Member Newsletters

Date Title Jurisdiction
1474071801 September 2016 Stairway to Copyright Heaven (download)
Written by Goldman Sloan Nash & Haber LLP
Toronto, Canada
1468801401 July 2016 GSNH newsletter July 2016 - How Brands Work (download)
Written by Goldman Sloan Nash & Haber LLP
Toronto, Canada
1463531001 May 2016 The Insider - unfair preference claims.pdf (download)
Written by Polczynski Lawyers
Sydney, Australia
1456881801 March 2016 Budget - 2016 Synopsis (download)
Written by Kundra & Bansal
New Delhi, India
1450747401 December 2015 Dec 2015 Employment Law Update - Staying Compliant in the New Year.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1444004601 October 2015 Oct 2015 Husband saves home from wife's secret gambling habit and the Bank.pdf (download)
Written by Polczynski Lawyers
Sydney, Australia
1436142201 July 2015 Brazil´s US$64 billion infrastructure plan 2015 (download)
Written by Doria, Jacobina, Gondinho Advogados Associados
Rio de Janeiro, Brazil
1432167801 May 2015 Danish employment law briefing - April 2014.pdf (download)
Written by Kirk Larsen & Ascanius
Esbjerg, Denmark
1432167801 May 2015 International recruitment reform implemented in Denmark.pdf (download)
Written by Kirk Larsen & Ascanius
Esbjerg, Denmark
1424913801 February 2015 NP Employment Law Update, February 2015.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1418088201 December 2014 News from Washington December 2014 (download)
Written by Harris, Wiltshire & Grannis LLP
Washington DC, USA
1418088201 December 2014 Nexsen Pruet EMPLOYMENT LAW NEWS December 2014.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1416446601 November 2014 USTR initiates annual “section 1377” review of compliance with Telecom-Trade commitments (download)
Written by Harris, Wiltshire & Grannis LLP
Washington DC, USA
1395710601 March 2014 March 2014, LegaLife, Russia, Newsletter.pdf (download)
Written by LegaLife
Moscow, Russia
1389144201 January 2014 W&G Regulatory Advisory re USTR's 2014 Special 301 Review.pdf (download)
Written by Harris, Wiltshire & Grannis LLP
Washington DC, USA
1389144201 January 2014 NP January 2014 Employment Law Update.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1386897801 December 2013 NP December 2013 Employment Law Update - supplemental.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1385688201 November 2013 GSNH newsletter November 2013.pdf (download)
Written by Goldman Sloan Nash & Haber LLP
Toronto, Canada
1384565001 November 2013 Business News from Croatia November 2013.pdf (download)
Written by Vidan Attorneys at Law
Zagreb, Croatia
1381796601 October 2013 Business News from Croatia October 2013.pdf (download)
Written by Vidan Attorneys at Law
Zagreb, Croatia
1381364601 October 2013 GSNH newsletter October 2013.pdf (download)
Written by Goldman Sloan Nash & Haber LLP
Toronto, Canada
1379377401 September 2013 Business News from Croatia September 2013.pdf (download)
Written by Vidan Attorneys at Law
Zagreb, Croatia
1376958201 August 2013 NP September 2013 privacy law – why compliance is crucial in your business.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1375143801 July 2013 NP August 2013 Employment Law Update - Two Supreme Court Rulings Improve.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1371515001 June 2013 Nexen Pruet June 2013 Employment Law Update.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1371515001 June 2013 The Netherlands - tax options for foreign companies final.pdf (download)
Written by Van der Steenhoven Advocaten NV
Amsterdam, Netherlands
1370391801 June 2013 June 2013, Employment Law Update, Employers Beware (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1369268601 May 2013 Legal Update 2013 from Florida, USA.pdf (download)
Written by Devine Goodman Rasco & Watts-FitzGerald LLP
Miami, USA
1368491001 May 2013 May 2013 Employment Law Update, To Pay or Not to Pay.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1365639801 April 2013 April 2013 The 10 Things You Must Know About Architectural Copyrights.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1364261001 March 2013 Nexen Pruel Employment Law Update, April 2013.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1363656201 March 2013 Nexen Pruet Employment Law Update, March 2013.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1363573402 March 2013 Oil & Gas, newsletter March 2013 (download)
Written by Doria, Jacobina, Gondinho Advogados Associados
Rio de Janeiro, Brazil
1360805001 February 2013 GSNH newsletter February 2013.pdf (download)
Written by Goldman Sloan Nash & Haber LLP
Toronto, Canada
1359941001 February 2013 Lightswitch IP Bulletin 1st quarter 2013.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1359336201 January 2013 Employment Law Update, Nexen Pruet, Who is TheBoss, Jan 2013.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1354584201 December 2012 Employment Law Update, Nexen Pruet, November 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1352856201 November 2012 Employment Law Update Nov 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1350260601 October 2012 Intellectual Property Law Bulletin, Oct 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1349223801 October 2012 Employment News Update Oct 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1346459001 September 2012 Employment News Update September 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1343780601 August 2012 Employment News Update August 2012.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1341102201 July 2012 Reversal of Fortune Lenders Beware As Eleventh Circuit Reinstates Tousa Bankruptcy Court Decision.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1340929401 June 2012 Intellectual Property News Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1340929401 June 2012 Ship Arrest - A 2012 report by Peter Koh, Yeo Leong and Peh, Singapore.pdf (download)
Written by Yeo-Leong & Peh LLC
Singapore City, Singapore
1338521004 June 2012 Legal Update from Russia (4th quarter 2011) (download)
Written by LegaLife
Moscow, Russia
1338513802 June 2012 Legal Update from Russia (3rd quarter 2011) (download)
Written by LegaLife
Moscow, Russia
