Statute Details
- Title: Securities and Futures (Exemption of Viva Industrial Real Estate Investment Trust) Regulations 2019
- Act Code: SFA2001-S559-2019
- Legislation Type: Subsidiary Legislation (SL)
- Authorising Act: Securities and Futures Act (Cap. 289) (“SFA”)
- Authorising Provision: Section 337(1) of the SFA
- Regulation Number: S 559/2019
- Deemed Commencement: Deemed to have come into operation on 23 October 2018
- Date Made: 16 August 2019
- Responsible Authority (maker): Monetary Authority of Singapore (MAS)
- Key Provisions (from extract): Regulation 1 (Citation and commencement); Regulation 2 (Exemption)
- Current Version Status (as provided): Current version as at 27 Mar 2026
What Is This Legislation About?
The Securities and Futures (Exemption of Viva Industrial Real Estate Investment Trust) Regulations 2019 is a narrowly targeted piece of subsidiary legislation. In substance, it grants a specific exemption to the “responsible person” for Viva Industrial Real Estate Investment Trust (“Viva Industrial REIT”) from a particular winding-up obligation under the Securities and Futures Act (Cap. 289).
Under the SFA framework for collective investment schemes and real estate investment trusts, MAS may withdraw authorisation of a REIT. When authorisation is withdrawn, the responsible person is generally required to take “necessary steps” to wind up the REIT. This Regulations instrument modifies that general rule for Viva Industrial REIT by exempting the responsible person from the winding-up requirement that would otherwise be triggered.
Practically, the Regulations are designed to address a specific regulatory and operational situation: after MAS withdrew its authorisation of Viva Industrial REIT under section 288(7) of the SFA, the responsible person would ordinarily have had to wind up the trust under section 295(2). The exemption ensures that the responsible person is not compelled to follow that particular winding-up pathway, at least to the extent covered by the exemption.
What Are the Key Provisions?
Regulation 1: Citation and commencement sets out the formal name of the Regulations and the commencement date. The Regulations are cited as the “Securities and Futures (Exemption of Viva Industrial Real Estate Investment Trust) Regulations 2019”. Importantly, they are “deemed to have come into operation on 23 October 2018”.
This “deemed” commencement is legally significant. It means that, although the Regulations were made on 16 August 2019, their operative effect is backdated to 23 October 2018. For practitioners, this can affect compliance timelines, the validity of actions taken in the interim, and the interpretation of obligations that arose around the time MAS withdrew authorisation. Backdating is often used where the regulatory decision and the legal instrument need to align with events that occurred earlier.
Regulation 2: Exemption is the core substantive provision. It provides that the “responsible person” for Viva Industrial REIT is exempted from the requirement under section 295(2) of the SFA to take the necessary steps to wind up Viva Industrial REIT following the withdrawal of MAS’s authorisation under section 288(7) of the SFA.
To understand the legal effect, it is helpful to map the trigger and the obligation. The trigger is MAS’s withdrawal of authorisation of the REIT under section 288(7). The default consequence is the winding-up obligation under section 295(2). Regulation 2 removes that consequence for Viva Industrial REIT by exempting the responsible person from the winding-up requirement.
In plain language: once authorisation was withdrawn, the responsible person would normally have to wind up the REIT. This Regulations instrument says that, for Viva Industrial REIT, the responsible person does not have to comply with that specific winding-up requirement.
Scope of the exemption is also important. The exemption is expressed as an exemption from the requirement under section 295(2) “to take the necessary steps to wind up” the REIT. It does not, on the face of the extract, expressly exempt the responsible person from all other regulatory obligations that may continue to apply after authorisation withdrawal (for example, obligations relating to investor communications, custody arrangements, or other statutory duties). Accordingly, practitioners should treat the exemption as targeted to the winding-up requirement, not as a blanket deregulation.
Finally, the maker’s certification (MAS Managing Director signature) and the citation of the relevant file references indicate that the exemption is an official regulatory decision made under the MAS’s statutory powers. The Regulations are made in exercise of powers conferred by section 337(1) of the SFA, which generally empowers MAS to make exemptions in appropriate circumstances.
How Is This Legislation Structured?
These Regulations are extremely short and consist of an enacting formula and two operative regulations.
Regulation 1 deals with citation and commencement. Regulation 2 provides the exemption. There are no additional parts, schedules, definitions, or procedural provisions in the extract provided. This structure reflects the Regulations’ purpose: to deliver a single legal outcome—an exemption from a specific statutory winding-up requirement for a specific REIT.
Who Does This Legislation Apply To?
The Regulations apply to the “responsible person” for Viva Industrial Real Estate Investment Trust. In the REIT regulatory context, the “responsible person” is typically the entity responsible for the operation and compliance of the REIT under the SFA framework. The exemption is not expressed to apply to investors directly; rather, it modifies the responsible person’s statutory obligations.
Because the exemption is named to Viva Industrial REIT, it is person- and scheme-specific. It does not create a general exemption for all REITs or all cases of authorisation withdrawal. Therefore, the legal effect is confined to Viva Industrial REIT and the responsible person associated with it.
For legal practitioners, this specificity matters when advising other REITs, other collective investment schemes, or other responsible persons. Unless a similar exemption is granted, the default winding-up requirement under section 295(2) would likely continue to apply following authorisation withdrawal under section 288(7).
Why Is This Legislation Important?
Although the Regulations are brief, they can have significant commercial and legal consequences. Winding up a REIT is not merely a procedural step; it can involve complex steps such as asset realisation, settlement of liabilities, termination of arrangements, and investor-facing processes. By exempting the responsible person from the winding-up requirement under section 295(2), the Regulations potentially allow Viva Industrial REIT to follow an alternative regulatory or restructuring pathway.
From an enforcement and compliance perspective, the exemption reduces the risk of breach of statutory duty for the responsible person. Without the exemption, the responsible person would have a clear statutory obligation to take necessary steps to wind up the REIT after authorisation withdrawal. The exemption changes that compliance landscape and provides legal certainty that the responsible person is not required to follow that particular winding-up route.
For investors and advisers, the Regulations may also affect expectations about how the REIT’s affairs will be handled after authorisation withdrawal. While the exemption relieves the responsible person from the statutory winding-up requirement, it does not necessarily mean that the REIT will continue operating indefinitely. Instead, it indicates that MAS has determined that the statutory winding-up requirement under section 295(2) is not to be applied in the same way for this specific case.
Practitioners should also note the backdated commencement. Because the Regulations are deemed to have come into operation on 23 October 2018, the exemption may validate or clarify the legal position for actions taken around the time of authorisation withdrawal. This can be critical in disputes, compliance reviews, or regulatory correspondence about what was legally required during the relevant period.
Related Legislation
- Securities and Futures Act (Cap. 289) — in particular:
- Section 288(7): withdrawal of authorisation of a REIT
- Section 295(2): winding-up obligation following withdrawal of authorisation
- Section 337(1): MAS power to make exemptions
- Futures Act (noting the metadata reference provided)
- Timeline (legislation timeline reference as provided in the extract)
Source Documents
This article provides an overview of the Securities and Futures (Exemption of Viva Industrial Real Estate Investment Trust) Regulations 2019 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.