Accredited Investor
UNITED STATES
[1] An accredited investor satisfies one or more of the conditions below:
An individual whose income exceeds $200,000 in each of the two most recent years (or $300,000 in joint income with a person’s spouse) and who reasonably expects to reach the same income level in the current year;
An individual whose net wealth exceeds $1 million, excluding value of primary residence;
Certain entities with over $5 million in assets; or
Certain regulated entities such as banks, savings and loan associations, registered broker dealers, insurance companies, registered investment companies, business development companies, licensed Small Business Investment Companies which are not subject to the asset test.
CANADA
[2] Accredited investor
An individual who, alone or together with a spouse, owns financial assets worth more than $1 million before taxes but net of related liabilities; or
An individual who, alone or together with a spouse, has net assets of at least $5,000,000;
An individual whose net income before taxes exceeded $200,000 (or $300,000 in joint income with a spouse) in both of the last two years and who expects to maintain at least the same level of income this year;
An individual who currently is, or once was, a registered adviser or dealer, other than a limited market dealer;
Financial institutions, governments and governmental agencies, insurance companies, pension funds, registered charities, certain mutual funds, pooled funds, and managed accounts; or
Companies with net assets of at least $5 million.
EU & NORWAY
[3] Professional client
Per Se Professional Client
Elective Professional Client
The “Qualitative Test”: The firm undertakes an adequate assessment of the expertise, experience and knowledge of the client that gives reasonable assurance that the client is capable of making his own investment decisions
The “Quantitative Test”: Client meets at least two of the following:
1. has carried out transactions of significant size on the relevant market at an average frequency of 10 per quarter over the previous four quarters
2. has financial portfolio exceeding EUR 500,000
3. works or has worked in the financial sector for at least one year
The client must state in writing that it wishes to be treated as a professional client and the firm must give the clear warning of the protections that client may lose
SINGAPORE
[4]An accredited investor satisfies one or more of the conditions below:
An individual whose net personal assets exceed S$2 million;
An individual whose income in the preceding 12 months exceeds S$300,000; or
Corporations with assets exceeding S$10 million.
ISRAEL
[5]Classified Investors
Institutional investors (pension funds, insurance companies, mutual funds, banks, portfolio managers, etc.);
Large companies with equity exceeding ILS 50 million; or
Sophisticated individual investors that:
Hold liquid assets (cash, deposits, financial assets, and securities) of at least ILS 8 million; or
Have received personal income of at least ILS 1.2 million in each of the two most recent years (or ILS 1.8 million in joint family income); or
Hold liquid assets of at least ILS 5 million and receive personal annual income of at least ILS 600,000 (or ILS 900,000 in joint family income).
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