MOSCOW, Dec 20 – PRIME. Russian banks supported the Central Bank’s recommendations to suspend the sale of complex investment products, credit institutions told RIA Novosti. The Central Bank may introduce testing for knowledge of investment products from 2021 The Bank of Russia on Wednesday published a letter recommending credit institutions and professional securities market participants not to sell complex investment products to unqualified investors before the introduction of mandatory testing for the right to purchase them. Such testing should begin in the third quarter of 2021, said earlier the head of the Central Bank Elvira Nabiullina. After that, Sberbank said that they support the initiative of the Central Bank of the Russian Federation to increase the awareness of investors about all the risks when selling them structured products. Other players are in solidarity with the largest Russian bank. “The regulator’s recommendations are designed to minimize the risks of consumers in terms of financial losses in the event of purchasing complex investment products. High-quality and complete advice is a basic condition for offering investment instruments, and in this respect we are in solidarity with the position of the Bank of Russia,” said the director of retail products at Dom. RF “Evgeny Shitikov. In Raiffeisenbank, they see the regulator’s aspiration to maximally avoid low-quality sales of complex financial products to individuals. “We do not see a significant increase in sales of complex products: our clients still prefer classic mutual funds or investments in government bonds through a brokerage account,” said Kirill Matveyev, head of the premium clients department at Raiffeisenbank. The Central Bank wants to ban a number of Vostochny Bank reported that it temporarily suspended the sale of investment products for unqualified investors. The credit organization also indicated that its sales of investment products are four to five times lower than in a number of other retail competing banks. At the end of July, Russian President Vladimir Putin signed a law on the categorization of individual investors, which will enter into force on April 1, 2022. The purpose of the innovations is to protect Russians who are increasingly investing on exchanges from unnecessary risks. The law retains the current approach to dividing private investors into two categories: unskilled and qualified. Unqualified investors will have access to shares of foreign issuers, provided that they are included in the calculation of at least one stock index, the list of which will be determined by the Central Bank. They will also be able to buy securities included in the quotation lists of exchanges, bonds of Russian and foreign issuers, with the exception of structured and subordinated bonds, government securities of the Russian Federation, shares of open-ended, interval and exchange-traded mutual funds. To be eligible to purchase more complex financial instruments, an unqualified investor will need to pass mandatory testing.