recent posts

Testing of unqualified investors will begin in October

 

Testing of unqualified investors will begin in October
Testing of unqualified investors will begin in October

Testing should increase the level of financial literacy, without which it is at least unwise to conduct complex transactions. But won't the testing process turn into a traditional "find, guess or write off the correct answer" sport? Are brokers interested in testing?


Brokers will start testing the knowledge of investors. The new standard of the Central Bank, which establishes the procedure for testing unqualified investors before transactions with complex financial instruments, comes into force on October 1.


Can a fee be charged for using funds provided by a broker when trading on margin?


If you don't know the answer to this and a few other questions about this financial instrument, margin trading is not for you. The new rules for testing unqualified investors, established by the Bank of Russia, fully come into force on Friday. In order to work with structured bonds, repo agreements, closed-end unit investment funds and other relatively more exotic instruments, you will need to pass a knowledge test. The test for each of the categories will consist of four questions, the answers to many of which are not within the scope of general erudition - and each must be answered correctly.


Will market participants cope? Dmitry Lesnov, Member of the Board and Head of the Client Service Monitoring and Control Department of the FINAM Group, comments:


Dmitry Lesnov Member of the Board and Head of the Department for Monitoring and Controlling Client Service of the FINAM Group questions, the essence of which they simply will not understand, and will naturally answer incorrectly. If the client suddenly does not pass the test, our hope is that he will also go to some specialized courses that are offered by many professional participants, including us. In order to prepare more seriously for this exam, for the topics that will be discussed, and already prepared to approach this testing, and we look forward to


The roadblock to unqualified investing in foreign ETFs and bonds without a credit rating is not impenetrable. Firstly, brokers will be able to carry out transactions even without investors who have surrendered - but only for an amount of no more than 100 thousand rubles. Secondly, the test can be taken as many times as you like, and many brokers plan to check clients through the application - in fact, the system can be hacked by the selection method. Besides, it is not in the interests of brokers to overwhelm your own clients. Finally, lists of correct answers immediately appeared on the Web - and although some materials, such as an article on VC.ru and a post on Pikabu, were subsequently deleted, it took Business FM employees less than five minutes to search for a cheat sheet on the Internet. Then why all this fuss at all?


Georgy Vaschenko, Head of the Department for Trading Operations on the Russian Stock Market at Freedom Finance Investment Company, comments:


Georgy Vashchenko Head of the Department of Trading Operations on the Russian Stock Market at Freedom Finance Investment Company “Firstly, the test can be retaken, and even if you accidentally make a mistake or you don’t know something, you can find the answer to the corresponding question and find it. The point of the test is not to prohibit a private investor from something or to complicate his access to the market, but to increase the level of financial literacy. After all, it is in the best interest of the investor to understand the issue of his own investment. Because the lack of financial literacy among the population is one very big problem. "


Against the backdrop of the pandemic, an exchange boom took place in Russia. According to the Moscow Exchange, more than 13 million people currently have brokerage accounts, and more than two million of them made at least one transaction in August. A complete list of questions for the tests is posted on the website of the Central Bank of the Russian Federation, and you can practice in the application of your broker. Those who have already carried out similar transactions in the past will not have to pass the test for working with a specific instrument.

Testing of unqualified investors will begin in October Testing of unqualified investors will begin in October Reviewed by hmoob lee on October 29, 2021 Rating: 5

No comments:

vehicles