Please remember that another description for the act of “administering a financial benchmark” is controlling the development of the methodology of determining a financial benchmark, and applying a formula or other methods of calculation to information or expressions of opinion in order to determine a financial benchmark, or monitoring and conducting surveillance of any information or expressions of opinion provided for the purpose of determining a financial benchmark.

Keep in mind “business rules” are also the rules, regulations, by-laws or such similar body of statements, that govern the activities and conduct applicable to an approved exchange, a recognized market operator, a licensed trade repository, a licensed foreign trade repository, an approved clearinghouse or a recognized clearinghouse and its members, or the licensed trade repository or licensed foreign trade repository and its participants; and other persons in relation to it.

Bear in mind that “administering a designated benchmark” also means monitoring and conducting surveillance of any information or expressions of opinion provided for the purpose of determining a designated benchmark, but does not include providing information in relation to a designated benchmark or any act that is necessary or incidental to providing such information.

Instill the knowledge that the time period for such disclosures to be made under the case from the question above should be within two business days of his appointment as a director/CEO, or an acquisition or disposal of, or a change in, his interest. Furthermore, such notification is made to the responsible person of the listed REIT.

It is should be emphasized that a “capital markets services license” on the other hand means a license that is granted by the Authority to a person to carry on a business in any regulated activity. Additionally, the “chief executive officer”, in relation to the holder of a capital markets services license means any person, by whatever name called, who is in the direct employment of, or acting for or by arrangement with, the relevant person.

Please highlight the insight that under a collective investment scheme, a “closed-end fund” means an arrangement under which units that are issued are exclusively or primarily non-redeemable at the election of the holders of units, but does not include an arrangement referred to as its authorized definition which is a trust, which invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes, and all or any units of which are listed for quotation on an approved exchange.

Please be aware that financial benchmarks (which utilize financial instruments), refers to any price, rate, index or value that is determined periodically by the application (whether direct or indirect) of formula or any other method of calculation to information or expressions of opinion concerning transactions in, or the state of, the market in respect of one or more underlying things. But, it does not include the price of a capital markets product or such other price, rate, index or value as may be prescribed by standard regulations as not being a financial benchmark.

It is important to remember that an accredited investor may also refer to a corporation with net assets exceeding $10 million in value (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe, in place of the first amount, as determined by the most recent audited balance-sheet of the corporation or a balance-sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance-sheet, which date shall be within the preceding 12 months.

Draw attention to the fact that the reporting persons to disclose the obligations of the REITs that they are representing may use a single form (except Form 5) to give notice of multiple transactions provided that they occur within the same notifiable period (i.e. within the prescribed period for reporting of the earliest transaction). Meanwhile, the netting-off of multiple transactions is not allowed even if they occur within the same day.

This is to also inform you that such contact information should be available on the listed entity’s internet website. In this regard, all listed entities are strongly encouraged to make information such as the total number of issued shares/units (both current and changes over the last 7 days), etc readily accessible to the public (e.g. on the listed entity’s internet website).

Be advised that an “institutional investor” is also defined as any entity owned directly or indirectly by the government whose principal purpose is to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country.

Focus on the additional information that the notification form to be used on disclosure obligations depends on which category of reporting person you fall into. Apart from that, when the reporting person is the director/CEO (including one who is also a substantial shareholder/unitholder) who is notifying with respect to interest or changes in interests in the securities, relevant securities-based derivatives contracts or relevant units of the listed issuer, Form 1 and Form C must be used.

This is to inform you that a “listed issuer” can also be generally used to refer to a company incorporated in Singapore any or all of the shares in which are listed for quotation on the official list of an approved exchange. Still, further, the term “BT” is collectively used to pertain to a recognized business trust any or all of the units in which are listed for quotation on the official list of an approved exchange, such listing being a primary listing.

It is relevant to mention that considering the types of properties that the REIT invests in is applicable when assessing the nature of the REIT manager’s operations. On the other hand, taking into account the size of the REITs property portfolio is appropriate when assessing the scale of the REIT manager’s operations. However, the assessment of the adequacy of the internal controls of the REIT manager is not only limited to the correct options from the question above.

Make note that another disclosure that must be made under the situation above is to disclose the factors taken into consideration in determining the mix of different forms of remuneration for directors and for executive officers respectively and the relative importance of such factors, as well as why this will not result in the directors or the executive officers prioritizing the interests of such controlling shareholder or such related or other entities over that of the REIT and its unitholders.

For additional information, note that the REIT manager shall ensure that its internal controls to address and mitigate potential conflicts of interests are subject to regular reviews by the Audit Committee with respect to their adequacy and effectiveness. Moreover, the REIT manager shall ensure that all related party transactions are subject to review by the Audit Committee.

