Hedge Fund Subscription Procedure Page 12
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23least $5,000,000 as shown on its most recently prepared financial statements;
a person in respect of which all of the owners of interests, direct, indirect or
beneficial, except the voting securities required by law to be owned by directors,
are persons that are accredited investors;
a person registered under the securities legislation of a jurisdiction of Canada as
an adviser or dealer;
a trust company or trust corporation registered or authorized to carry on business
under the Trust and Loan Companies Act (Canada) or under comparable
legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of
a fully managed account managed by the trust company or trust corporation, as
the case may be;
a person acting on behalf of a fully managed account managed by that person, if
that person is registered or authorized to carry on business as an adviser or the
equivalent under the securities legislation of a jurisdiction of Canada or a foreign
jurisdiction;
a trust established by an accredited investor for the benefit of the accredited
investor’s family members of which a majority of the trustees are accredited
investors and all of the beneficiaries are the accredited investor’s spouse, a former
spouse of the accredited investor or a parent, grandparent, brother, sister, child or
grandchild of that accredited investor, of that accredited investor’s spouse or of
that accredited investor’s former spouse.
Related Definitions:
“financial assets” means (i) cash, (ii) securities or (iii) a contract of insurance, a deposit or an
evidence of a deposit that is not a security for the purposes of securities legislation.
“fully managed account” means an account of a client for which a person makes the investment
decisions if that person has full discretion to trade in securities for the account without requiring
the client’s express consent to a transaction.
“investment fund” means a mutual fund or a non-redeemable investment fund.
“person” includes (i) an individual, (ii) a corporation, (iii) a partnership, trust, fund and an
association, syndicate, organization, or other organized group of persons whether incorporated or
not, and (iv) an individual or other person in that person's capacity as a trustee, executor,
administrator or personal or other legal representative.
“related liabilities” means (i) liabilities incurred or assumed for the purpose of financing the
acquisition or ownership of financial assets, or (ii) liabilities that are secured by financial assets.
iii
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