Is CEA a relevant body for Reits' activities?
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MANAGERS of Singapore's real estate investment trusts (Reits) are thrust into some kind of an identity crisis these days, given the different regulatory bodies they have to report to. Besides being fund managers regulated by the Monetary Authority of Singapore (MAS), it seems that they are starting to be treated like estate agencies too.
They have been informed by the Council for Estate Agencies (CEA) that with effect from May 29, the new Estate Agents (Exemption) Order 2017 will be applicable to Reit managers, their representatives and employees.
In essence, they are exempted from the requirement to be licensed and registered with the CEA for estate agency work related to buying and selling of properties for the Reit or leasing from another party for the Reit's own use.
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