CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
A SOUND AND PROGRESSIVE FINANCIAL CENTRE 28
 
Banking 28
 
Lower Paid-up Capital for Incorporated Wholesale Banks 28
 
Changes to Minimum Liquid Assets and Minimum Cash Balance Requirements (Amendments to MAS Notice 613) 29
 
Developments in Islamic Finance 29
 
Box Story 3 - Basel II Implementation in Singapore 30
 
Insurance 30
 
Enhanced Governance and Disclosure Framework for Participating Insurance Business (MAS 320) 30
 
Revision to Rules for Investment-Linked Products (MAS 307) 31
 
Follow Up on Framework for Insurance-Linked Securities 31
 
Capital Markets 31
 
A More Globalised and Sophisticated Equity Market 31
 
Size of Debt Market 32
 
Assets Under Management 32
 
Strong Treasury Market 33
 
Proposed Legislative Amendments to Securities and Futures Act and Financial Advisers Act 33
 
Amendments to the Singapore Code on Take-overs and Mergers 34
 
Box Story 4 - Guidelines on Fair Dealing -Board and Senior Management Responsibility for Delivering Fair Dealing Outcomes to Consumers 35
 
Thematic Approach to Market Conduct Supervision 35
 
Enhancing Market Discipline 36
 
Box Story 5 - Singapore: The Premier International Real Estate Financing Centre 36
 
REITS 37
 
Revised Property Fund Guidelines 37
 
Licensing Framework for REIT Managers 37
 
Extension of the Singapore Code on Take-overs and Mergers to REITs 37
 
Regulatory Oversight of Commodity Futures 38
 

REITS

Licensing Framework for REIT Managers

To maintain investor confidence and achieve long-term sustainable growth in the Singapore REIT market, MAS has enhanced the regulatory regime governing REITs over the years. The next phase is to implement a licensing regime for REIT managers under the Securities and Futures Act (SFA). Industry stakeholders, including existing REIT managers, expressed support for the regime during the public consultations conducted in June 2005 and March 2007. The enhanced standards are in line with international best practices and serve to uphold the investing public's interest.

The licensing regime will set admission criteria and impose several key requirements on the admission and conduct of REIT managers and their representatives. These include requiring REIT managers to adhere to rules on regulatory capital, maintenance of records, safeguarding of customer assets, audit certification, and business conduct. REIT managers, including their management team and professional staff, will be required to meet and maintain high standards of integrity, professionalism and competence. The new legislative framework is expected to come into force in the second half of 2008.

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