Securities and Futures Act - Singapore Statutes Online

Specific classes of investors

4A.—(1) Subject to subsection (2), unless the context otherwise requires —

(a)

“accredited investor” means —

(i)

an individual —

(A)	whose net personal assets exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount; or
(B)	whose income in the preceding 12 months is not less than $300,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;

(ii)

a corporation with net assets exceeding $10 million in value (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe, in place of the first amount, as determined by —

(A)	the most recent audited balance-sheet of the corporation; or
(B)	where the corporation is not required to prepare audited accounts regularly, a balance-sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance-sheet, which date shall be within the preceding 12 months;

(iii)

the trustee of such trust as the Authority may prescribe, when acting in that capacity; or

(iv)

such other person as the Authority may prescribe;

(b)

“expert investor” means —

(i)	a person whose business involves the acquisition and disposal, or the holding, of capital markets products, whether as principal or agent;
(ii)	the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
(iii)	such other person as the Authority may prescribe;

(c)

“institutional investor” means —

(i)

a bank that is licensed under the Banking Act (Cap. 19);

(ii)

a merchant bank that is approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186);

(iii)

a finance company that is licensed under the Finance Companies Act (Cap. 108);

(iv)

a company or society registered under the Insurance Act (Cap. 142) as an insurer;

(v)

a company registered under the Trust Companies Act (Cap. 336);

(vi)

the Government;

(vii)

a statutory body established under any Act;

(viii)

a pension fund or collective investment scheme;

(ix)

the holder of a capital markets services licence for —

(A)	dealing in securities;
(B)	fund management;
(C)	providing custodial services for securities;
(D)	securities financing; or
(E)	trading in futures contracts;

(x)

a person (other than an individual) who carries on the business of dealing in bonds with accredited investors or expert investors;

(xi)

the trustee of such trust as the Authority may prescribe, when acting in that capacity; or

(xii)

such other person as the Authority may prescribe.

(2) The definitions in subsection (1) may be subject to such modifications as the Authority may prescribe for any specified provision of this Act.

[1/2005 wef 01/07/2005]

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