1338513802 June 2012 Legal Update from Russia (1st quarter 2011) (download)
Written by LegaLife
Moscow, Russia
1338513802 June 2012 Legal Update from Russia (2nd quarter 2011) (download)
Written by LegaLife
Moscow, Russia
1338510201 June 2012 Distressed Debt Buyers Beware Delaware Bankruptcy Court Holds That Claim’s Defect Follows Claim Purchaser.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1338510201 June 2012 Chapter 9 — Municipal Bankruptcy.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1338510201 June 2012 International Maritime News 2012.pdf (download)
Written by Yeo-Leong & Peh LLC
Singapore City, Singapore
1338510201 June 2012 Employment News Update June 2012 (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1338510201 June 2012 New Domain Names for Global NGO Community.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1335831801 May 2012 Guidelines for US Employers of Active Duty - May 2012 from Nexsen Pruet, Carolinas, USA.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1335831801 May 2012 JOBS Act Fundamentals.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1330565001 March 2012 Buyer Beware Bankruptcy Court Rules That A Non-Collusive Foreclosure Sale May Be A Bankruptcy “Preference”.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1330565001 March 2012 Federal Court Endorses Computer-Assisted Review in E-Discovery.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1330565001 March 2012 New Social Media Site Can Pose Significant Intellectual Property Issues.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1330565001 March 2012 SEC Staff Issues Risk Alert on Strengthening Practices for Preventing and Detecting Unauthorized Trading.pdf (download)
Written by Olshan Frome Wolosky
New York, USA
1328054401 February 2012 Feb 2012 Newsletter Recent ruling that class action are illegal.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1328054401 February 2012 Romance in the Workplace (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1328054401 February 2012 Feb 2012 Romance in the workplace.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1326936201 January 2012 Hungary Business News January 2012.pdf (download)
Written by Bán-Karika Attorneys at Law
Budapest, Hungary
1326677001 January 2012 New Company Law January 2012.pdf (download)
Written by Bán-Karika Attorneys at Law
Budapest, Hungary
1326677001 January 2012 New Employment Code January 2012.pdf (download)
Written by Bán-Karika Attorneys at Law
Budapest, Hungary
1325379601 January 2012 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1325376001 January 2012 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1325376001 January 2012 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1325376001 January 2012 Jan 2012 Employment Report The Carolinas, USA.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1325376001 January 2012 Jan 2012 Avoiding traps of new US Federal Security Features, supplement.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1322697601 December 2011 Dec 2011 Employment Update The Carolinas, USA.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1320109201 November 2011 Nov 11 Employment and Labor Law.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1320105601 November 2011 Nov 2011 Employment and Labor Law .pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1318291201 October 2011 Oct 2011 Pro-union NLRB presents challenges to employers.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1316048402 September 2011 Employment News Update June 2012 (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1314835201 September 2011 Sept 11, Intellectural Property Law Bulletin from The Carolinas - USA.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1313371401 August 2011 057_Nexsen Pruet Employment Law Update August 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1313371401 August 2011 057_Employment and Labor Law August 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1308101001 June 2011 062_RUSSIAN ECONOMIC NEWS MAY JUNE 2011.pdf (download)
Written by LegaLife
Moscow, Russia
1308101001 June 2011 057_Social Media Policies June 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1308014601 June 2011 057_Intellectual Property Law, June 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1305681801 May 2011 057_Employment News from Nexsen Pruet, LLC - May 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1302657801 April 2011 057_Intellectural Property Law Bulletin April 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1302571401 April 2011 057_Employment Law update April 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1300847001 March 2011 107_Business news from Turkey March 2011.pdf (download)
Written by Özkan Law Office
Istanbul, Turkey
1300242201 March 2011 057_Employment Update The Carolinas March 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1297823001 February 2011 057_Employment Brief Feb 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1297736601 February 2011 062_RUSSIAN ECONOMIC NEWS FEBRUARY 2011.pdf (download)
Written by LegaLife
Moscow, Russia
1295403801 January 2011 057_Employment Brief Jan 2011.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1295403801 January 2011 062_RUSSIAN ECONOMIC NEWS JANUARY_2011.pdf (download)
Written by LegaLife
Moscow, Russia
1292984601 December 2010 057_News from Nexen Pruet Dec 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1292379801 December 2010 057_News from Nexen Pruet December 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1292379801 December 2010 057_News from Nexen Pruet Dec 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1289874201 November 2010 057_News from Nexen Pruet.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1289874201 November 2010 027_ILBUNOV2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1287537801 October 2010 057_Employment Brief.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1287537801 October 2010 062_RUSSIAN ECONOMIC NEWS OCTOBER 2010.pdf (download)
Written by LegaLife
Moscow, Russia
