Source: Central Bank of the Russian Federation in English
22 October 2020
Members of such unit investment funds (UIFs) will be able to get not only money but also other assets of their funds (e.g., real estate) when they redeem their units. Members of interval UIFs for qualified investors will also be able to pay for units with assets other than money and receive current yield on these units.
These changes are stipulated by the draft Ordinance of the Bank of Russia, which introduces requirements for the trust management rules of UIFs for qualified investors. According to the law on investment funds, model rules governing the operation of such UIFs will no longer be applied from 1 February 2021. Instead, the Bank of Russia is introducing requirements whereby management companies (MCs) of the funds will develop their own rules. These novelties will allow more flexibility for MCs in developing new rules and more freedom for investors in selecting trust management conditions.
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