Cabinet rolls out amendments to executive regs on real estate funds
REGULATION WATCH- Cabinet amends Capital Markets Act regs on real estate funds: Prime Minister Moustafa Madbouly has issued a decree amending the executive regulations of the Capital Markets Act governing real estate funds, Financial Regulatory Authority (FRA) boss Mohamed Omran said in a statement (pdf).
What are the amendments all about? The amendments stipulate that any major financial action taken by the fund receive approval from all investors or their trustees. They also stipulate that asset managers conduct evaluations for their non-listed real estate funds every six months instead of three previously. Listed real estate funds will continue to be assessed every three months, Omran said. The amendments also require the use of FRA-certified experts to appraise fund assets. Separately, the FRA is also currently in talks with the Finance Ministry to discuss tax incentives to encourage real estate investment through these types of funds.