1. Reasons for Amendment

Growth of the REIT market has sparked a greater need for REIT companies and asset management firms to increase the number of, and manage, specialists in charge of investment and asset management. Accordingly, this Amendment expands the eligibility criteria for specialists and prescribes stronger management of training completion.

2. Major Provisions

A. Expand the eligibility criteria for asset management specialists (Article 5, Article 6)

ㅇ Increase the supply of specialists by expanding the scope of recognized work experience at real estate-related institutions from the current “Korea Land and Housing Corporation” to “all public institutions and local government-invested public corporations,” adding the Housing Welfare Policy Division and Public Housing Division as relevant departments of the Ministry of Land, Infrastructure and Transport, and adding “real estate studies” to the degree requirements.

B. Extend the retention period of specialist course completion documents (Article 13 (2))

ㅇ Strengthen the management of trained specialists by extending the compulsory retention period of course completion certificate issuance books at educational institutions from five years to ten years.

C. Update names of other institutions (Article 8), add the Financial Investment Services and Capital Markets Act to the curriculum (Article 9), and amend attached tables and forms (attached Table 1, Forms 1 through 6)