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The materials/information on this website are NOT intended for retail investors in Hong Kong, Korea, Singapore and Taiwan. The materials/information contained in this website are intended for use by institutional Investors and/or Professional Investors only as such terms are defined under the applicable laws of Hong Kong, Korea, Singapore and Taiwan. Definition of such terms is provided below.

If you are a user in Hong Kong, by clicking “Accept Disclaimers & Allow Cookies,” you confirm that you are a Professional Investor as defined below. Otherwise, please close the window to exit the site.

If you are a user in Korea, by clicking “Accept Disclaimers & Allow Cookies,” you confirm that you are a Professional Investor as defined below. Otherwise, please close the window to exit the site.

If you are a user in Singapore, by clicking “Accept Disclaimers & Allow Cookies,” you confirm that you are an Institutional Investor as defined below. Otherwise, please close the window to exit the site.

If you are a user in Taiwan, by clicking “Accept Disclaimers & Allow Cookies,” you confirm that you are an Institutional Investor as defined below. Otherwise, please close the window to exit the site.

Hong Kong
 
Under the Securities and Futures Ordinance (Cap 571)) of Hong Kong (“Ordinance”), a Professional Investor (專業投資者) means,

(a) any recognised exchange company, recognised clearing house, recognised exchange controller or recognised investor compensation company, or any person authorised to provide automated trading services under section 95(2) of the Ordinance;

(b) any intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong;

(c) any authorised financial institution, or any bank which is not an authorised financial institution but is regulated under the law of any place outside Hong Kong;

(d) any insurer authorised under the Insurance Companies Ordinance (Cap 41), or any other person carrying on insurance business and regulated under the law of any place outside Hong Kong;

(e) any scheme which -

(i) is a collective investment scheme authorised under section 104 of the Ordinance; or
 
(ii) is similarly constituted under the law of any place outside Hong Kong and, if it is regulated under the law of such place, is permitted to be operated under the law of such place, or any person by whom any such scheme is operated;

(f) any registered scheme as defined in section 2(1) of the Mandatory Provident Fund Schemes Ordinance (Cap 485), or its constituent fund as defined in section 2 of the Mandatory Provident Fund Schemes (General) Regulation (Cap 485 sub. leg. A), or any person who, in relation to any such registered scheme, is an approved trustee or service provider as defined in section 2(1) of that Ordinance or who is an investment manager of any such registered scheme or constituent fund;

(g) any scheme which -

(i) is a registered scheme as defined in section 2(1) of the Occupational Retirement Schemes Ordinance (Cap 426); or

(ii) is an offshore scheme as defined in section 2(1) of that Ordinance and, if it is regulated under the law of the place in which it is domiciled, is permitted to be operated under the law of such place, or any person who, in relation to any such scheme, is an administrator as defined in section 2(1) of that Ordinance;

(h) any government (other than a municipal government authority), any institution which performs the functions of a central bank, or any multilateral agency;

(i) except for the purposes of Schedule 5 to the Ordinance, any corporation which is -

(i) a wholly owned subsidiary of -

(A) an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or

(B) an authorised financial institution, or any bank which is not an authorised financial institution but is regulated under the law of any place outside Hong Kong;

(ii) a holding company which holds all the issued share capital of -

(A) an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or

(B) an authorised financial institution, or any bank which is not an authorised financial institution but is regulated under the law of any place outside Hong Kong; or

(iii) any other wholly owned subsidiary of a holding company referred to in subparagraph (ii); or

(j) any person of a class which is prescribed by rules made under section 397 of the Ordinance for the purposes of this paragraph as within the meaning of this definition for the purposes of the provisions of the Ordinance, or to the extent that it is prescribed by rules so made as within the meaning of this definition for the purposes of any provision of the Ordinance;

For the purposes of paragraph (j) of the definition of "professional investor" in section 1 of Part 1 of Schedule 1 to the Ordinance, the following persons are prescribed as within the meaning of that definition for the purposes of any provision of the Ordinance other than Schedule 5 -

(a) any trust corporation having been entrusted under the trust or trusts of which it acts as a trustee with total assets of not less than $40 million or its equivalent in any foreign currency -

(i) as stated in the most recent audited financial statement prepared -

(A) in respect of the trust corporation; and

(B) within 16 months before the relevant date;

(ii) as ascertained by referring to one or more audited financial statements, each being the most recent audited financial statement, prepared -

(A) in respect of the trust or any of the trusts; and

(B) within 16 months before the relevant date; or

(iii) as ascertained by referring to one or more custodian statements issued to the trust corporation -

(A) in respect of the trust or any of the trusts; and

(B) within 12 months before the relevant date;


(b) any individual, either alone or with any of his associates on a joint account, having a portfolio of not less than $8 million or its equivalent in any foreign currency -

(i) as stated in a certificate issued by an auditor or a certified public accountant of the individual within 12 months before the relevant date; or (23 of 2004 s. 56)

(ii) as ascertained by referring to one or more custodian statements issued to the individual (either alone or with the associate) within 12 months before the relevant date;

(c) any corporation or partnership having -

(i) a portfolio of not less than $8 million or its equivalent in any foreign currency; or

(ii) total assets of not less than $40 million or its equivalent in any foreign currency,

as ascertained by referring to -

(iii) the most recent audited financial statement prepared -

(A) in respect of the corporation or partnership (as the case may be); and

(B) within 16 months before the relevant date; or

(iv) one or more custodian statements issued to the corporation or partnership (as the case may be) within 12 months before the relevant date; and

(d) any corporation the sole business of which is to hold investments and which is wholly owned by an individual who, either alone or with any of his associates on a joint account, falls within the description in paragraph (b).

