According to the Central Bank, from January 2015 to the end of the second quarter of 2017, citizens opened more than 238 thousand individual investment accounts with professional participants, and the volume of investment portfolios in these accounts exceeded 28.6 billion rubles. ​As noted in the Central Bank report, IIS is one of the most widespread financial instruments used by individuals in the securities market. In particular, this is why in June the maximum amount that can be deposited into an IIS is up to 1 million rubles.

At the same time, the majority of citizens still choose deposits to save their investments due to the simplicity and accessibility of this instrument, as well as the payment of compensation for deposits in the amount of up to 1.4 million rubles. in case of revocation of the bank's license (up to this amount, deposits are insured by the deposit insurance system). As noted in the report, in this regard, the authorities are taking measures to encourage retail investors to place funds on the Russian financial market, as well as to protect them.

According to the Bank of Russia, as of June 30, 2017, there were 356 companies operating on the market, which is almost 100 organizations less than on the same date a year earlier (457). In general, a guarantee system is needed to increase the attractiveness of IIS for non-professional investors, notes Managing Director of BKS Broker Andrei Aletdinov. “Funds from IIS cannot be withdrawn within three years without losing the tax deduction. Guarantees from the state will make this instrument more attractive to people who have never used IIS,” he says. “Thus, the state obviously expects to attract additional relatively long-term funds to the stock market in conditions when deposits are losing their attractiveness for the population due to lower rates.”

Without DIA​

Legislators began preparing tools to protect private investors in individual investment accounts in June of this year: the State Duma adopted in the first reading draft federal law No. 76910-7 “On insurance of investments of individuals in individual investment accounts.” It assigns the authority to pay compensation to the Deposit Insurance Agency (DIA), which is now the operator for paying compensation to depositors of collapsed banks. However, in a document published on Thursday, the Central Bank proposed creating a separate investment insurance fund not associated with the state. Thus, the Central Bank is further reducing the scope of the DIA’s powers, taking into account the transfer of new cases of reorganization to the Banking Sector Consolidation Fund (FBS) this summer.

Who will pay for the insurance

It is proposed to form an investment insurance fund through quarterly contributions from professional participants in the securities market - brokers and management companies providing services for opening an individual investment account. Participation in the guarantee system will be mandatory for them, otherwise they will not be able to provide this service. Contributions will include funds received from satisfying the claims of the fund operator, property, income from investing temporarily free funds of the fund, as well as other income.

“Currently, the size of the fund is being discussed with the Bank of Russia and the Ministry of Finance as part of the discussion of amendments to the second reading of the bill on the creation of an individual insurance system for citizens,” Alexey Timofeev, president of the National Association of Stock Market Participants (NAUFOR), told RBC.

As Irina Krivosheeva, general director of Alfa Capital Management Company, notes, one of the possible options for the conditions for forming a fund is deductions for companies in the amount of 0.2-0.3% of assets on an individual investment account. “There are options when participants will make contributions not from the first year of participation, but from the second or third,” she says. — At the first stage, the size of the fund is about 300-400 million rubles. — will most likely allow us to cope with possible payments for specific cases.”

When will IIS be insured?

The experience of creating such a fund under the DIA shows that its launch may take at least a year. The Deposit Insurance Fund was created in 2004 and could almost immediately accept risks and make reimbursements, recalls Andrei Melnikov, former deputy general director of the DIA. He adds that the fund began making payments after the first insured event - in July 2005.

As Alexandra Tarannikova, director of corporate ratings at Expert RA, notes, there is no critical situation with bankruptcies of management companies on the market. “The market for collective and individual investments is very concentrated, the top 20 management companies account for 80% of all funds under management, and the risk that a large player with a large number of private investors will collapse is very small.” However, it is the stability of the sector that will allow the new mechanism to be worked out without incidents, experts add. According to Irina Krivosheeva, options are being discussed when the amount necessary for the functioning of the fund will be collected within two to three years.

For some, an individual investment account can be a good alternative to bank deposits. The profitability of an IIS will be higher, but there are no guarantees of the safety of your investments, as with deposits. The authorities are already thinking about creating a compensation fund for IIS, the only question is on the basis of which institution.