1286933001 October 2010 027_India Legal and Business Update October 10.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1284513801 September 2010 057_employment news update september 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1284513801 September 2010 027_India Legal and Business Update September 10.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1282094601 August 2010 027_Indid Legal and Business Update August 10.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1281489801 August 2010 057_employment news update august 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1279070601 July 2010 062_RUSSIAN_ECONOMIC SUMMARY JULY 2010.pdf (download)
Written by LegaLife
Moscow, Russia
1279070601 July 2010 027_India Legal and Business Update July 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1276651401 June 2010 070_Key tax measures for SME enterprises - June 2010 Budget.pdf (download)
Written by Kenneth Elliott + Rowe
Essex, United Kingdom
1276651401 June 2010 062_RUSSIA ECONOMIC SUMMARY JUNE 2010.pdf (download)
Written by LegaLife
Moscow, Russia
1276651401 June 2010 057_NP 2010-6 Employment Law Update - 4th Circuit Expands Definition of Supervisor w Regards to Employer Liability.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1276651401 June 2010 057_Carolinas Employment Law Update - June 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1276651401 June 2010 027_India Legal and Business Update June 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1275354002 June 2010 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1275350401 June 2010 Key tax Measures for SME Enterprises (download)
Written by Kenneth Elliott + Rowe
Essex, United Kingdom
1274232201 May 2010 027_India Legal and Business Update May 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1273541001 May 2010 057_NP 2010-5 Employment Law Update - Major Revisions to the SC Unemployment Compensation System.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1273541001 May 2010 057_Carolinas Employment Law Update - May 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1271208201 April 2010 057_NP 2010-4 Employment Law Update Employer Victorious in Recent Fourth Circuit ADA Suit.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1271208201 April 2010 057_Carolinas Employment Law Update - April 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1271121801 April 2010 027_India Legal and Business Update April 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1270171401 April 2010 057_South Carolina, USA, Intellectual Property Update 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1270083602 April 2010 Carolinas Employment Law Update (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1268792601 March 2010 057_South Carolina, USA, Labor and Employment news March 2010.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1268792601 March 2010 027_India Legal and Business Update March 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1265768601 February 2010 027_India Legal and Business update Feb 2010.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1260930201 December 2009 027_India Legal and Business Update December 09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1258511001 November 2009 058_Legal and Business News, Seattle, Washington, USA - Nov 2009.pdf (download)
Written by Betts, Patterson & Mines, PS
Seattle, USA
1258511001 November 2009 059_Legal Update from California Nov 09.pdf (download)
Written by Gipson Hoffman & Pancione
Los Angeles, USA
1257819801 November 2009 027_India Legal and Business Update November 09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1255483401 October 2009 027_India Legal and Business Update October 09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1255397001 October 2009 057_South Carolina USA Intellectual Property Law - 4th quater 2 .pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1253064201 September 2009 027_India_Legal_and_Business_Update_Sept_09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1250645001 August 2009 027_India_Legal_and_Business_Update_August09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1250040201 August 2009 057_South Carolina USA Employment Law - Aug 09.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1247621001 July 2009 057_South Carolina USA Intellectual Property Law - 3rd quater 2 .pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1247621001 July 2009 057_South Carolina USA Employment Reminder for SC Employers July 2009.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1247621001 July 2009 027_India_Legal_and_Business_Update_July09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1245201801 June 2009 057_South_Carolina_USA_Employment_Reminder_for_SC_Employers.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1244597001 June 2009 027_India_Legal_and_Business_Update_June09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1242782601 May 2009 058_Legal and Business News, Seattle, Washington, USA - May 2009.pdf (download)
Written by Betts, Patterson & Mines, PS
Seattle, USA
1242696201 May 2009 059_Legal Update from California May 09.pdf (download)
Written by Gipson Hoffman & Pancione
Los Angeles, USA
1242177801 May 2009 060_Legal News Update from Chicago, USA - May 2009.pdf (download)
Written by Schoenberg Finkel Newman & Rosenberg LLC
Chicago, USA
1242177801 May 2009 027_India_Legal_and_Business_Update_May09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1241136001 May 2009 Legal News Update from Chicago, USA (download)
Written by Schoenberg Finkel Newman & Rosenberg LLC
Chicago, USA
1239758601 April 2009 027_India_Legal_and_Business_Update_April09.pdf (download)
Written by Kundra & Bansal
New Delhi, India
1239153801 April 2009 057_South Carolina USA intellectual property - 2nd quarter 2009.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1238549001 April 2009 057_South_Carolina_USA_intellectual_property_2009.pdf (download)
Written by Nexsen Pruet, LLC
Columbia, USA
1234923801 February 2009 035_Italian New Financial Law Reforms - Feb 2009.pdf (download)
Written by Studio Corno Avvocati
Milan, Italy
1234319001 February 2009 029_Argentinian_New_rules_foreign_funds_feb_09.doc (download)
Written by Kahale Abogados
Buenos Aires, Argentina
1199845401 January 2008 035_Restructuring_your_business_in_Italy_2009.pdf (download)
Written by Studio Corno Avvocati
Milan, Italy

