INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of November 27, 2025 No. 7250-U

About the securities and derivative financial instruments intended for skilled investors

This Instruction based on paragraph two of the subitem 23 of Item 1 of Article 2, of Item 13 of article 44 of the Federal Law of April 22, 1996 No. 39-FZ "About the security market" determines the securities and derivative financial instruments intended for skilled investors.

1. The securities intended for skilled investors are the following securities:

1.1. Securities which issuer (person obliged on which) is person registered in foreign state.

1.2. Government securities of foreign state.

1.3. Securities of international financial institutions.

1.4. The Russian depositary receipts which certify the property right to the securities specified in subitems 1.1 - 1.3 presents of Item, except for the Russian depositary receipts which certify the property right to the securities specified in Item 2 presents of the Instruction.

1.5. Securities of the Russian issuers, the rights to the income on which and (or) the income size on which depend on change of value of one or several of the following indicators:

1.5.1. Price (rate) of digital currency.

1.5.2. The price of the foreign digital rights including qualified as the digital rights according to part 3.1 of article 5 of the Federal Law of July 31, 2020 No. 259-FZ "About digital financial assets, digital currency and about modification of separate legal acts of the Russian Federation".

1.5.3. The price of digital financial assets which acquisition can be performed only by person which is the skilled investor.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info