The Bank of Russia proposes to create a comprehensive insurance system for funds and assets placed in individual investment accounts. It is proposed to insure not the risk of falling quotes, but the risk of collapse of the broker or bank in which the IIS was opened. As the Kommersant newspaper writes, the base and operator of such a compensation fund should be a legal entity independent of the state. The deposit insurance agency is not suitable for this, since it will create a false perception of the guarantees of such investments by the state.

What is IIS

An individual investment account is a brokerage account with a special tax regime that accounts for the client's assets. A citizen brings funds to a bank or brokerage company, which are invested in assets with varying levels of risk (government bonds, shares of Russian companies, mutual funds, etc.). It is clear that the profitability of such an instrument can be an order of magnitude higher than that of conventional deposits. Yes, and tax deductions can be considered additional income.

Any adult citizen of Russia can open an individual investment account with a broker or management company. Every year, up to 1 million rubles can be credited to such an account, with which an investor can purchase stock market instruments - shares, government and corporate bonds, fund shares.

This account provides significant tax benefits. In addition to the results directly from investments, the owner of an individual investment account receives the right to one of two types of investment deductions for personal income tax: a deduction of 13% for an amount of up to 400 thousand (that is, an actual return of up to 52 thousand rubles per year) or an exemption from taxation of the entire amount of income received on IIS when closing the account. Since April 2017, the tax on coupon income has been removed for individuals, and they have also been exempt from paying personal income tax on the difference between the purchase price and the par value of the bond (if you hold the paper until maturity).

But this tool also has a number of disadvantages. Firstly, the maximum contribution to an individual investment account is no more than 1 million rubles per year. Secondly, to take advantage of the tax deduction, you must have an open account for at least 3 years. And if you withdraw funds before this period, you will have to return the deductions received. Well, the main drawback is that such investments are not protected by the deposit insurance system, which, given their long-term nature, is a particularly unpleasant moment.

The need to insure IIS owners

An individual investment account has become an alternative to bank deposits for many (especially wealthy clients). You open an account with a broker, place funds, choose where to invest - and you get a good return. For example, you cannot insure yourself against a fall in stock prices. You yourself choose the investment strategy, which instruments to invest in. This means that this risk is yours. But it would be nice to insure against the bankruptcy of a broker or the collapse of the bank in which the IIS is opened.

To achieve this, the Central Bank proposes to create a comprehensive investment guarantee system - in the form of insurance of investments in individual investment accounts. This is stated in the report “Creation of a guarantee system in the securities market” published by the regulator.

The bill “On insurance of investments of individuals on individual investment accounts...” was adopted by the State Duma in the first reading in the summer. But after this, a heated debate broke out in the market around the technical implementation of the plan to create such a system.

The stumbling block was the choice of base for the guarantee system (compensation fund) and its operator. The bill involves the creation of a separate fund on the basis of the DIA, and the agency itself becomes the operator. But the idea did not arouse enthusiasm either in the Ministry of Finance or in the Central Bank.

Compensation fund for IIS owners

Since the formation of the compensation fund will occur exclusively through contributions from professional participants, the regulator believes that it should be managed primarily by them themselves. " The investment insurance system is not guaranteed or provided by the state in the event of a shortage of the investment insurance fund— the report says. — Assigning the functions of an insurer to the DIA may lead to a false perception by the insured of the essence of the guarantees provided, by analogy with the current deposit insurance system».

Therefore, the Central Bank proposes to create a separate legal entity independent from the state. The governing body of the system operator should include two representatives of the government, three of the Bank of Russia, two of the SRO, and four of market participants whose candidacies are approved by the SRO.

The head of the State Duma Financial Market Committee, Anatoly Aksakov, proposed using as a base the Federal Public-State Fund for the Protection of the Rights of Depositors and Shareholders, which has been in existence since the 1990s, making payments to citizens who suffered from the actions of financial pyramids.

