More than 9 million investors tried to pass the complex instruments test in two years.
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Only 33.32% of 9 million unqualified investors were able to pass testing for the purchase of complex financial instruments over two years, the report says. statistics Bank of Russia. 50% of them were able to pass the test the first time, 23% managed to pass the test only on the fourth attempt.
Over the two years of the testing program, the number of unqualified investors – clients of large brokers – increased by almost 78%, from 19.7 million to 35 million. At the same time, the share of testing participants decreased from 23.7% to 9.17%.
Even though only a third of the 9 million unqualified investors were able to pass the test, test scores were, on average, better in the second year than in the first. The Central Bank noted that such indicators indicate a more conscious approach of unqualified investors to the selection of financial instruments and preparation for testing.
The most popular among unqualified investors, according to the regulator, is a test for understanding the features and risks of Russian shares not included in the quotation lists. In the second year of testing, investors also became interested in tests on unsecured transactions and Russian bonds without the required rating. At the same time, investors previously showed more interest in foreign shares not included in quotation lists. According to the Bank of Russia, a shift in interest from foreign securities to Russian ones can be explained by sanctions risks and the introduction of restrictions on the purchase of a number of instruments.
Testing, allowing unqualified investors to gain access to selected exchange assets without restrictions, was introduced in October 2021. According to the Bank of Russia, at the end of the third quarter of 2023, the number of qualified investors reached 660 thousand people, an increase of 27% over the year. They made up about 1.9% of the brokers’ total clients, but owned 73% of the assets.
Read more about the Bank of Russia’s requirements for qualified investors in the Kommersant material. “The Central Bank will add millions to investors”.
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