Broker size threshold rises fivefold to 100,000 clients
Higher size thresholds will apply to professional securities market participants from October 1, 2027, the Bank of Russia said on October 21, 2026. The changes aim to reduce regulatory and supervisory burdens on smaller firms.
Fewer brokers cross the line
The Bank of Russia will raise the thresholds classifying professional securities market participants (PSMPs) as large, medium-sized and small entities.
For brokers, the large-entity client threshold will increase fivefold from over 20,000 investors to 100,000. The client portfolio threshold will double from ₽500 billion to ₽1 trillion, and the transaction volume threshold from ₽1 trillion to ₽2 trillion.
Meeting any one criterion will remain sufficient for classification.
The central bank will continue to assess brokers, asset managers and dealers using quarterly indicators covering client numbers, portfolio sizes and transaction volumes.
The revised thresholds take effect on October 1, 2027.
Higher limits beyond brokerage
For large asset managers, the client base threshold will rise from 20,000 to 30,000 people, while the assets under management threshold will double from ₽100 billion to ₽200 billion.
For large depositories, the threshold for assets in client accounts will double from ₽500 billion to ₽1 trillion.
Securities values in client accounts will remain the decisive measure for depositories.
The stated aim is to ease excessive burdens on firms without considerable market share or material risks.
Higher thresholds, same tests
The revision changes the scale thresholds rather than the indicators used to measure firms.
A broker will still qualify as large by meeting just one criterion.
The intended relief therefore depends on each firm's client base, portfolios and trading activity.
Source: Bank of Russia to revise size criteria for PSMPs
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