The Securities and Exchange Commission of Pakistan has notified draft amendments to the Real Estate Investment Trust (REIT) Regulations, 2022 for public consultation, with changes aimed at simplifying processes for establishing REIT schemes while strengthening governance and consistency across REIT structures. The proposals streamline procedures for registration of the trust deed and REIT scheme, set clearer timelines for transferring real estate and shares of Special Purpose Vehicles under a REIT scheme, and promote earlier listing of REIT schemes to increase their role as a capital market asset class. They also strengthen the roles and responsibilities of the REIT Management Company and trustee, address regulatory arbitrage across different REIT structures, and enhance adherence to the Shariah governance framework. Comments on the draft amendments are due by 13 February 2025. The drafts follow stakeholder engagement that included a consultation paper on areas for improvement and in-person consultations in Karachi and Lahore with REIT management companies, trustees, banks, mutual funds, legal firms, and consultants.
Securites & Exchange Commission of Pakistan 2025-01-30
Securities and Exchange Commission of Pakistan launches consultation on draft amendments to Real Estate Investment Trust Regulations
The Securities and Exchange Commission of Pakistan has issued draft amendments to the Real Estate Investment Trust (REIT) Regulations, 2022, for public consultation. The amendments aim to simplify REIT scheme establishment, enhance governance, ensure consistency across structures, promote earlier listing, and strengthen management and trustee roles. The proposals also address regulatory arbitrage and improve adherence to the Shariah governance framework.