Singapore legislation

Regulation 2

Persons prescribed for definition of “accredited investor”

Subregulation 1

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

(a)

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;

(b)

any trust all the settlors of which —

(i)

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

(ii)

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

(iii)

have reserved to themselves the power to revoke the trust;

(c)

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:

(a)

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

(b)

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

(c)

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

(d)

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.