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Opportunities for closed-end mutual investment funds for qualified investors have been expanded

31 января 2025
27
On December 28, 2024, Federal Law No. 532-FZ was adopted, introducing significant changes to the regulation of mutual investment funds (MIF) in Russia. The innovations are aimed at increasing the flexibility and efficiency of closed-end mutual investment funds aimed at qualified investors.

The key changes concern the following aspects:

1. The rules for trust management of closed-end mutual investment funds now allow the issue of units of various classes, which allows taking into account the different rights and obligations of investors.

2. The maximum term of the trust management agreement for closed-end mutual investment funds has been extended to 49 years from the start of the fund's formation, which provides management companies and investors with a longer horizon for implementing investment strategies.

3. It is now possible to transform a fund for qualified investors into a fund for non-qualified investors, expanding the potential circle of participants and increasing the flexibility of fund management.

4. Special requirements have been established for the list of investment objects for funds whose trust management rules provide for income from the use of property included in the fund's assets.

5. The procedure for converting units of different classes has been defined, which contributes to a more transparent and orderly process of investment management within the fund.

6. The rules for preparing, convening and holding a general meeting of unit holders have been clarified, as well as the procedure for paying compensation for partial redemption of units without filing a corresponding request.

7. A specialized depository that carries out the liquidation of a fund has received the right to unilaterally terminate contracts with appraisers concluded by the management company and conclude new contracts with other appraisers.

8. Units and shares of investment funds with limited turnover are prohibited from being offered to an unlimited number of persons, including through advertising, as well as to persons who are not qualified investors.

9. Dividends on shares held in individual investment accounts type III (IIS-3) can be credited to a separate bank account, which simplifies the process of managing investors' income.

The law comes into force on the day of its official publication, but some provisions will come into force on March 1, 2026, giving market participants time to adapt to the new requirements.

These changes are aimed at increasing the attractiveness and efficiency of closed-end mutual investment funds for qualified investors, as well as strengthening the protection of the interests of all participants in the investment process.

The law firm "Nadmitov, Ivanov and Partners" provides a wide range of services on registration and support of investment funds.

Email: info@nplaw.ru
Tel.: +7 (495) 649-87-12
+7 (495) 649-87-12