Commission updated the rules for real estate fund certificates: what changed

At its meeting, the NSSMC approved the Regulations on the procedure for issuing and trading real estate fund (REF) certificates, which update the rules for issuing and trading these certificates.

The Regulations update the procedure for registering an issuance of REF certificates and an issue prospectus, amend decisions on their issuance, submission of reports on the results of the issuance of REF certificates, cancellation of registration of an issuance, and a procedure for the redemption and conversion of REF certificates.

The following changes are also introduced:
• issuers will be able to submit and receive documents from the Commission via their personal account in the CIS – in the form of electronic documents or messages using an electronic signature;
• a mechanism will be introduced for leaving documents pending if they are submitted with deficiencies;
• when submitting an application and documents for registration of the issuance of REF certificates and a prospectus, the issuer will also fill out an issuer questionnaire in their account in the CIS to form a temporary certificate or a permanent global certificate.

It is worth noting that the changes will come into effect after approval by the Ministry of Justice of Ukraine. Previously, the Regulations were presented for discussion, during which almost all of the received proposals were taken into account.

For businesses planning to relocate production from occupied or frontline territories, this tool can provide an opportunity to resume operations more quickly after the relocation.

Investors will have a flexible tool — the ability to transfer ownership of a security at any stage of construction or the life cycle of a property, whenever it’s convenient for them.