Types of Bonds Available upon Successful Completion of Testing: Legal Realities and Prospects

   In 2025, the legislator and the Bank of Russia amended the list of types of bonds that non-qualified investors are entitled to purchase subject to the successful completion of special testing. The paper assesses these innovations. Despite attempts to take into account all types of high-risk bonds when introducing the testing requirement for non-qualified investors purchasing such financial instruments, certain bonds remain available for acquisition without testing and contain latent economic risks that materialize during periods of economic crisis. The economic crises of 2014–2016, 2022, and mid2023–2025 led to a sharp increase in the key interest rate, which significantly affected bond prices and interest rates; thus, during these periods, the risk of loss of bond liquidity materialized. The paper substantiates the necessity of establishing successful completion of testing as a prerequisite for granting the right to purchase bonds issued for a term exceeding three years (including those with a credit rating of not lower than A+).

1. Askinadze V. M., Maksimova V. F. Investitsii: uchebnik dlya vuzov. — M.: Yurayt, 2025. — 386 s.

2. Guseva I. A. Rynok tsennykh bumag i proizvodnykh finansovykh instrumentov : uchebnik i praktikum dlya vuzov. — M.: Yurayt, 2025. — 224 s.

3. Eremina E. A., Ostrovskaya N. B. Osobennosti zashchity prav nekvalifitsirovannykh investorov Bankom Rossii // Vestnik sovremennoy nauki. Seriya «Obshchestvennye nauki». — 2021. — № 2. — S. 47–58.

4. Krinichanskiy K. V. Rynok tsennykh bumag : uchebnik dlya vuzov. — M.: Prometey, 2025. — 464 s.

5. Morozova N. E., Al-Zgul S. Kh. Sovershenstvovanie mekhanizma zashchity chastnykh investorov na finansovom rynke RF // Mezhdunarodnyy nauchno-issledovatelskiy zhurnal. — 2017. — № 4-3. — S. 100–104.

6. Poduzova E. B. Pravo kak obekt grazhdanskikh pravootnosheniy v kontekste tsifrovoy sredy i ekonomiki sovmestnogo potrebleniya // Aktual’nye problemy rossijskogo prava. — 2020. — № 2. — S. 86–93.

7. Problemy vyzhivaniya i razvitiya ekonomiki Rossii: monografiya / pod red. V. A. Petrishcheva. — Tver: Tverskoy gos. un-t, 2015. — 212 s.

8. Rynok tsennykh bumag: uchebnik dlya vuzov / pod obshch. red. N. I. Berzona. — M.: Yurayt, 2024. — 514 s.

9. Solovey M. V. Obzor funktsionalnosti mobilnykh prilozheniy «Sberbank Investor» i «Tinkoff Investitsii» // Materialy IX Mezhdunarodnogo Baltiyskogo morskogo foruma : v 6 t. T. 1. — Kaliningrad, 2022. — S. 130–135.

10. Travin G. D. Raskrytie informatsii kak kriteriy dostupnosti finansovykh instrumentov v prave RF i SShA: sravnitelno-pravovoe issledovanie // Vlast zakona. — 2024. — № 3. — S. 249–259.

11. Shevchenko O. M. Vliyanie novykh tekhnologiy na razvitie zakonodatelstva o rynke tsennykh bumag // Aktual’nye problemy rossijskogo prava. — 2022. — № 11. — S. 76–86.