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 licensed under the Trust Companies Act 2005 (Act 11 of 2005);
(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;
(CA)real estate investment trust management;
[S 376/2008 wef 01/08/2008]
(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.
[1/2005; 11/2005]
(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]