Advertisement compliance for SM REITs: public communications must be truthful, approved by merchant bankers and avoid misleading claims or incentives.

Regulation 26Z requires SM REIT public communications about unit issues to be truthful, non-misleading and limited to content consistent with the scheme offer document. Investment managers must promptly disclose material developments between filing and allotment via the SM REIT website, stock exchanges and relevant newspapers. All issue-related public communications must obtain approval from the merchant bankers marketing the issue, present risk factors with equal prominence where highlights are used, avoid guarantees, celebrities, incentive offers or suggestive subscription statements, and comply with the scheme offer document and Board guidelines.

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