5. Revocation and saving provisions

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.

The 2005 Regulations are revoked.

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.

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.

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.

The 2005 Regulations are revoked.

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.

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.