It is registered
Ministry of Justice of Ukraine
June 4, 2021
No. 751/36373
of May 13, 2021 No. 274
About approval of the Regulations on implementation of professional activity in the capital markets - activities for property management for financing of construction objects and/or implementation of real estate transactions
According to Item 13 of article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", Article parts three 4, parts one of article 14 of the Law of Ukraine "About financial and credit mechanisms and property management in case of construction of housing and real estate transactions", in connection with adoption of law of Ukraine "About modification of some legal acts of Ukraine concerning simplification of investment attraction and implementation of new financial instruments" of June 19, 2020 No. 738-IX the National commission on securities and the stock market RESHILA:
1. Approve Regulations on implementation of professional activity in the capital markets - activities for property management for financing of construction objects and/or implementation of real estate transactions which is applied.
2. Declare invalid the order of the National commission performing state regulation in the sphere of the markets of financial services of August 8, 2017 No. 3386 "About approval of the Regulations on obligatory criteria and financial standard rates, and also the requirements limiting risks in activities of finance companies - the fitters of property management managing when implementing activities for attraction of financial resources for financing of construction objects and/or implementation of real estate transactions", registered in the Ministry of Justice of Ukraine on October 25, 2017 for No. 1311/31179.
3. To department of methodology of regulation of professional participants of the security market (Kurochkina I. Yu.) provide:
submission of this decision on state registration in the Ministry of Justice of Ukraine;
promulgation of this decision on the official website of the National commission on securities and the stock market.
4. This decision becomes effective since July 1, 2021.
5. Control over the implementation of this decision to assign to the member of the National commission on securities and the stock market Ilyin A. V.
Commission chairman
R. Magomedov
Approved by the Decision of the National commission on securities and the stock market of Ukraine of May 13, 2021 No. 274
1. This Provision establishes procedure and conditions of implementation by managing directors of professional activity in the capital markets - activities for property management for financing of construction objects and/or implementation of real estate transactions (further - activities for property management), other requirements and indicators limiting risks of implementation of activities for property management, and also actions of the managing director for the termination of such activities in case of cancellation at it of the license for implementation of professional activity in the capital markets - activities for property management for financing of construction objects and/or implementation of real estate transactions (further - the license) for violation of requirements of the legislation.
2. In this Provision terms are used in such values:
the agreement of property management - the agreement under which the founder of management transfers to the managing director to direct trust property for the purpose of achievement of the purposes determined by it and sets restrictions on separate actions of the managing director for management of this property which for fund of financing of construction (further - FFS) the contribution agreement in FFS is, and for fund of real estate transactions (further - FON) and the FON-FFS systems - the agreement on acquisition of certificates of FON;
the new managing director - the managing director who according to the offer of the organization of managing directors created by results of the made selection, approved by the relevant resolution NKTsBFR, or certain NKTsBFR under the relevant resolution will exercise further control of FFS and/or BACKGROUND control of which exercised managing FFS (managing FON) which license was cancelled for violation of requirements of the legislation;
the organization of managing directors - Self-regulatory organization of professional participants of the capital markets performing activities with property management or consolidation of such professional participants of the capital markets in case of absence of self-regulatory organization;
the managing director - the legal entity who conforms to the requirements established by the Law of Ukraine "About financial and credit mechanisms and property management in case of construction of housing and real estate transactions" (further - the Law) and the Law of Ukraine "About the capital markets and the organized goods markets" and based on the license on its own behalf acts for the benefit of founders of property management and exercises control of the raised funds according to the legislation, rules FFS and/or rules BACKGROUNDS (further - rules of fund);
property administration - implementation by the property managing legal and actual acts according to the order on its own behalf, for the account and for the benefit of founders of property management;
the fitter of property management (further - the founder) - the principal who transfers property to the managing director to direct trust based on the contribution agreement in FFS (further - the principal of FFS), and the owner of certificates of FON.
Other terms used in this Provision are used according to the Law, the Law of Ukraine "About the capital markets and the organized goods markets", to the Law of Ukraine "About state regulation of the capital markets and the organized goods markets", to the Law of Ukraine "About financial services and finance companies", the Law of Ukraine "About guaranteeing the corporeal rights to real estate units which will be built in the future" (further - the Law O GRP) and to other regulatory legal acts regulating activities of managing directors.
3. The managing director performs on its own behalf and for the benefit of founders of property management management of the raised funds according to Chapter 70 of the Civil code of Ukraine, the Law, rules of fund and contracts with founders of management. The managing director exercises property management personally and property management cannot charge to other persons, except the cases which are directly provided by the law.
The managing director of fund, exercising property management of FFS and/or BACKGROUND, shall notify persons with whom he makes transactions, that he is managing director, but not the owner of property.
4. The agreements of the managing director with fitters, builders approved by the managing director of the rule of fund shall not contain conditions which contradict each other, provisions with ambiguous treatment and various interpretation and legislations shall conform to requirements, and also not break and not violate the rights of consumers determined by the legislation. In the specified documents concepts which correspond to the concepts determined by the legislation in case of application of the concepts which are not determined by the legislation shall be used, such documents shall contain their determinations. The same word cannot be used for expression of various concepts, different words can be used for expression of the same concept.
5. The managing director of fund shall fulfill the obligations to founders according to the procedure and the terms established by the legislation agreements and rules of fund signed with them.
6. The relations between the builder, the managing director, founders and other subjects of system of financial and credit mechanisms stop after accomplishment of all obligations to founders, except the cases established by the law.
1. Creation the FFS/background is performed by the managing director on own initiative.
2. The managing director can create FFS of type of A or FFS of type B. Creation of FFS of type of B is performed only after receipt of the corresponding permission of NKTsBFR to acceptance by the managing director on itself commercial risks.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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