Securities and Futures (Classes of Investors) (Amendment) Regulations 2023

On September 7, 2023, the Securities and Futures (Classes of Investors) (Amendment) Regulations 2023 were published on Singapore Statutes Online, the official journal of Singapore. The regulations modify Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018 to
– update the heading of referenced regulations („Act and Securities and Futures (Licensing and Conduct of Business) Regulations“) and update specific references; and
– include new sub-paragraphs (j) and (k) under regulation 3 to make the modified definition of Accredited Investor apply to
– regulation 10(1)(d)(i) of the Securities and Futures (Exemption for Cross‑Border Arrangements) (Foreign Offices) Regulations 2021 and to
– regulation 6(1)(e)(i) of the Securities and Futures (Exemption for Cross‑Border Arrangements) (Foreign Related Corporations) Regulations 2021.
– include saving provisions for Accredited Investor status with respect to „Specified Exempt Persons“, „Specified License Holder“, and „Foreign Related Corporations (FRC)“ following the inclusion of the above noted two regulations.
In summary, the saving provisions contain provisions that stipulate that an Accredited Investor status prior to October 9, 2023 – the effective date of the amendment regulations – continues to apply for customer – business relationships where
– any contracts regarding asset management and other regulated activities and qualifying business were concluded prior to that date;
– any funds in this context were transferred prior to that date; and
– any transactions were initiated prior to this date.