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The Institute for Urban Economics (IUE) presented its main conceptual proposals at Minstroy Rossii, as these relate to introduction of amendments to the federal law (No. FZ-214), at the second meeting of interdepartmental working group established to prepare proposals on changing the equity construction law

According to a press release issued by Minstroy Rossii, banks might be obliged to supervise whether developers use money attracted from participants of equity construction as intended.

The ministry reports that urgency of introducing the supervision procedures for targeted use of money of equity construction participants was discussed on Friday at a regular meeting of interdepartmental working group created to prepare proposals on changing the law on equity construction of apartment houses and other real estate objects.

"Participants of the second meeting of working group got acquainted with the IUE’s conceptual proposals on introduction of amendments to the federal law (No. FZ-214)". The ministry’s press release says that one of the proposals suggests establishing an obligation to a bank to supervise that money of equity construction participants are used as intended.

As it follows from the press release, the law, currently, fails to envisage the responsibility for intended use of money attracted from equity construction participants. The developers, hence, often with several projects in progress, attract money from equity construction participants to build one house but spend it, in fact, to carry out other projects. Some developers have experience in keeping separate accounting. This could be used as a guide and made obligatory for every developer. The introduction of supervision procedures for the use of money of equity construction participants, according to some participants of the meeting, would bring benefits in terms of increased trust in developers on the part of customers. The press release underlines, however, that the introduction of such procedures necessitates further discussion to be held.

The statement also informs that, within the next two weeks, a bank community is going to prepare its proposals on amending the federal law (No. 214-FZ), specifically, those that relate to a technique for calculation of a financial model for the newly developed alternative form for securing the rights of equity construction participants. At the first meeting of the working group it has been decided to introduce the new mechanism of equity construction which envisages the keeping of money of citizens-co-investors in banks and the use of it by developers under the supervision of a bank.

As stated previously, federal authorities are planning to switch to a new system of equity construction by 2020. In this regard, Igor Shuvalov, vice prime minister, assigned Minstroy Rossii with establishing a working group for preparing proposals on amending the law. He ordered to prepare amendments to the law by the beginning of autumn session of State Duma so that these could be adopted before the end of the year. The working group, with Natalia Antipina, deputy head of Minstroy Rossii, being in charge of it, included the representatives of bank community and developers. In this connection, Mikhail Men, head of Minstroy Rossii said that developers would retain the opportunity of using money of equity construction participants at early stages of construction even after the introduction of amendments into the law on equity construction.