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Governing law

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Singapore

Under the Securities and Futures Act (Chapter 289) of Singapore (“SFA”) and as amended from time to time, an “Institutional Investor” means:

(i) the Government;

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

(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 —

(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 of the SFA;

(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 Monetary Authority of Singapore under the SFA, 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 of the SFA;

(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 investors;

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

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

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;

(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.

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