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 co-operative society that is licensed under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;

[Act 11 of 2013 wef 18/04/2013]

(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;
(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]

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