Mamuta says 60% passed Russia's qualified-investor exam in its first month

Sixty percent of candidates passed Russia's qualified-investor examination in its first month, Bank of Russia Deputy Governor Mikhail Mamuta told RBC Radio. The knowledge-based route has been available since August 31.

The examination verifies knowledge needed to work with complex financial instruments. The National Financial Association issues the Qualifin certificate, while the Finuslugi platform issues the MOEX Investor Certificate. NFA President Vasily Zablotsky said the documents serve the same purpose, although the two providers use different questions.

RBC reports fees of 15,000 rubles at the NFA and 8,000 rubles at Finuslugi. The complete question lists are not publicly available. The syllabus covers six areas: instruments for qualified investors, risk management, legal regulation, financial-market structure, financial accounting and financial mathematics.

Mamuta said allowing people to demonstrate their qualifications through knowledge broadens access to complex instruments and helps them assess their readiness to enter the market. In his view, the status is primarily relevant to active traders and may not be necessary for investors who favor passive strategies.

For preparation, the regulator's representative recommended focusing on unfamiliar subjects, including topics outside a candidate's educational background. Allowing brokers to administer the examination is not under consideration because of a conflict of interest, he said. Mamuta nevertheless hopes the number of examining organizations will grow.

The Bank of Russia previously confirmed that Russian certificates were added to the documents accepted under the educational criterion for qualified-investor recognition. Passing verifies knowledge, while the status itself is obtained through the recognition procedure.