• Proposed amendments will relax minimum public ownership requirement, impose rules on reinvestment of REIT proceeds and enhance controls for related party transactions.

Amendments

• Adjusted minimum public ownership requirement to the level prescribed by REIT Act.
• Included reinvestment requirement for REIT sponsor or promoter in line with policy to promote capital market development and Filipino participation in real estate industry.
• Added a layer of review for related party transactions under the implementing rules and regulations (IRR), requiring the creation of a related party transactions committee.
• Require entities intending to serve as REIT fund managers to secure license from SEC.

Effectiveness

• Comments on the proposed amendments may be submitted to SEC by 18 October 2019.