« The fund has extensive experience in dealing with fraud in the securities market, 522 successful cases, all the necessary competencies— said fund manager Marat Safiulin. “However, for the successful implementation of the project, it is necessary to do a large amount of work: update the regulatory framework, carry out actuarial calculations on fund volumes, capital adequacy, payment volumes, etc.».

The idea of ​​creating a fund based on the two largest specialized SROs - the National Association of Stock Market Participants (NAUFOR) and the National Financial Association (NFA) - was also discussed. However, now, according to the newspaper, negotiations have been suspended.

For citizens who have an IIS, the creation of such a fund provides guarantees. But you need to understand that the final cost of service from a broker or bank will increase after the introduction of such a fund. After all, contributions to the new fund will be included in broker commissions.

The introduction of the IIS insurance system stimulates the influx of retail money. However, in order to avoid misunderstandings among private investors, it is necessary to clearly define the rules at the start of the system.

At the end of June, deputies adopted in the first reading a bill on creating an insurance system for investments placed in individual investment accounts (IIA). The system is expected to be operational in 2018. According to the bill, securities and funds placed on IIS will be insured. The maximum amount of payment for investment insurance will be 1.4 million rubles, the same as for depositors of banks that have lost their license.

The experience of implementing a deposit insurance system in the banking industry has shown that this can increase the confidence of retail clients and stimulate the flow of money into the banking system. At the same time, such a guarantee system creates certain risks of fraud or improper motivation of clients. Until now, regulators are fighting several types of scammers. Firstly, with the so-called deposit crushers (breaking up deposits exceeding the insurance compensation threshold and transferring funds from them to the insured accounts of others in anticipation of a bank collapse). Secondly, with “notebooks” (creation of fictitious deposits that are only on paper, fraud on the part of banks). Thirdly, with the replacement of uninsured deposits with insured ones (deposits of legal entities with deposits of individuals).

Most of the risks mentioned are not relevant for the investment insurance system. An investor can receive a tax deduction for IIS once every three years. Theoretically, an investor can open accounts for family members and friends, but this requires spending a lot of effort, time and money - which will have to be created on the IRA of family members and friends. IIS is an exclusively retail product, so it is impossible and inappropriate to replace any corporate solutions with them. The only potential risk for IIS is “drawing” fictitious investment accounts. However, even here it is possible to quite simply identify the real IIS through which transactions are taking place, and passive accounts opened shortly before the collapse of the management company or depository.

In the banking sector, there is also the problem of so-called serial depositors, who, in search of deposits with high rates, are “exposed” to several bankrupt banks. But this is not a type of fraud, but simply choosing the most favorable conditions for deposits. For IIS, the story is also irrelevant, since in the case of stock investment, profitability depends on the chosen strategy by the private investor himself. At the same time, “serial” depositors are not just looking for higher rates, but also distributing their savings among many banks. In IIS, again, the distribution of money between several accounts of one investor does not make sense.

At the same time, the case of IIS has its own nuances. Thus, according to the bill, an insured event is the cancellation of the license of a professional participant in the securities market (broker, manager, depository), the revocation of the Central Bank license from the insuring bank, as well as the introduction by the regulator of a moratorium on satisfying the claims of the insurer bank's creditors. That is, exclusively fraudulent risk is insured. But, unlike bank deposits, you cannot count on insurance against investment risks and a decrease in the value of securities that an investor has purchased.

Because of this, there are potential risks that should be considered when working with retail clients. Private investors may have confusion regarding the definition of insured events. Inexperienced investors may think that, by analogy with deposits, all their money invested in the Russian stock market is insured and guaranteed to be returned. In this case, the investment insurance system will attract retail capital, but a number of clients will not be prepared for very low or even negative returns. The most negative outcome in this case is lawsuits and proceedings from private investors.

In our opinion, to solve this problem, the introduction of IIS investment insurance must be supported by a powerful information background - both locally, so that professional participants must explain the investment rules and risks to private clients, and at the federal level. In the same way, at one time there was information support for the introduction of a deposit insurance system. In addition, it is possible to provide for special certification of stock market participants wishing to work with retail, with a view to mandatory informing clients about insured and uninsurable risks.

