The Monetary Authority of Singapore has issued the revised Property Funds Appendix within the Code of Collective Investment Schemes. Under the revised Appendix, REITs will be required to hold Annual General Meetings (AGMs) once every calendar year and not more than 15 months from the last preceding AGM, with effect from 1 January 2010. MAS expects that mandatory AGMs will enhance corporate governance for REITs by providing an important channel for communication between REIT managers and unitholders, allowing REIT managers to be more accountable to unitholders. AGMs will provide a regular opportunity for REIT managers to seek general mandates from unitholders for the issuance of new units and thus accord greater flexibility for equity raising. Singapore-listed REITs offer investors access to a diversity of real estate assets including retail malls, office buildings, industrial properties, hotels, serviced apartments and hospitals. The admission requirements for REIT Managers are set out in the Guidelines on the Criteria for the Grant of a Capital Markets Services Licence and Representative’s Licence, available on MAS’ website