Reasons for Proposal
Some suggest that it is necessary to clarify the qualifications of shareholders of asset management companies to ensure transparency of real estate investment companies that attract investors from the general public and protect real estate investors, and to subject executives to the prohibition on holding concurrent positions, the code of conduct, and the liability for damages.
In addition, the Act aims to increase the stability of the real estate market and expand the healthy investment opportunities for the public by improving some shortcomings by means such as vitalizing the establishment of real estate investment trusts offering their stocks to the public through a new insertion of applicable provisions to provide policy support to the real estate investment trusts offering their stocks to the public, while, at the same time, where asset management companies intend to modify their business plans originally filed for authorization of incorporation, composition of their shareholders, etc., obligating them to obtain a modification authorization and imposing certain duties of compliance on asset management companies (Article 22-3 (1), etc.)
Major Provisions
Authorization for asset management companies (Article 22-3), modification authorization (Article 40), and reported matters (Article 41)