On 22 April 2014, the Belgian legislature adopted a new act on regulated real estate companies (sociétés immobilières réglementées/gereglementeerde vastgoedvennootschappen) (the “Act”). The Act provides for a new status for Belgian REITs (sicafis/vastgoedbevaks), which may now choose to operate as a regulated real estate company (société immobilière réglementée/gereglementeerde vastgoedvennootschap) ("SIR/GVV") in order to remain outside the scope of AIFMD whilst maintaining the benefit of the existing tax regime for sicafis/vastgoedbevaks.