- Proposed amendments will relax minimum public ownership requirement, impose rules on reinvestment of REIT proceeds and enhance controls for related party transactions.
- 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.
- Comments on the proposed amendments may be submitted to SEC by 18 October 2019.