount of shares;
  • Brokerage report to confirm the volume and number of transactions.

Of course, it is more convenient to get the status of a qualified investor from your own - he already has most of the information about you.

In Russia, qualified investors may be allowed to trade in securities that are not available to other market participants. These include, first of all, foreign securities.

For legal entities

Legal entities can be recognized as qualified investors if any of the following requirements are met:

  • not less than 200 million rubles. own capital;
  • quarterly execution of at least 5 transactions with securities or other financial instruments within 4 quarters, total cost at least 3 million rubles;
  • not less than 1 billion rubles. turnover (revenue) for the specified period;
  • at least 2 billion rubles. assets according to balance sheet behind Last year, including in trust management.

Also, Article 4 of Federal Law No. 334-FZ of December 6, 2007 “On Amendments to the Federal Law “On Investment Funds” and Certain Legislative Acts of the Russian Federation” defines a list of organizations that, in accordance with their professional license, are qualified institutional investors, and exactly:

  • brokers, dealers and managers;
  • credit organizations;
  • joint-stock investment funds;
  • management companies of investment funds, mutual investment funds and non-state pension funds;
  • insurance organizations;
  • non-state pension funds;
  • Central Bank of the Russian Federation;
  • State Corporation "Bank for Development and foreign economic activity(Vnesheconombank)";
  • Deposit Insurance Agency;
  • international financial institutions, including The World Bank, International Monetary Fund, European central bank, European investment bank, European bank reconstruction and development;
  • other persons classified as qualified investors by federal laws.

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