Derivative Mutual Funds in Russia: Regulatory Barriers and Directions for Modernization

The article is devoted to the justification of derivative mutual investment funds as a promising institutional format for collective investment in the Russian financial market, based on synthetic replication of index strategies using exchange-traded derivative financial instruments. Key regulatory barriers hindering the introduction of DICFs in the current legal environment are identified, including the nominal approach to accounting for PFIs, restrictions on the admission of instruments for unqualified investors, insufficient adaptation of net asset value calculation methods, and risk management requirements. A coordinated package of regulatory and infrastructure measures has been proposed, covering changes to federal legislation, modernization of Bank of Russia regulations, development of clearing procedures, and technological integration of exchange infrastructure with management companies and specialized depositories. Conclusions are formulated on the systemic effects of introducing DPIFs for the derivatives market, the securities market, and the collective investment industry, as well as on the necessary conditions for creating a normatively and operationally stable DPIF model in Russia.