Requirements are set to change for Singapore-based financial institutions’ documentation, systems and policy and procedures, following recent changes to the definition of ‘accredited investors’. The changes come as part of the MAS’ proposed amendments to its capital markets regulatory framework.
Hemali Mehta, Consultant at Bovill Singapore discussed the MAS’ new accredited investor definition with Patricia Lee from Thomson Reuters. Mehta said financial institutions will need to re-assess existing customers who are accredited investors. She also pointed out that some financial institutions which are only licensed to deal with accredited and institutional investors may have to exit the relationship if some existing customers chose to opt out of becoming accredited.