Law of Collective Real Estate Investment Schemes

Without prejudice to the functions of other government agencies, the Authority shall regulate the collective real estate investment schemes activity in accordance with this Law and the Regulations. The Authority shall in particular undertake the following: 1. Issuing, amending, and canceling licenses. The Regulations shall specify the conditions, requirements, and procedures necessary therefor. 2. Classifying collective real estate investment schemes according to size, type, or location, and setting the conditions, requirements, and time periods therefor according to their classification. 3. Setting the conditions for the qualification and classification of real estate developers for the purpose of offering collective real estate investment schemes. 4. Setting the conditions for the qualification and classification of persons engaging in the collective real estate investment schemes activity. 5. Setting the criteria for determining the fees and commissions of licensees. 6. Monitoring and supervising collective real estate investment schemes. The Authority may seek the assistance of other government agencies or private sector entities to carry out any task assigned thereto under this Law or the Regulations.