Revised SFA: Tighter definition for accredited investors

Singapore

A TIGHTENED definition for accredited investors is among the wide-ranging amendments to Singapore's Securities and Futures Act (SFA) passed into law on Monday.

The latest rules, which banks have been made aware of since 2014, will introduce an opt-in regime such that to-be accredited investors have to decide to take on the status, on top of qualifying for it.

"The choice is ultimately his to make, depending on his own risk profile, investment needs and circumstances," Minister for Education and Second Minister for Defence Ong Ye Kung told Parliament on Monday in delivering the Bill.

The tighter rules also mean accredited individuals who are able to invest in…