Securities and Futures (Classes of Investors) Regulations 2018

These Regulations are the Securities and Futures (Classes of Investors) Regulations 2018.

Regulations 4 and 5(1) come into operation on 8 October 2018.

Regulations 2, 3 and 5(2), (3) and (4) come into operation on 8 January 2019.

These Regulations are the Securities and Futures (Classes of Investors) Regulations 2018.

Regulations 4 and 5(1) come into operation on 8 October 2018.

Regulations 2, 3 and 5(2), (3) and (4) come into operation on 8 January 2019.

For the purposes of section 4A(1)(a)(iii) of the Act, the following trusts are prescribed:

any trust all the beneficiaries of which are accredited investors within the meaning of section 4A(1)(a)(i), (ii) or (iv) of the Act;

any trust all the settlors of which —

are accredited investors within the meaning of section 4A(1)(a)(i), (ii) or (iv) of the Act;

have reserved to themselves all powers of investment and asset management functions under the trust; and

have reserved to themselves the power to revoke the trust;

any trust the subject matter of which exceeds $10 million (or its equivalent in a foreign currency) in value.

For the purposes of section 4A(1)(a)(iv) of the Act, the following persons are prescribed:

an entity (other than a corporation) with net assets exceeding $10 million (or its equivalent in a foreign currency) in value;

a partnership (other than a limited liability partnership) in which every partner is an accredited investor;

a corporation the entire share capital of which is owned by one or more persons, all of whom are accredited investors;

a person who holds a joint account with an accredited investor, in respect of dealings through that joint account.

To avoid doubt, any reference to “trust” in paragraph (1)(a), (b) and (c) includes a bare trust.

For the purposes of section 4A(1)(a)(iii) of the Act, the following trusts are prescribed:

any trust all the beneficiaries of which are accredited investors within the meaning of section 4A(1)(a)(i), (ii) or (iv) of the Act;

any trust all the settlors of which —

are accredited investors within the meaning of section 4A(1)(a)(i), (ii) or (iv) of the Act;

have reserved to themselves all powers of investment and asset management functions under the trust; and

have reserved to themselves the power to revoke the trust;

any trust the subject matter of which exceeds $10 million (or its equivalent in a foreign currency) in value.

For the purposes of section 4A(1)(a)(iv) of the Act, the following persons are prescribed:

an entity (other than a corporation) with net assets exceeding $10 million (or its equivalent in a foreign currency) in value;

a partnership (other than a limited liability partnership) in which every partner is an accredited investor;

a corporation the entire share capital of which is owned by one or more persons, all of whom are accredited investors;

a person who holds a joint account with an accredited investor, in respect of dealings through that joint account.

To avoid doubt, any reference to “trust” in paragraph (1)(a), (b) and (c) includes a bare trust.