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LAWorld News

Game Changer in Malaysian Real Property Investment

Malaysian law is changing.  Once rarely used, Real Estate Investment Trusts have recently come of age in Malaysia.  REIT’s, as they are called, provide an excellent investment vehicle to reach the burgeoning economic powerhouse of Southeast Asia.  

Andrew Carnegie (1835-1919), an American industrialist who was the richest person in the world of his day said, "90% of all millionaires become so through owning real estate". For many years, the most favourite way of investment was to buy a property.  However, many investors faced problem obtaining a bank loan, being exposed to interest rate volatility and even finding tenants who will pay rent that justified the investment. The landscape in Malaysia has changed by having an alternative property investment tool called Real Estate Investment Trust (REIT). A REIT is a fund or a trust that owns and manages income-producing commercial real estate. A management company for a REIT is permitted to deduct distribution paid to its shareholders from its corporate taxable income. REIT provides investors with an extremely liquid stake in real estate. They receive special tax considerations and typically offer high dividend yields.

The year of 2015 marks the first decade of Malaysian REIT (M-REIT). M-REIT market has shown steady growth over the past 10 years. As at 30 June 2016, M-REIT market had a total market capitalization of RM41.07 billion.  The M-REIT industry started off with Property Trust Fund listed on the Kuala Lumpur Stock Exchange in 1989. The term REIT was subsequently adopted and the industry grew with an increasing number of listed REIT. M-REIT is represented by 17 REITs, including four Islamic REITs of which one is part of a stapled structure. The development of the M-REIT market is unique as it provides a common platform for the existence of both conventional and Islamic REIT. M-REIT owns a wide range of real estate, including office buildings, retail malls, hotels, healthcare establishments and industrial properties. Many iconic properties such as the PETRONAS Twin Towers, Mid Valley Megamall, Pavilion Kuala Lumpur, Sunway Pyramid and the Ritz-Carlton Kuala Lumpur are now held under a REIT structure. This could be read as a vote of confidence from property owners to the viability of REITs in Malaysia.

