Section 20
of Securities Markets Order, 2013
Section 20
(1)
Subject to subsection (2), unless the context otherwise requires 1251
fa) "accredited investor" means-
(i)
an individual -
(A)
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
(B)
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;
(ii)
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 -
(A)
the most recent audited balance-sheet of the corporation;
or
(B)
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;
(iii)
the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
(iv)
such other person as the Authority may prescribe;
(b)
"expert investor" means
(i)
a person whose business involves the acquisition and disposal, or the holding, of securities, whether as principal or agent;
(ii)
the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
(iii)
such other person as the Authority may prescribe;
{c)
"institutional investor" means -
(i)
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);
(iii)
a person registered under the Insurance Order, 2006
(S 48/2006) or Takaful Order, 2008 (S 100/2008);
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a company licensed under the International Trusts Order,
2000 (S 55/2000);
(v)
the Perbadanan Tabung Amanah Islam Brunei established under section 3( 1) of the Perbadanan Tabung Amanah Islam
Brunei Act (Chapter 163);
(vi)
the Government of His Majesty the Sultan and Yang
Di-Pertuan;
(vii)
a statutory authority established under any written law;
(viii)
a pension fund or a collective investment scheme;
(ix)
the holder of a capital markets services licence granted under this Order;
(x)
the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
(xi)
·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.
(2)
The interpretation in subsection ( 1)
may be subject to such modifications as the Authority may determine for any specified provision of this
Order.