Singapore legislation
Regulation 5
of Securities and Futures (Classes of Investors) Regulations 2018
Regulation 5
Revocation and saving provisions
Subregulation 1
Regulations 3 and 4 of the Securities and Futures (Prescribed Specific Classes of Investors) Regulations 2005 (G.N. No. S 369/2005) (called in this regulation the 2005 Regulations) are revoked.
Subregulation 2
The 2005 Regulations are revoked.
Subregulation 3
Despite paragraph (2), a person mentioned in regulation 2 of the 2005 Regulations continues to be an accredited investor in respect of any transaction entered into before 8 January 2019.
Subregulation 4
Despite paragraph (2), a person mentioned in regulation 2 of the 2005 Regulations continues to be an accredited investor in respect of any transaction that —
is entered into between —
a holder of a capital markets services licence to carry on business in fund management, or a person exempt from the requirement to hold a capital markets services licence to carry on such business, in the course of that business; and
the person, as a customer; and
only involves funds —
that were transferred to the holder of a capital markets services licence, or to the person exempt from the requirement to hold a capital markets services licence (as the case may be) before 8 January 2019; or
in respect of which an agreement has been entered into before 8 January 2019 to transfer those funds to the holder of a capital markets services licence, or to the person exempt from the requirement to hold a capital markets services licence, as the case may be.