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Persons prescribed for definition of “accredited investor”

Securities and Futures (Classes of Investors) Regulations 2018

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

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