The Real Estate and Alternative Investment Practice Group of SHIN & KIM LLC would like to introduce key amendments to the laws governing real estate investment companies (“REITs”) in 2022, as well as those expected in 2023.
In this newsletter, we take a look at key amendments adopted in the Supervisory Regulation on Real Estate Investment Companies, etc. (Ministry of Land, Infrastructure and Transport Directive No. 1557, effective on September 13, 2022) and the Enforcement Decree of the Real Estate Investment Company Act (Presidential Decree No. 32639, effective on May 9, 2022). Further, we also touch on the expected amendments based on press release by the Ministry of Land, Infrastructure and Transport (the “MOLIT”) on January 5, 2023 with regard to the measures to enhance REITs’ competitiveness.
1. Amendments to the Supervisory Regulation on Real Estate Investment Companies, etc. – evaluation of management of asset management companies
2. Amendments to the Enforcement Decree of the REIT Act (enacted on May 9, 2022)
3. Proposed amendments to the REIT Act on July 26, 2022
4. Proposed amendments to the REIT Act on September 1, 2022 – Grant of dividends through a resolution of the board of directors (to shorten the dividend cycle) (pending)
5. Major changes introduced in the MOLIT’s press release dated January 5, 2023 (Measures to strengthen REITs’ competitiveness)
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[Korean version] 부동산투자회사(REITs) 관련 제도 주요 개정 및 예정 사항 소개