Good afternoon! Here is a brief overview of the decision of the National Securities and Stock Market Commission (NSSMC) regarding asset management for financing construction projects and real estate transactions.
1. **Essence of the decision:**
The decision amends the Regulation on Professional Activity on Capital Markets, namely asset management for financing construction projects and/or conducting real estate transactions. It concerns situations where the manager of the Fund for Financing of Construction (FFC) is changed by a court decision.
2. **Structure and main provisions:**
The decision supplements Section V of the Regulation with a new clause 10-1. This clause defines the obligations of the new manager of the FFC or property received in trust, in cases where the previous manager was determined by the court. In particular, the new manager is obliged to maintain an operational reserve in the amount transferred from the previous manager, as well as to ensure the formation and replenishment of the operational reserve under new agreements on participation in the FFC.
3. **Important provisions for use:**
The most important thing is that in the event of a change of the FFC manager by a court decision, the new manager is obliged to ensure the preservation of the operational reserve and its replenishment under new agreements. This provision is aimed at protecting the interests of investors and ensuring the stability of financing construction projects.
