On September 1, 2012 a new type of mutual investment funds was introduced - stock mutual investment funds (hereinafter – "stock funds"). This came from the provisions made by the Federal Law of 28.07.2012 № 145-FZ "On Amendments to Certain Legislative Acts of the Russian Federation".
A stock funds unit holder (hereinafter – “unit holder”) will not only have the right to make a request to the management company (within the specified period) to redeem their investment units and pay a monetary compensation or allotment share of the fund's assets, but also the right to send a request on any business day to buy investment units at a price proportionate to their share of common ownership rights to property constituting such fund, and to sell them at an exchange specified in the regulations of the trust management of such stock fund (and on conditions provided in such regulations).
Moreover, to inspire the management companies of closed-end stock funds and enhance the reputation of such funds, the management company of closed-end investment funds have the right to buy investment units during the formation of the fund, if provided in the regulations of the fund's trust management. In this case, the management company can only make cash payments for investment units, and after acquiring the investment units the management company cannot trade them, except for the sale of parts that exceed the total amount of investment units, which may be owned by the management company. Investment units of closed-end investment funds do not provide the management company the right to vote at a general meeting of unit holders. It is not allowed to change the type of mutual investment fund, if the investment units of the fund belong to the management company.