Philippine SEC Proposes Changes To REIT Rules (Business World)

THE Securities and Exchange Commission (SEC) released on Friday its proposed amendments to the rules guiding real estate investment trusts (REITs) in the Philippines.

The corporate regulator formalized through two notices uploaded on its website its planned changes on Republic Act No. 9856, or the REIT Act of 2009. The proposal includes easing public ownership requirements, requiring proceeds from a REIT offer to be reinvested in the country, adding oversight powers in related party transactions and imposing sanctions for administrative violations.

The SEC is seeking public comments on the draft rules until noon of Oct. 18.

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