RBC DAILY. The Federal Service for Financial Markets (FSFM) has posted the order “On Cases of Not Imposing Restrictions on the Conclusion of Loan Agreements and Credit Agreements” that sets a restriction for credit funds. In line with the service’s requirements that RBC daily quotes, funds should form full reserves against loans issued that in some cases exceed bank ratios. Currently, according to the National League of Asset Managers, 59 credit funds operate on the market.
FSFM noted that the requirement applies to all funds for qualified investors and has been imposed to suppress the unfair practice of lending borrowers with low creditworthiness.
Finam Management general director Andrey Shulga says that the authority’s order specified requirements that previously raised doubts. “For our credit fund we initially stipulated the maximum assessment of security," he specifies. The order specifies that security should fully cover loans granted. Previously companies made decisions on the size of reserves independently.
According to the head of the National League of Asset Managers, major management companies under the wing of banks will easily solve problems with reserves by receiving bank guarantees. If a fraud is planned beforehand, it will not be difficult for fraudsters to take a fake guarantee from a shady bank or repawn one and the same assets several times. At the same time, mid-sized and small management companies, as Alexandrov thinks, will get out of business, as it is unlikely that they will succeed in forming adequate reserves and any bank will hardly provide them with guarantees.
