We have already provided for such additional restrictions

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In particular, the value of ETF assets must be at least 100 we compete with the largest software outsourcing billion rubles. According to expert estimates, approximately 450 of the largest ETFs in the world meet this criterion. Also, the structure of ETF assets must comply with concentration restrictions — investments in securities of one issuer cannot exce 20% of assets — and also take into account the limits on investments in derivative financial instruments — no more than 20% of ETF assets.

Addition, it is envisag that a ban will be impos

on the admission to public circulation in Russia of ETFs whose securities are not available to non-qualifi investors in the country of registration of such funds.

— How will the issue of liquidity, which is usually provid by a recogniz ETF provider, be resolv? How will the issue of a fair offer to buy or sell, which such providers must provide, be resolv in the conditions.

Order to ensure the liquidity of ETF securities

the Bank of Russia sets increas requirements for key metrics in mia planning the market-making agreement of such funds. Thus, market makers will have to submit applications during each trading session, the total volume of which cannot be less than the three-month average daily volume of transactions with securities of foreign ao lists funds on the Russian exchange, at a price deviating from the ETF settlement price by no more than 3%.

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