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The RF Government has drafted a Bill that tightens requirements for developers attracting funds from general public under ‘shared construction’ agreements.
DATE: December 28, 2015 | AUTHOR: atlawyers
The RF Government has drafted a Bill that tightens requirements for developers attracting funds from general public under ‘shared construction’ agreements. New requirements include minimum size of own capital, disclosure of certain information, extending supervisory powers of the shared construction regulator authority, and requirement to keep participant’s funds on escrow accounts. On 01.07.2016 a unified state register of developers attracting funds on the ‘shared construction’ basis shall be established.