Bank of Russia introduces exam-based pathway for qualified investor status

The Bank of Russia is introducing a new certification-based pathway for individuals to obtain qualified investor status, a regulatory change set to take effect on August 31, 2026. The move allows investors to qualify by passing an approved domestic financial knowledge test, providing an alternative to existing criteria such as asset thresholds, professional experience, or international certifications like the CFA.

Under the new rules, individuals who obtain one of four specific Russian credentials can apply to a broker or authorized firm for qualified investor recognition. The approved documents include the Qualifin Certificate and Financial Analyst Certificate from the National Finance Association, the MOEX Investor Certificate from the Moscow Exchange, and the Investment Adviser Certificate from the National Association of Securities Market Participants. Holding any one of these certificates allows an authorized firm to recognize the individual as a qualified investor, though the investor must still formally apply.

The MOEX Investor Certificate, for instance, is awarded after passing a remote proctored exam consisting of 50 questions covering financial market participants,...