Bank of Russia's Directive No. 7060-U amending the criteria for treatment of individuals as qualified investors took effect on July 28, 2025.  The previous Directive (No. 3629-U) lapsed.

Principal amendments:

• An individual's income is now included as a standalone criterion.

• The criterion relating to the total value of securities held and amount of obligations under derivate instruments has been excluded.

• The list of property items taken into account has been extended.  Now, it includes digital financial assets certifying cash receivables with a maturity of less than a year.

• In respect of individuals holding specialized degrees or advanced degrees, thresholds of the following criteria have been lowered:

Volume of transactions: from RUB 6 million to RUB 4 million for a four-quarter period;

Value of property: from RUB 12 million to RUB 6 million (with effect from 2026, from RUB 24 million to RUB 12 million);

Annual income: from RUB 12 million to RUB 6 million.

• From now on, applicants can verify their knowledge in respect of certain investment instruments (unit (mutual) investment funds, structured and perpetual bonds); following such verification, lower thresholds apply.

• Requirements relating to education, qualifications, and internationally recognized certificates have been clarified.

A qualified investor status can be awarded once any of the statutory criteria is met.

Partner Alexandr Kuznetsov and Associate Vasilisa Lopatina prepared an alert to address the key regulatory amendments.