(1) A Fund Manager, or any other Authorised Person making an Offer of a Unit of a Domestic Fund or otherwise marketing a Domestic Fund, must not include the term "Real Estate Investment Trust" or "REIT" or refer to a Fund or otherwise hold out a Fund as being a Real Estate Investment Trust or a REIT, unless it is a Public Property Fund which complies with (2).
(2) A REIT is a Public Property Fund which:
(a) is primarily aimed at investments in income-generating Real Property; and
(b) distributes to the Unitholders at least 80% of its audited annual net income.
(3) If at any time during the operation of the Fund the requirements in Rule 13.5.1(2) are not met, the Fund Manager, and, if appointed the Trustee, must immediately notify the Regulator of the failure to meet the requirements in these Rules and what measures have been or will be taken to remedy the breach
|Amended on (3 February, 2020).|