Singapore Parliament to review proposed changes to accredited-investor regime

It aims to protect the semi-rich investors.

Swiber Holdings has once again failed to pay its 450 million yuan (S$92.3 million) fixed-rate notes. This is the second bond payment it has defaulted on since its judicial management application in July.

In response to an email interview with Bloomberg, the Monetary Authority of Singapore (MAS) said that it is proposing revisions to the investor protection law. The proposed revisions will prevent banks from assigning accredited investor status to those whose wealth is mostly in property, as well as allowing individuals to opt out of accredited status and retain the protections afforded to ordinary investors. The MAS plans to introduce the revisions to Parliament by the fourth quarter.

Here's more from Bloomberg.