The Securities and Exchange Commission (SEC) has finally clarified the last category of qualified buyers (QBs) under Subsection 10.1(l) of the Securities Regulation Code (SRC), which refers to persons that the SEC "may by rule determine as qualified buyers, on the basis of such factors as financial sophistication, net worth, knowledge, and experience in financial and business matters, or amount of assets under management". The clarification is set out in SEC Memorandum Circulars 6 (2007) and 3 (2008).
September 30 2008