2025-12-02 | 09/21/3296/К03

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Decision on Amendments to the Regulation on Professional Activity in Capital Markets - Asset Management for Construction Financing and Real Estate Operations

The National Commission for Securities and Stock Market amends the Regulation on professional activity in capital markets by adding a new paragraph to Section V. This addition mandates that a new manager of a Real Estate Investment Fund (REF) or assets transferred from a non-professional entity must maintain the operational reserve at the level it was transferred and ensure its formation and replenishment for new participation agreements in accordance with existing rules. The decision requires submission for state registration, publication on the Commission's official website, and becomes effective the day after its official publication, with oversight assigned to Commission member A. Ilyin.

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NATIONAL COMMISSION FOR SECURITIES AND STOCK MARKET DECISION Kyiv On Amendments to the Regulation on the Conduct of Professional Activity in Capital Markets - Asset Management for the Financing of Construction Objects and/or Transactions in Real Estate

In accordance with paragraph 1 of part one of Article 7, Article 30 of the Law of Ukraine "On State Regulation of Capital Markets and Organized Commodity Markets", and part three of Article 4 of the Law of Ukraine "On Financial-Credit Mechanisms and Asset Management in Housing Construction and Real Estate Transactions",

The National Commission for Securities and Stock Market HAS DECIDED:

  1. To supplement Section V of the Regulation on the Conduct of Professional Activity in Capital Markets - Asset Management for the Financing of Construction Objects and/or Transactions in Real Estate, approved by Decision of the NSCSESM dated May 13, 2021 No. 274, registered in the Ministry of Justice of Ukraine on June 4, 2021 under No. 751/36373, with a new paragraph of the following content:

"101. In the event of the transfer by court decision to a new manager of a certain Real Estate Investment Fund (REF), or of assets and funds received in trust ownership under an asset management agreement by a legal entity that did not conduct professional activity in capital markets - asset management for the financing of construction objects and/or transactions in real estate, the new manager is obliged:

to maintain an operational reserve in the amount in which it was transferred from the manager of the REF or the legal entity that did not conduct professional activity in capital markets - asset management for the financing of construction objects and/or transactions in real estate;

to ensure the formation and replenishment of the operational reserve under such agreements, to the extent and within the timeframes specified in paragraph 10 of this Section, in the event of concluding new agreements on participation in the transferred REF."

  1. The Department of Methodology for the Regulation of Professional Participants of the Securities Market to ensure the submission of this decision for state registration to the Ministry of Justice of Ukraine.

  2. The Administration of Administrative Activity to ensure the publication of this decision on the official website of the National Commission for Securities and Stock Market.

  3. The Department of Legal Support and Internal Compliance Control, after the state registration of the decision by the Ministry of Justice of Ukraine, to ensure the publication of this decision on the official website of the National Commission for Securities and Stock Market.

  4. This decision enters into force from the day following the day of its official publication.

  5. To assign control over the implementation of this decision to a member of the National Commission for Securities and Stock Market A. Ilyin.

Chairman of the Commission Ruslan MAGOMEDOV

Protocol of the Commission meeting dated 02.12.2025 No. 112

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