A) The purpose of this Regulation is to organize real estate investment funds whose units are publicly offered in the Kingdom, concerning the offering, registration, management of their units, and the protection of the rights of their owners.

B) This Regulation does not violate the provisions of the Law or its executive regulations, including the provisions contained in the Market Conduct Regulation, the Financial Market Institutions Regulation, the Securities Business Regulation, and the rules governing special purpose entities.

A) The term "Law" wherever it appears in the provisions of this Regulation refers to the Capital Market Law issued by Royal Decree No. (M/30) dated 2/6/1424 H.

B) The words and phrases contained in this Regulation shall have the meanings specified in the Law, and in the glossary of terms used in the regulations and rules of the Capital Market Authority.

a) Any person wishing to publicly offer units of a real estate investment fund in the Kingdom must comply with the provisions of this regulation and the provisions contained in the rules governing special purpose entities (where applicable).

b) Any fund manager, custodian, distributor, and any member of the boards of directors of public real estate investment funds in the Kingdom must comply with the provisions of this regulation and the provisions contained in the rules governing special purpose entities (where applicable).

The Authority may exempt any person subject to this Regulation from the application of any of its provisions, either wholly or partially, based on a request received from that person or on its own initiative.

The authority shall impose a financial fee on the fund manager and the distributor as determined by it.

Any person subject to the provisions of this Regulation has the right to file a complaint with the Committee regarding any decision or action taken by the Authority in accordance with the provisions of this Regulation.

A) The applicant - who wishes to obtain the Authority's approval to offer units of a Real Estate Investment Fund - must be a licensed financial market institution authorized by the Authority to engage in investment management activities and operate funds.

B) Units of the Real Estate Investment Fund may not be offered to the public unless the information specified in Appendix (3) of these Regulations is submitted to the Authority and its approval is obtained.

C) The applicant must provide any other requirements requested by the Authority in accordance with the system and its executive regulations.