The National Commission for Securities and the Stock Market (NCSCFR) presented a draft of changes to the regulatory framework aimed at strengthening investor protection in connection with the increase in the number of bankruptcies of developers. About this reported press service of the commission.
According to the results of constant monitoring, the NCCPFR notes that bankruptcies of developers are becoming more and more frequent. In this regard, it was decided to take measures to resolve the situation and reduce risks by making changes to regulatory documents.
In particular, the proposed changes provide that management companies that have entered into contracts for participation in the construction financing fund (FFB) are obliged to publish on their websites information about the opening of proceedings in the bankruptcy case of the developer and the results of its review. In case of violation of the bankruptcy procedure, managers must immediately stop financing the construction and not enter into new contracts with citizens.
The changes also provide that investors will have the right to refuse the transfer of funds under the concluded contract for the period of consideration of the developer’s bankruptcy case. At the same time, such a refusal will not be considered a violation of the terms of the contract.
The NCCPFR reported that within the next 10 days, it will accept comments and suggestions regarding the proposed changes before their final approval.