Korea
 
Under the Financial Investments Services and Capital Markets Act of Korea (Act) and the Presidential Decree promulgated thereunder, a Professional Investor means,
  1. The Government
  2. Bank of Korea
  3. Any person specified from subparagraph 1 from 17 under Article 10(2) of the Presidential Decree, which shall include,
  1. Banks under the Banking Act
  2. The Korea Development Bank under the Korea Development Bank Act
  3. The Industrial Bank under the Industrial Bank Act
  4. The Export-Import Bank of Korea under the Export-Import Bank of Korea Act
  5. The National Agricultural Cooperative Federation under the Agricultural Cooperative Act
  6. The National Federation of Fisheries Cooperative under the Fisheries Cooperative Act
  7. Insurance companies under the Insurance Business Act
  8. Financial investment business entities (excluding entities engaging in multiple business consistent with Article 22 of the Act)
  9. Securities companies
  10. Merchant banks
  11. Fund brokerage companies licensed under Article 355(1) of the Act
  12. Financial holding companies under the Financial Holding Companies Act
  13. Specialized credit financial business entities under the Specialized Credit Financial Business Act
  14. Mutual savings banks under the Mutual Savings Banks Act and their Central Federation
  15. The Forestry Cooperative Federation under the Forestry Cooperatives Act
  16. The Federation of Community Credit Cooperative under the Community Credit Cooperative Act
  17. The National Credit Union Federation under the Credit Unions Act
  1. Any person specified from subparagraph 1 from 14 under Article 10(3) of the Presidential Decree, which shall include,
  1. The Deposit Insurance Cooperation and reorganized financial institutions under the Depositor Protection Act
  2. The Korea Asset Management Cooperation under the Act on the Efficient Disposal of Non-Performing Assets of Financial Institutions and the Establishment of Korea Asset Management Cooperation
  3. The Korea Housing Finance Corporation under the Korea Housing Finance Corporation Act
  4. The Korea Investment Corporation under the Korea Investment Corporation Act
  5. Associations
  6. The Korea Securities Depository established pursuant to Article 294 of the Act
  7. The Exchange established pursuant to Article 373 of the Act
  8. The Financial Supervisory Service under the Act on Establishment of Financial Services Commission
  9. Collective investment schemes
  10. The Credit Guarantee Funds under the Credit Guarantee Fund Act
  11. The Technology Credit Guarantee Funds under the Technology Credit Guarantee Fund Act
  12. Funds established pursuant to laws and regulations (except those listed in subparagraphs 10 and 11 above) and any companies that administer and manage such funds
  13. Corporations engaged in mutual aid business pursuant to relevant laws and regulations
  14. Local governments
 
Singapore
 
Under the Securities and Futures Act (Chapter 289) of Singapore and as amended from time to time, an Institutional Investor means:

(i) a bank that is licensed under the Banking Act (Cap. 19) of Singapore;

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

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

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

(v) a company licensed under the Trust Companies Act 2005 (Act 11 of 2005) of Singapore;

(vi) the Singapore Government;

(vii) a statutory body established under any Act;

(viii) a pension fund or collective investment scheme;

(ix) the holder of a capital markets services license for —

(A) dealing in securities;
(B) fund management;
(C) providing custodial services for securities;
(CA) real estate investment trust management;
(D) securities financing; or
(E) trading in futures contracts;

(x) a person (other than an individual) who carries on the business of dealing in bonds with Accredited Investors or Expert Investors(Note 1);

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

(xii) persons who have been declared by the Monetary Authority of Singapore as “Institutional Investors”

Note 1: These include persons whose business involves the acquisition and the disposal or holding of capital markets products (whether as principal or agent), prescribed trustees and any other persons that the Monetary Authority of Singapore may prescribe.

Note 2:
These include:
(i) designated market-makers;
(ii) headquarters, companies or finance and treasury centres which carry on approved business involving fund management;
(iii) persons resident in Singapore who provide fund management services to no more than 30 “qualified investors”; and
(iv) service companies which carry on business as agents of a member of Lloyd’s.

 
Taiwan

Under the Financial Consumer Protection Act of Taiwan and relevant rules, an Institutional Investor means,

1. An onshore or offshore banking enterprise, securities enterprise, futures enterprise, insurance enterprise, fund management company, government investment institution; or

2. An onshore or offshore government fund, retirement fund, mutual fund, unit trust, the fund managed by financial service enterprise or the fiduciary investment assets that a financial consumer delivers by a mandate or transfers under a trust according to Securities Investment Trust and Consulting Act, Futures Trading Act, Trust Enterprise Act; or

3. An institution recognized by the competent authority or a juristic person with a prescribed level of financial capacity or professional expertise as required by the competent authority.

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