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<h1>SM REIT registration requires an investment manager application in prescribed Form A with a non refundable fee and regulatory oversight.</h1> Registration of SM REIT requires the investment manager, on behalf of the trust, to apply for a certificate of registration in the prescribed Form-A and to pay a non refundable application fee as specified in the regulations' schedule; the Board may appoint a person to take charge of the REIT's records to protect investors and will consider regulatory requirements when granting registration.