Meaning of “investment entity”
7.—(1)  In these Regulations, “investment entity” means —
(a)the holder of a capital markets services licence under the Securities and Futures Act to carry out one or more of the following regulated activities:
(i)dealing in capital markets products;
(ii)fund management;
(iii)real estate investment trust management;
(b)a corporation registered under paragraph 5(7) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations as a Registered Fund Management Company;
(c)a person (other than an individual) that is exempt under section 99(1)(a) to (d) and (h) of the Securities and Futures Act read with paragraph 2, 3, 3A, 4 or 5 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence to carry out one or more of the regulated activities under sub‑paragraph (a);
(d)a licensed trust company under the Trust Companies Act;
(e)a qualifying collective investment scheme (if it is a person) or the distributor, manager or trustee of a qualifying collective investment scheme (if it is not a person); or
(f)any other person (other than an individual) that conducts as a business (or is managed by a person that conducts as a business) one or more of the activities set out in paragraph 1(j)(1), (2) and (3) of Article 1 of the Agreement, for or on behalf of a customer.
(2)  In paragraph (1), “dealing in capital markets products”, “fund management” and “real estate investment trust management” have the meanings given to those expressions in Part II of the Second Schedule to the Securities and Futures Act.
(3)  Paragraph (1)(e) does not apply to a qualifying collective investment scheme whose only assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the qualifying collective investment scheme or by its distributor, manager or trustee, as the case may be.
(4)  Paragraph (1)(f) does not apply to a person whose only business assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the person.
(5)  A person is not an investment entity for the purposes of paragraph (1) if —
(a)the person is exempt under section 99(1)(h) of the Securities and Futures Act read with paragraph 2(1)(a) or (e) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence and carries on business in dealing in capital markets products for the person’s own account; or
(b)the person is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement.