Thanks for your comment @achim03

If I sell parts of a hotel, how can the buyer be sure that I actually own the hotel?

I think that's the point of those regulations. If you try to trick citizens and tokenize something that actually doesn't exist, organizations such as SEC will react instantly. But Piotr is also right, we have to wait until the final product of Polymath is released to see how are they going to meet the regulations.

Regards,
Jan