Under the Securities and Futures Act 2001 , any person carrying on business in any regulated activity, including real estate investment trust ("REIT") management, in Singapore is required to hold a capital markets services (“CMS”) licence, unless an exemption applies. The list of regulated activities under the SFA, including their definitions, can be found in the Second Schedule to the SFA. The exemptions from the requirements to hold a CMS licence are provided in section 99 of the SFA and the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations . 

Learn more about the application process, timeline and fees for Capital Markets Services Licensees.

The admission criteria and requirements for REIT managers are set out in MAS’ Guidelines to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management.