With effect from 1 August 2008, a new licensing regime for managers of real estate investment trusts (the “REIT managers”) is introduced under the Securities and Futures Act (the “SFA”). The basic legislative changes to the SFA and its subsidiary legislation were highlighted in an earlier Allen & Gledhill KnowledgeShare Alert: “New licensing regime for REIT managers effective from 1 August 2008” dated 29 July 2008.

On 1 August 2008, the Monetary Authority of Singapore (the “MAS”) revised the Notice and Guidelines issued under the SFA to set out the details relating to the implementation of the new licensing regime for REIT managers.