The Bill (Reg. No.1418) creates a legal, organisational, and economic framework for assistance in providing citizens with Housing , quicker House Building, and Housing Market Development.
The amendments to the Laws of Ukraine envisage an extension in the application of financial tools, such as Certificates of Property Transaction Funds (PTF Certificates). The Bill proposes to attribute PTF Certificates to Share Securities, by relevant amendments to the Law 'On Securities and The Stock Market'. The Explanatory Note says that 'by their legislative content and definition, they are most likely to lie within this group of securities'. A PTF is created by a Financial Institution meeting the requirements set out in this Law, and being an issuer of PTF Certificates. The Issuer of PTF Certificates is a PTF Manager. A PTF is not a legal entity. The funds attracted to PTF by its manager are used in the interests of Certificate Holders under conditions of Property Management, for the purpose of carrying out property transactions under the procedure specified in PTF Regulations, with the aim of achieving profitable return on the investment.
Amendments, specifying those cases when the Issuer can maintain the Register himself and when he can delegate this function to a Registrar through concluding a relevant Contract, are envisaged in the Laws, 'On Securities and Stock Market', and, 'On the National Depository System and Special Aspects of Securities Electronic Circulation'.
The Bill also suggests that a clear-cut procedure should be defined to assign one apartment only per investor, 'to exclude fraudulent actions on the part of unscrupulous managers (sale of one and the same apartment to several investors) and holding the manager liable for the allocation of one apartment to several investors'.
Overseeing and Regulation of Builders' activities shall be carried out by the Central Executive Body in charge of Regional Development and Construction, within the procedure as laid down in the Legislation.