The Bank of Russia has recommended that brokers stop selling securities of foreign issuers to unqualified investors. The regulator proposes to do this at the software level, i.e. introduce a ban, including on the mobile app.
The Bank of Russia sent its recommendations to brokers in an official letter.
The letter said holding foreign securities "carries multiple risks." These risks include the inability to dispose of securities and engage in corporate activities. In this sense, the regulator recommends not selling securities of foreign issuers to unqualified investors.
The recommendation contains exceptions: the Bank of Russia proposes not to extend it to securities of issuers that carry out their main activities in Russia and securities issued by the Russian Ministry of Finance.
In addition, the Central Bank offers brokers not to offer foreign securities to their clients.
Author:
Kirill Bilyk
Source: RB
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