There is another risk: that unscrupulous market players will look for opportunities to obtain insurance from the system - for example, collect retail money en masse, promising “guaranteed” crazy returns, and in fact leave the market. In the end, bona fide participants will have to pay for them. Such cases can be eliminated by strict control of the activities of players by regulators - the Central Bank, as well as the administrative fund for the investment insurance system, be it the DIA or another body.

The creation of such a guarantee system can double the number of individual investment accounts in the first year of operation: at the end of 2017 we expect about 300 thousand open investment accounts, in 2018 - 500-600 thousand. The deposit insurance system (DIS) at one time increased the confidence of Russians in banking system and served as a driver for filling it with money from individuals. People who choose exchange-traded instruments should be protected, just like those who place funds on bank deposits.

Once the law is passed, private investors will be able to be confident in the return of their funds from brokers and managers in the event of their license being revoked. According to the Moscow Exchange, at the end of June about 230 thousand IIS were already opened. With the creation of a guarantee mechanism, this number could double by the end of the year, and we expect an increase in demand for retail investment products.

Director of the SDM-Bank branch in Voronezh

Education

In 1997 she graduated from Voronezh State University with a degree in Accounting and Auditing. Fluent in English.

Career at SDM-BANK

The story of Alla Vladimirovna and SDM Bank is more than just the story of a successful career as a top manager. According to Alla Vladimirovna, the Voronezh branch is not just a job, a service, a career. This is part of life, part of family, second home. Moreover, now we can speak with confidence about a labor dynasty: Alla Vladimirovna became the director of the branch after her father, Vladimir Andreevich Voronov. It was he who was the first head of the branch, who created it in 1995 and ensured the sustainable development of the business until 2012.

By the time of her appointment to the position of director, Alla Vladimirovna had worked at SDM-Bank for more than 15 years. She started, as befits a yesterday’s student, as an economist.

Now Alla Vladimirovna remembers with a smile that she had to do almost everything, not limited to her direct responsibilities, “except that I didn’t work as a driver or an IT specialist - and so I was on hand everywhere.” The attitude towards the branch was formed precisely by her father’s leadership: never approach tasks formally, live at work, treat the branch as your brainchild - these are the basic principles on which Alla Vladimirovna’s work was based throughout her career.

The list of Alla Vladimirovna’s positions eloquently confirms that it is precisely this attitude that is the key to success of both the business and the person in it.

• 1997 – economist;
• In 2000, she was transferred to the position of internal control inspector;
• In 2003, she was appointed to the position of loan officer;
• In 2004, she was transferred to the position of head of the credit department;
• In 2008, she was appointed to the position of deputy director of the SDM-Bank branch in Voronezh;
• In 2012, she became the director of the branch.

Personal qualities

Even before Alla Vladimirovna became her father’s “right hand” at the bank, her personal achievements were impressive. She graduated from mathematics school, graduated from the University with honors and without a single B, and was one of the best students of the course. Alla Vladimirovna admits that mathematics and numbers not only do not frighten her, on the contrary, in this area her soul “sings.” That’s why he remembers working in the credit department with particular warmth. “Of all the departments, the credit department is my favorite,” admits Alla Vladimirovna.

The secret to a successful career

It is always admirable when you can see that a person is in his place and doing what he likes and what he is good at. Alla Vladimirovna admits that she was invited to work in other banks many times, but she could not leave her native bank.

Now the SDM-Bank branch in Voronezh employs 28 people, and Alla Vladimirovna makes every effort to ensure that all employees at the bank are interested and that the work, no matter how much of it, is enjoyable. “In our branch there is very little staff turnover. And we are very proud of this. I try to convey my positive attitude and responsible attitude to all my employees,” notes Alla Vladimirovna.

The core team of the branch has been working together for more than 10 years. Moreover, everyone, both employees and, very importantly, clients, really like our microclimate and atmosphere. Hence the large number of regular customers who have been serving us for about 19 years. Customers remain loyal to the bank, and the branch team is also very proud of this.

At the end of June, the bill on creating an insurance system for individual investment accounts of citizens passed the first reading at the beginning of the year, and market participants started talking about adopting the law in the autumn session. If the forecast comes true, the IIS insurance system will start operating in January 2018.