Legally, REITs exists in the form of unit trust in Malaysia. It is governed by general trust law. Trusts are not separate legal entities, but are generally a set of obligations accepted by a trustee in relation to the properties held in trust for beneficiaries. A typical M-REIT consists of a Trustee who holds the units on behalf of the unitholders, a REIT Manager who acts as the asset manager,  and a Property Manager who mainly acts as  the  manager  of  the  portfolio  of  properties.  The REIT Sponsor  is another  key component  of  M-REIT  as  it  is  usually  the largest  unitholder  of  the  REIT  and  shareholder the REIT Manager.  The Sponsor is also viewed as provider of pipeline assets to the REIT.  In  addition  to  the  main components,  an Islamic  REIT in Malaysia  must maintain  a  Shariah  Advisor who comprises learned scholars in Shariah for the purpose of dispensing Shariah-related advice to the REIT Manager on  Islamic asset  management  principles. The instrument constituting REIT is a Tripartite Agreement between three parties which are the manager, the trustee and unitholders. This tripartite relationship is governed by a Deed registered with the Securities Commission. As prescribed under section 288(1)(b) of the Capital Market and Services Act 2007, a management company should ensure that there is a deed in force for a fund. The deed should contain the minimum requirements prescribed under Schedule A of SC Guidelines and those specified under securities laws. A management company, or its adviser should submit an application to register and lodge the deeds in accordance with the requirements and procedures set out in Appendix III of Schedule D of SC Guidelines on REIT.

In Malaysia, the Guideline on REIT is issued by the Securities Commission under section 377 of the Capital Market and Services Act 2007. The first version of the Guidelines was issued on 3 January 2005. On 21 August 2008, the Securities Commission issued the revised Guidelines on REIT to enhance the attractiveness of Bursa Malaysia as a destination for REIT listings and promote a vibrant and competitive REIT industry domestically and regionally. The same Guideline was updated on 28 December 2012. To further facilitate the sustainable growth of the M-REIT market, the Securities Commission is currently undertaking a comprehensive review of the REIT Guideline through the Public Consultation Paper No. 3/2016 dated 14 July 2016. In undertaking this review, the Securities Commission has taken into consideration the evolving needs of investors and the REIT as well as developments and regulatory requirements in the regional markets. The Securities Commission has had discussion with various stakeholders in relation to the proposals under this consultation paper and some of their views have been incorporated. The 16 proposals by SC will expand the scope of permissible activities, significantly enhance corporate governance on M-REIT disclosure and streamline the efficiency in post-listing requirements. Through this Consultation Paper, SC has proposed further liberalization to the permissible list of activities to be undertaken by M-REITs. The key proposal is to allow M-REITs to acquire vacant land and to undertake property development subject to a cap of 15% of the enlarged total asset value of the REIT. SC further proposes to cap the leverage level at 50% of total asset value and to  remove  the  option  of  allowing  REITs  to  increase  their  leverage thresholds by obtaining the unitholders’ approval. In addition, since the current REITs Guidelines have no provisions for REITs to buy back their units, the SC proposes to allow listed REITs to buy back their own units.

International investors may have read about the recent Sime Darby Bhd proposed reverse takeover (RTO) of Singapore-listed Saizen REIT is regarded as a positive development as the exercise will enable Malaysian conglomerate to monetize assets in Singapore and Australia. The discussion is still at framework agreement stage and pending signing of sale and purchase agreement. Under the propose RTO, Sime Darby will inject some of its industrial properties located in Australia to Saizen REIT for the exchange of new units in Saizen REIT and cash. The REIT platform is expected to have greater flexibility in its future fundraising exercises to build a sizeable international portfolio assets, in which Sime Darby will benefit from its direct stake in Saizen REIT.

However, unlike Singapore, Hong Kong and Japan, M-REIT market is still relatively small and untapped. According to analysts, the implementation of the goods and services tax (GST) in April last year caused a slowdown in domestic consumption and lower retail sales had a negative impact on M-REIT with exposure to shopping malls. This is because some managers have a higher proportion of turnover rent, which is charged based on the tenant’s monthly revenue, than fixed base rent. Such is the case of IGB REIT, which owns MidValley Megamall and The Gardens. The performance of M-REIT is also impacted by the sluggish economic outlook and uncertainties surrounding global crude oil prices. Despite these strong headwinds, the period of uncertainly is unlikely going to last long before M-REIT gets back in the game again especially after the proposed amendment to REIT Guidelines by the Securities Commission. According to Securities Commission, the move to liberalize the requirements on M-REIT will enable them to create more value for their investors.

For more information please contact Mohamed Ridza, our Malaysia LAWorld member in Kuala Lumpur.

Mohamed Ridza & Co.

Tel. +603-20924822

ridza@rizdalaw.com.my

www.ridzalaw.com.my

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Upcoming Events

2017 LAWorld Annual Conference and AGM (Barcelona) from 5pm on Wednesday the 3rd of May, 2017 to 2pm on Friday the 5th of May, 2017

Europe/Middle East Regional Meeting and Lawyers Next Generation (Amsterdam) from 5pm on Friday the 3rd of February, 2017 to 5pm on Sunday the 5th of February, 2017

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LAWorld
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