"Institutional investor" regulations

On this website, “institutional investors” are those who are persons prescribed for the purposes of definition of “institutional investor” under section 4A of the Securities and Futures Act (Cap 289) in Singapore (“SFA”).

As defined in the SFA, an ”institutional investor” means:

(i) the Government;

(ii) a statutory board as may be prescribed by regulations made under section 341;

(iii) an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is –an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is –

(a) to manage its own funds;
(b) to manage the funds of the central government of that country (which may include the reserves of that central government and any pension or provident fund of that country); or
(c) to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country;

(iv) any entity -

(a) that is wholly and beneficially owned, whether directly or indirectly, by the central government of a country; and
(b) whose funds are managed by an entity mentioned in sub-paragraph (iii);

(v) a central bank in a jurisdiction other than Singapore;

(vi) a central government in a country other than Singapore;

(vii) an agency (of a central government in a country other than Singapore) that is incorporated or established in a country other than Singapore;

(viii) a multilateral agency, international organisation or supranational agency as may be prescribed by regulations made under section 341;

(ix) a bank that is licensed under the Banking Act (Cap.19);

(x) a merchant bank that is approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186);

(xi) a finance company that is licensed under the Finance Companies Act (Cap.108);

(xii) a company or co-operative society that is licensed under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;

(xiii) a company licensed under the Trust Companies Act (Cap. 336);

(xiv) a holder of a capital markets services licence;

(xv) an approved exchange;

(xvi) a recognised market operator;

(xvii) an approved clearing house;

(xviii) a recognised clearing house;

(xix) a licensed trade repository;

(xx) a licensed foreign trade repository;

(xxi) an approved holding company

(xxii) a Depository as defined in section 81SF;

(xxiii) an entity or a trust formed or incorporated in a jurisdiction other than Singapore, which is regulated for the carrying on of any financial activity in that jurisdiction by a public authority of that jurisdiction that exercises a function that corresponds to a regulatory function of the Authority under this Act, the Banking Act (Cap.19), the Finance Companies Act (Cap. 108), the Monetary Authority of Singapore Act (Cap. 186), the Insurance Act (Cap.142), the Trust Companies Act (Cap. 336) or such other Act as may be prescribed by regulations made under section 341;

(xxiv) a pension fund, or collective investment scheme, whether constituted in Singapore or elsewhere;

(xxv) a person (other than an individual) who carries on the business of dealing in bonds with accredited investors or expert investor;

(xxvi) the trustee of such trust as the Authority may prescribe, when acting in that capacity; or

(xxvii) such other person as the Authority may prescribe.

If you are uncertain as to whether you qualify as an institutional investor under section 4A of the SFA, you should seek independent advice.