SM REIT eligibility requires structural, governance and fitness criteria before certificate grant under the regulations. Granting a certificate to a trust as an SM REIT requires a registered trust deed with the main objective of operating as an SM REIT, separate designation of investment manager and trustee, identification of the investment manager in application and scheme documents, the investment manager meeting prescribed net worth and experience or staffing conditions, a majority-independent board with specified vacancy-filling timelines, an investment management agreement assigning responsibilities, trustee independence from the manager, pari-passu pro-rata unitholder rights without multiple classes, disclosure of proposed activities, and assessment of fit-and-proper status and any prior regulatory disciplinary history.