A company needs to be licensed if it manages a REIT , which is a collective investment scheme (CIS) constituted as a trust that invests primarily in real estate and real estate-related assets specified in the MAS Code on Collective Investment Schemes, and is listed on an approved exchange (e.g. Singapore Exchange).

Individuals performing regulated activities in a REIT manager, such as investment management, asset management, financing, marketing and investor relations are required to be representatives.

Details on how to apply for a corporate licence and to appoint individuals as representatives can be found on the Capital Markets Services (CMS) Licence page and Appointing a Representative for CMS Licensees or Exempt Financial Institutions page respectively.

A REIT manager is required to put in place business conduct policies, procedures and controls which are commensurate with its nature, scale and complexity of business. It should also comply with corporate governance principles set out in the Code of Corporate Governance and disclosure requirements on the remuneration of directors and executive officers, and establish adequate compliance arrangements. The REIT manager must also comply with MAS’ requirements on anti-money laundering and countering terrorism financing.

More information on applicable requirements can be found below: 

• Notice SFA 04-N14 to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management; 
• Guidelines to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management; and 
• Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for REIT Managers.