Citation and commencement
1. This Order may be cited as the Securities and Futures (Institutional, Professional and Business Investors) Order 2002 and shall come into operation on 1st July 2002.
Institutional, professional and business investors
2. The Authority hereby specifies the institutional, professional or business investors set out in the Schedule as persons and bodies who appear to the Authority to have sufficient expertise to understand any risk involved in buying or selling debentures, or units of debentures, for the purposes of section 278 (1) of the Act.
(1) A bank licensed under the Banking Act (Cap. 19).
(2) A company or society registered under the Insurance Act (Cap. 142).
(3) A merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186).
(4) A company registered under the Trust Companies Act (Cap. 336).
(5) The Government or a public statutory corporation established under any Act in Singapore.
(6) The holder of a capital markets services licence to deal in securities or advise on corporate finance, or an exempt person in respect of dealing in securities (other than a licensed financial adviser under the Financial Advisers Act 2001 (Act 43 of 2001)).
(7) The holder of a capital markets services licence for fund management or an exempt person in respect of fund management.
(8) A pension fund or collective investment scheme.
(9) An investment company as defined in section 355 (1) of the Companies Act (Cap. 50).
(10) A person whose total net personal assets exceed $2 million in value or its equivalent in a foreign currency at the time of his acquisition of the debentures or units of debentures pursuant to the offer or invitation concerned or whose income in the 12 months preceding the time of his acquisition of the debentures or units of debentures is not less than $300,000 or its equivalent in a foreign currency.
(11) A corporation whose total net assets exceed $10 million in value or its equivalent in a foreign currency as determined by the last audited balance-sheet of the corporation.
(12) A person who is a non-resident in Singapore. For this purpose, 'non-resident':
(a) in relation to an individual, means a person who in the 12 months preceding the time of his acquisition of the debentures or units of debentures pursuant to the offer or invitation concerned has not resided in Singapore for more than 183 days; and
(b) in relation to a corporation or body corporate, means a corporation or body corporate the control and management of whose business is not carried on in Singapore at the time of its acquisition of the debentures or units of debentures pursuant to the offer or invitation concerned.