IIS insurance: necessity and prerequisites

The need to introduce a mechanism for insuring funds in individual investment accounts has been discussed since 2015 - in fact, from the moment the concept appeared in the legal field. The professional community itself, represented by the National Association of Stock Market Participants - NAUFOR, took an active part in the work on the document. The main goal of the bill is to stimulate the involvement of citizens in investment activities on the Russian stock market and protect them from fraud by unscrupulous market participants.

Main points of the bill:

• the objects of the investment insurance system on the stock market will be only cash and securities placed on individual investment accounts;
• the insured event will be the cancellation of the license of a professional participant in the securities market, revocation or cancellation of the license of the insured, which is a credit institution, by the Bank of Russia;
• investment risks, decrease in the value of assets and lost profits will not be insured events;
• if citizens have entered into agreements for maintaining an individual investment account, allowing the broker to use the funds in the account at his own discretion, insurance payments are not provided;
• The Investment Insurance Fund will be formed by the Deposit Insurance Agency (DIA), which currently performs the same functions in the banking market;
• The fund will be formed exclusively from insurance premiums of brokers and management companies;
• insurance compensation is paid in the amount of 100% of the amount of unfulfilled obligations, but not more than 1.4 million rubles.

In fact, we are talking about the fact that the initial contribution to an investment account, but not investment income, will be insured against fraudulent actions on the part of a broker or manager. The scheme is similar to bank deposit insurance, in which insurance covers the amount of the deposit, but not the accrued interest. The amount of insurance compensation in both cases is 1.4 million rubles.

Why is this necessary?

Firstly, it is obvious that private investors themselves are interested in insuring their funds. Despite the fact that IIS have a number of advantages over bank deposits, the level of citizens’ trust in stock market instruments is still low. And the amount of money invested by Russians in securities is several orders of magnitude less than the funds that are in bank deposits. Experts are confident that the introduction of an insurance mechanism will increase the popularity of IIS. “The introduction of investment insurance for citizens on individual investment accounts is a timely, socially significant and economically sound insurance mechanism of the stock market,” says Yulia Akhvlediani, professor at the Department of Risk Management, Insurance and Securities at the Plekhanov Russian Economic University.

Secondly, insuring investments in individual investment accounts is another step within the framework of the state’s comprehensive approach to involving citizens in investment activities. High profitability compared to bank deposits, tax benefits, and an increase in the initial contribution from 400 thousand rubles to one million have already led to the fact that in two and a half years more than 200 thousand investment accounts were opened, in which investors placed over 20 billion rubles. We have already reviewed the topic, studied the main market players and provided the number of IIS opened by each broker. You may be curious.

Guaranteed investment insurance should attract the most conservative investors who have no experience in dealing with securities to the stock market. Taking into account the progress of the insurance issue, experts expect that the number of IIS owners will exceed 300 thousand by the end of the year.

Underwater rocks

The document was adopted with comments, and should be revised for the second reading. The main issues on which market participants and legislators do not yet have a common opinion concern the insurance fund operator. Now, according to the bill, operator functions are assigned to the Deposit Insurance Agency. The Ministry of Finance and the Central Bank of the Russian Federation are against such a proposal, fearing that investors may have a false sense of state participation in insuring individual investment insurance. Meanwhile, the Government of the Russian Federation, while fully accepting and supporting the ideology of the insurance mechanism, categorically refuses to participate in it financially. As an alternative to the DIA, the financial block proposes to consider the Fund for the Protection of Depositors and Shareholders.

It is not yet clear who, in the event of an insured event, will be responsible for external management and establishing the amount of insurance payments to a particular investor.

Another question that the bill does not yet answer is how the insurance fund will be formed. The sources of financing for the future fund are expected to be contributions from professional participants in the securities market, who will become participants in the insurance system, but how to determine the size of contributions is a topic for further discussion. Back in May of this year, the chairman of the board of NAUFOR, Alexey Timofeev, said that brokers and managers are ready to create an insurance fund of 300 million rubles from contributions within two years.