SFC concludes Consultation on Amendments to the Securities and Futures (Professional Investor) Rules

SFC concludes Consultation on Amendments to the Securities and Futures (Professional Investor) Rules

SFC concludes Consultation on Amendments to the Securities and Futures (Professional Investor) Rules 1402 790 Louise

In May 2018, the Securities and Futures Commission (the “SFC“) published the Consultation Conclusions on the Proposed Amendments to the Securities and Futures (Professional Investor) Rules (the “PI Rules”). The following amendments to the PI Rules came into effect on 13 July 2018:

  • The SFC allows an individual to aggregate (1) the individual’s share of a portfolio held in a joint account with non-associates of the individual and (2) a portfolio held by an investment corporation owned by the individual when determining whether he or she meets the relevant portfolio threshold to qualify as a professional investor;
  • The definition of “corporations” is expanded to include corporations which wholly-own another corporation in order to qualify as a professional investor; and
  • Alternative forms of evidence are allowed, namely public filings and certificates issued by custodians, to ascertain whether a person meets the monetary threshold to qualify as a professional investor.
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