Regulatory Alerts2025-11-14 | 28/21/3185/К03Added · Updated
Regulation on the Procedure for Issuance and Circulation of Real Estate Fund Certificates
The National Commission for Securities and Stock Market approves the Regulation establishing the procedure for the issuance, circulation, and registration of Real Estate Fund (REF) certificates. The document defines eligible issuers as banks or non-bank financial institutions holding specific licenses, sets a minimum issuance volume of 100,000 euros, and caps the total nominal value of certificates at ten times the issuer's equity capital. It mandates that certificates exist exclusively in electronic form, requires payment in cash, and outlines specific financial reporting obligations, including XBRL format submissions and auditor reports, while repealing the previous 2020 regulation.
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