Securities Markets Order, 2013 · As enacted · Part I · Preliminary
Section 20
Official textFrom Attorney General's Chambers, unchanged
Subject to subsection (2), unless the context otherwise requires 1251
fa) "accredited investor" means-
an individual -
whose net personal assets exceed in value $2,000,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount; or
whose income in the preceding 12 months is not less than
$300,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;
a corporation with net assets exceeding $10,000,000 in value
(or its equivalent in a foreign currency) or such other amount as the Authority may prescribe, in place of the first amount, as determined by -
the most recent audited balance-sheet of the corporation;
or
where the corporation is not required to prepare audited accounts regularly, a balance-sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance-sheet, which date shall be within the preceding 12 months;
the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
such other person as the Authority may prescribe;
"expert investor" means
a person whose business involves the acquisition and disposal, or the holding, of securities, whether as principal or agent;
the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
such other person as the Authority may prescribe;
{c)
"institutional investor" means -
a bank licensed under the Banking Order, 2006 (S 45/2006} or
Islamic Banking Order, 2008 (S 96/2008);
{ii)
a finance company that is licensed under the Finance
Companies Act (Chapter 189);
a person registered under the Insurance Order, 2006
(S 48/2006) or Takaful Order, 2008 (S 100/2008);
1252
liv) a company licensed under the International Trusts Order,
2000 (S 55/2000);
the Perbadanan Tabung Amanah Islam Brunei established under section 3( 1) of the Perbadanan Tabung Amanah Islam
Brunei Act (Chapter 163);
the Government of His Majesty the Sultan and Yang
Di-Pertuan;
a statutory authority established under any written law;
a pension fund or a collective investment scheme;
the holder of a capital markets services licence granted under this Order;
the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
·such other person as the Authority may consider as an institutional investor based on the knowledge and experience of that person in securities including his ability to hire specialists with corresponding knowledge and experience, volume of his net assets or net assets under his management or other similar criteria.
The interpretation in subsection ( 1)
may be subject to such modifications as the Authority may determine for any specified provision of this
Order.
Terms defined in this Act
collective investment scheme
Defined · s 203"collective investment scheme" means any investment arrangements with respect to assets of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition/ holding, management or disposal of the property or sums paid out of such profits or income. [2) The arrangements must be such that - (a) the persons who are to participate ("participants") do not have day-to-day control over the management of the property, whether or not they have the right to be consulted or to give directions; (b) the arrangements must also have either or both of the following characteristics - (i) the contributions of the participants and the profits or income out of which payments are to be made to them are pooled; (ii) the property is managed as a whole, by or on behalf of the operator of the collective investment scheme; and (c) the arrangements must satisfy the condition set out in subsection (3). (3) The condition referred to in subsection (2)(b) is that the property belongs beneficially to, and is managed by or on behalf of, a company, the trustee of a trust or some other entity or arrangement having as its purpose the investment of its funds with the aim of spreading the investment risk and giving its members the benefit of the results of the management of those funds for or on behalf of that company, trust, entity or arrangement. (4) If the arrangements referred to in subsection (2)(b)(i) provide for such pooling in relation to separate parts of the property, and each part is maintained in a portfolio segregated in the book of the scheme from the other assets of the scheme, the arrangements shall be regarded as constituting a single umbrella collective investment scheme provided that the participants are entitled to exchange rights in one part for rights in another. Operating without licence.
trustee
Defined · s 207"trustee", in relation to a collective investment scheme, means the person holding the property in question on trust for the participants;
Part II
Part III
Market Operators and Market Infrastructure
Part IV
Self-Regulating Organisations
Part X
Part X.
Part VI
Public Company Statements and Reporting Requirements
Part VII
Capital Markets Services Licence and Representative'S Licence
Part VIII
Books, Audit and Client'S Assets
Part IX
Part X
Intervention Powers of Authority
Part XI
Complaints Committee and Investor Compensation Scheme
Part XII
Financial Markets Services Panel
Part XIII