MAS Invites Comments on Proposed Amendments to the Property Fund Guidelines
The Monetary Authority of Singapore (MAS) released a policy consultation paper on the proposed amendments to the Property Fund Guidelines ("REIT Guidelines").
2. The Singapore REIT market continues to witness robust growth. As of 28 February 2007, there were 15 listed REITs with an aggregate market capitalisation of more than S$25 billion. There is also a healthy pipeline of proposals seeking to securitise real estate located in the Asia-Pacific region.
3. To keep pace with market development, MAS proposes amendments to the REIT Guidelines. In formulating the proposals, MAS held preliminary discussions with REIT managers, REIT trustees as well as their legal advisors.
4. The proposed amendments serve to:
(i) establish measures to safeguard the interests of unitholders;
(ii) provide greater clarity and flexibility on investment guidelines;
(iii) rationalise guidelines where compliance costs exceed benefits; and
(iv) introduce a licensing framework for REIT managers under the Securities and Futures Act (SFA).
5. The consultation paper is available on the MAS Website. Interested parties should forward their comments on the proposals in the consultation paper to reits@mas.gov.sg by 23 April 2007.
2. The Singapore REIT market continues to witness robust growth. As of 28 February 2007, there were 15 listed REITs with an aggregate market capitalisation of more than S$25 billion. There is also a healthy pipeline of proposals seeking to securitise real estate located in the Asia-Pacific region.
3. To keep pace with market development, MAS proposes amendments to the REIT Guidelines. In formulating the proposals, MAS held preliminary discussions with REIT managers, REIT trustees as well as their legal advisors.
4. The proposed amendments serve to:
(i) establish measures to safeguard the interests of unitholders;
(ii) provide greater clarity and flexibility on investment guidelines;
(iii) rationalise guidelines where compliance costs exceed benefits; and
(iv) introduce a licensing framework for REIT managers under the Securities and Futures Act (SFA).
5. The consultation paper is available on the MAS Website. Interested parties should forward their comments on the proposals in the consultation paper to reits@mas.gov.sg by 23 April 2007.
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