MOSCOW, June 11 – PRIME. Russian President Vladimir Putin has signed a law restricting the sale of sophisticated financial products to inexperienced individual investors. The document prohibits the sale of complex financial products (structured bonds and OTC derivatives) to unqualified individual investors without mandatory testing. Such testing will begin in the Russian Federation on October 1, 2021, however, some complex instruments will not be available for purchase until April 1, 2022. Financial institutions, brokers, investment advisers will be required to provide an individual with complete and reliable information on the transaction and its possible risks. The Central Bank will be able to restrict the conclusion of contracts by a financial organization with unqualified investors-individuals under a number of conditions. This will be possible if, during the year, the financial institution has repeatedly provided such investors with incomplete or inaccurate information about the financial product and possible risks, entered into contracts with individuals who did not pass testing or whose testing was carried out in violation of the established requirements, or offered unqualified investors not intended for them. products. And if this creates a significant threat to the rights and legitimate interests of such investors, then the Central Bank will have the right to oblige the financial institution to send unqualified investors an irrevocable offer to acquire from them at their own expense everything transferred under the agreement, under which incomplete or inaccurate information was provided, or on the assignment of rights under him or about its termination and refund.