NSSMC updates the rules for real estate fund certificates: discussion begins

At its meeting, the Commission approved the draft Regulations on the procedure for issuing and circulating real estate fund (REF) certificates, which updates the rules for issuing and circulating such certificates.

The purpose of updating the document is to bring it into line with the Commission’s current requirements for the registration of financial instruments. The draft Regulations cover the procedure for registering the issue of REF certificates and the prospectus, amending decisions on their issue, submitting reports on the results of the issue of REF certificates, canceling the registration of the issue, and the procedure for redeeming and converting REF certificates. The main innovations proposed by the document are as follows:
● the administrative procedure was improved, specifically: issuers will submit and receive documents from the Commission through their personal account in the CIS in the form of electronic documents or messages with electronic signatures;
● a rule was introduced whereby documents will remain pending;
● issuers of REF certificates are required to submit financial and audit reports in a single electronic format (XBRL) through the Financial Reporting Collection Center;
● when submitting an application and documents for registration of REF certificates and a prospectus, the issuer will have to fill out an issuer questionnaire in their personal account in the CIS for the purpose of generating a temporary global certificate/global certificate.

These changes will mainly create an additional tool for attracting investment in the construction of manufacturing, industrial, commercial, and other real estate.

For businesses considering relocation from occupied or frontline regions, this will be particularly important as it will significantly speed up the resumption of operations after relocation, and for investors, it will add a flexible tool that allows the transfer of ownership of a security at any stage of construction or during the life cycle of the property, whenever the investor so desires.

Discussions on the draft will continue until 28 October 2025. Proposals and comments are accepted at the following email addresses: [email protected] or [email protected].

The draft Regulations are available following the link.