Structure and regulatory risk

@@ -26,32 +26,19 @@ structure would not carry.

Each Direct-Hold Solution is a separate legal entity, constituted under the law of its own
jurisdiction: a limited partnership in Canada and the United States, a Sociedad Cotizada de
Inversión en el Mercado Inmobiliario in Spain, and a Fideicomiso de Infraestructura en Bienes
Raíces in Mexico.

**Correction (2026-08-02):** the standard legally-established Mexican term (LISR
Articles 187–188) is "Fideicomiso de Infraestructura **y** Bienes Raíces" ("and,"
not "in") — repeated with the same wording error in
[[reports-mexico/mexico-reporting-overview|mexico-reporting-overview]]. **Flagged,
not resolved.** These are not the same legal instrument replicated four times — each is
subject to the corporate, tax, and securities law of its own jurisdiction, and the rights,
protections, and obligations attached to an investment unit in one jurisdiction are not
necessarily identical to those attached to an investment unit in another. An investor should
not assume that a legal characteristic confirmed for one jurisdiction's vehicle — a tax
treatment, a transfer mechanic, a governance right — applies automatically to a vehicle in a
different jurisdiction.
Inversión en el Mercado Inmobiliario in Spain, and a Fideicomiso de Infraestructura y Bienes
Raíces in Mexico, the term established under LISR Articles 187–188. These are not the same
legal instrument replicated four times — each is subject to the corporate, tax, and securities
law of its own jurisdiction, and the rights, protections, and obligations attached to an
investment unit in one jurisdiction are not necessarily identical to those attached to an
investment unit in another. An investor should not assume that a legal characteristic
confirmed for one jurisdiction's vehicle — a tax treatment, a transfer mechanic, a governance
right — applies automatically to a vehicle in a different jurisdiction.

The [[regulated-reporting-entity|Regulated Reporting Entity]] bridge term used throughout this wiki is a
plain-language convenience for describing a shared compliance status across jurisdictions; it
does not eliminate the underlying legal differences between a Canadian reporting issuer, a
United States reporting company, a Spanish Entidad Pública, and a Mexican Emisora.

**Correction (2026-08-02):** "Entidad Pública" means "public-sector/government
entity" in Spanish administrative/legal usage — it does not describe a listed
private company. The correct term for a Spanish issuer under CNMV supervision is
"entidad emisora" or "sociedad cotizada." Calling the planned Spain SOCIMI vehicle
an "Entidad Pública" mischaracterizes it as a government entity. **Flagged, not
resolved.**
United States reporting company, a Spanish entidad emisora, and a Mexican Emisora.

## Regulatory change risk