Emphasize the additional knowledge that a false or misleading statement about a future matter (including the doing of, or the refusal to do, an act) is taken to have been made if the responsible REIT made the statement without having reasonable grounds for making the statement. At the same time, if the false or misleading statement or the omission to state any information or new circumstance, is not materially adverse from the point of view of the investor, the responsible REIT is not be taken not to have complied with the condition from the question above.

Kindly reflect on the knowledge that every director and chief executive officer of the responsible person for a REIT shall give notice in writing to the responsible person of particulars of debentures or units of debentures of the trust which are held by him, or in which he has an interest and the nature and extent of that interest. This also includes units in the trust, being units held by him, or in which he has an interest and the nature and extent of that interest.

Retain the auxiliary learning that when referring to securities lending arrangement, “short position” means the amount by which the quantity, volume or value of any specified capital markets products in which a person has an interest in is less than the quantity, volume or value of the specified capital markets products which the person is under an obligation to deliver, where the quantity, volume or value of any specified capital markets products is determined in accordance with the criteria, methods or formulae prescribed by standard regulations.

It is worth remembering that on the front cover of the offer information statement, the authorized person making the offer information statement must include the date of lodgment of the offer information statement, the name of the REIT in which the REIT Bonds are being offered, and its place and date of constitution, and a statement that an application has been or will be made to an approved exchange to list for a quotation or quote the REIT Bonds being offered on that approved exchange, and the name of that approved exchange.

Kindly retain in your mind that if the case from the question above pertains to a situation where the number of REIT Bonds being offered is not fixed at the date of lodgment of the offer information statement, the offer statics shall instead state the range of that number and how and when the Manager will inform investors of the final number of REIT Bonds offered.

You must take into account that to avoid doubt, the number of subscriptions to be stated and the number of REIT Bonds being offered to be stated under the particulars to be included in an offer information statement for an offer of REIT bonds must not include any amount of REIT Bonds being offered that can be increased under such an option.

It is crucial to keep track of the additional fact that individuals who are engaged in the following functions on behalf of the REIT manager should be appointed as the REIT manager’s representatives: investment management, asset management, financing, marketing, and investor relations. Furthermore, a REIT manager should notify the financial regulatory authority of the resignation of a director or the CEO as soon as practicable, and in any case no later than 14 days from the date of the resignation.

Please do not overlook the importance of the insightful detail that hedging refers to the use of combinations of trades on transferable securities, money market instruments, units in other schemes or financial derivatives which are concluded with the sole purpose of offsetting risks linked to positions taken through other transferable securities, money market instruments, units in other schemes or financial derivatives.

You should take into consideration that some of information that must be included when making an offer of REIT bonds (without exemption or specific case to be considered) are the issue and redemption prices, the date from which interest accrues, and the interest payment dates, and the procedures for and validity period of claims for payment of interest and repayment of the principal sum.

Please pay heed to the additional information that under transactions with related corporations, the managers should also not lend monies of the scheme to its related corporations and not purchase real estate assets owned by the manager or its related corporations for the scheme unless such purchases are allowed for property funds by the authorized criteria. Meanwhile, under transactions at arm’s length, the manager should only conduct all transactions with or for a scheme at arm’s length.

Remember that other than the situation from the question above, another element to be indicated under offer and listing details for REIT bonds being offered is the statement on whether the REIT Bonds being offered are in registered or bearer form. Aside from this, if any of the REIT’s participants have pre-emptive rights to subscribe for or purchase the REIT Bonds being offered, the reasons for such restriction, withdrawal or waiver, the beneficiary of such restriction, withdrawal or waiver, if any, and the basis for the offer price must be indicated.

Please do not forget that the period over which the performance fee accrues and the frequency with which it crystallizes should be appropriate. Crystallization of performance fee should be no more frequent than once a year. Moreover, the performance fee should be calculated based on a fulcrum fee or a high watermark arrangement.

Please keep in one’s mind that the information on the rights of the holders of the REIT Bonds in respect of the conversion, exchange, subscription or purchase right on the liquidation of the entity, the securities, securities-based derivatives contracts, equity interests or property of which is the subject of the conversion, exchange, subscription or purchase, must also be stated in the situation from the question above.

Kindly retain the further learning that the manager (or the VCC, in the case of a scheme like REITs, constituted as a VCC or is a sub-fund thereof) should prepare the half-yearly financial statements and the audited financial statements, for the semi-annual report and annual report respectively. Beyond that, the semi-annual report and annual report, based on a scheme’s financial year, should contain exposure to financial derivatives, amount of redemptions and subscriptions for the period under review, and amount of related-party transactions for the period under review.