The Financial Investment Services and Capital Markets Act, as amended on July 24, 2015 and effective as of October 25, 2015 (the “Amended FSCMA,” with the previous version to the amendment referred to as the “Former FSCMA”), is causing phenomenal changes to the regulatory framework for private collective investment vehicles (the “CIVs” or individually “CIV”) and substantial deregulations relating to the entrance, establishment, management and sales of private CIVs. In particular, real estate collective investment vehicles (the “REFs” or individually “REF”) under the Former FSCMA will established in the form of qualified investment type private collective investment vehicles (the “Qualified Investment Type Private CIVs”) under the Amended FSCMA, where it is expected that various changes will take place in relation to the establishment and management of private CIVs.

  1. Changes in Regulatory Framework for Private CIVs
  2. Limitations on Investment in Private CIVs by Non-Professional Investors
  3. Deregulation on Entrance, Establishment and Sale of Private CIVs
  4. Deregulation on Asset Management
  5. Tax Issues