Page 58 - 期货和衍生品行业监管动态（2025年2月刊）

期货和衍生品行业监管动态

替代投资者的责任。所有投资都存在风险，建议投资者仅参与他们完全理解且符

合其风险承受能力的产品。

Written Reply to Parliamentary Question on The Review of Definitions of

Specific Classes of Investors Under Section 4A of Securities and Futures Act 2001

(2025/2/5)

Question:

To ask the Prime Minister and Minister for Finance (a) when were the definitions

of specific classes of investors as specified under section 4A of the Securities and

Futures Act 2001 last reviewed; and (b) in the past three years, whether MAS has

received feedback that an individual’s eligibility as an accredited investor should be

premised on relevant knowledge, in addition to the individual’s net worth.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade

and Industry, and Chairman of MAS:

Section 4A of the Securities and Futures Act 2001 sets out the asset and income

thresholds for an individual to become eligible for accredited investor (AI) status. The

AI eligibility criteria were last updated in 2018 to introduce a S$1 million cap on the

value of an individual’s primary residence that could be used in the net personal asset
assessment. It also requires investors who meet the eligibility criteria to expressly opt

in before they can be treated as an AI by a financial institution.

Regardless of an individual’s net worth, financial institutions must, in the first

instance, treat all customers as retail investors and accord them the full range of

safeguards. This means that financial institutions must comply with prescribed

product disclosure requirements and assess the investor’s investment knowledge and

experience before recommending products that may be more complex in nature.

Beyond this, investors who meet the AI eligibility criteria may be offered the

option to become AIs, which will avail them to a larger suite of products and services

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