Regulatory Alerts2024-07-16
SEC MC No. 12, Series of 2024: Guidelines for Registration of Securities for Real Estate Rental Pool Agreements
The Securities and Exchange Commission issued Memorandum Circular No. 12, Series of 2024, to establish registration guidelines for real estate developers issuing investment contracts, certificates of participation, or profit-sharing agreements through rental pool agreements. The circular mandates specific pre-filing clearances, financial disclosure standards, and a structured 45-day review process for shelf registrations and subsequent offerings. It further outlines post-issuance reporting obligations and penalty clauses to ensure compliance with the Securities Regulation Code and protect investors in real estate non-traditional securities.
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