The draft law envisages ensuring the transparency of developers, attracting funds of citizens, as well as maintenance of a Single electronic register of such companies, stated in the explanatory Memorandum.
MOSCOW, Dec 15. A bill aimed at improving the legislation on share building, submitted to the state Duma of the Russian Federation, stated in the press release of the Ministry of the Russian Federation.
“The corresponding decree of the Russian government published on 15 December on the website of the Cabinet. The draft law developed by the Ministry of construction and housing utilities of the Russian Federation”, — is specified in it.
The draft law envisages ensuring the transparency of developers, attracting funds of citizens, as well as maintenance of a Single electronic register of such companies. Also the bill needs to tighten the requirements to the developers, including the size of their own capital, to enter target use of means of participants of share building. The Executive authorities of subjects of the Russian Federation responsible for state control (supervision) in the field of share building, will have more powers to strengthen control over the targeted use of developer funds, the report said.
As an alternative way of ensuring the rights of participants of shared construction document will establish the use of Bank mechanisms of project financing of the construction and opening of escrow accounts, which will be placed the funds of citizens-co-investors, it said.
