All FinEx ETFs will be available to unqualified investors

From September 16, 2021, the Moscow Exchange will include four more FinEx ETFs in its quotation list.

From September 16, 2021, the Moscow Exchange transfers shares of funds

This means that 100% of FinEx ETF securities will be listed on the Moscow Exchange.

From October 1, 2021, all unqualified investors who want to buy complex financial instruments will need to be tested with their broker.

Moreover, if securities, including ETFs, are included in quotation lists (1 and 2 levels of listing on the Russian stock exchange), then they are considered safe and are not subject to testing requirements.

Since all FinEx ETFs will now have listing levels 1-2, retail investors will not need to take a test to buy them.

The relaxation affects only ETFs that are admitted to trading in Russia at the initiative of the issuer (sponsored listing). In case of an unsponsored listing, the securities cannot be included in the quotation list. Therefore, operations with any “non-sponsored” ETF, regardless of the index on which they are issued, are, in the opinion of the regulator, more risky and require the investor to undergo preliminary testing.

Note that an unsponsored listing implies admission to trading on the initiative of the exchange itself without an agreement with the issuer.