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Use of term “real estate investment trust”

Business Trusts Regulations

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—(1) A trustee-manager of a registered business trust shall not, when describing or referring to that business trust, use the term “real estate investment trust” or any of its derivatives in any language in the name or description, or in any representation, of that business trust, unless —(a)the Authority has given its consent in writing to the trustee-manager to use that term or derivative in relation to that business trust; or(b)the trustee-manager belongs to a class of persons which the Authority has, by notification published in the Gazette, specified to be a class of persons who may use that term or derivative.(2) Every trustee-manager of a registered business trust shall ensure that paragraph (1) is complied with by its officers, employees and agents.(3) Any trustee-manager which contravenes paragraph (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.(4) In this regulation, “representation”, in relation to a registered business trust, includes a representation of the business trust in any bill head, letter paper, notice, advertisement, publication or writing, whether in electronic, print or other form.

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