1. an individual
(A) whose net personal assets* exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount; or
(B) whose financial assets (net of any related liabilities) exceed in value $1 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount, where “financial asset” means –
(BA) a deposit as defined in section 4B of the Banking Act;
(BB) an investment product as defined in section 2(1) of the Financial Advisers Act; or
(BC) any other asset as may be prescribed by regulations made under section 341; or
(C) whose income in the preceding 12 months is not less than $300,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;
2. a corporation with net assets exceeding $10 million in value (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe, in place of the first amount, as determined by –
(A) the most recent audited balance sheet of the corporation; or
(B) where the corporation is not required to prepare audited accounts regularly, a balance sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance sheet, which date shall be within the preceding 12 months;
3. the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
4. such other person as the Authority may prescribe
* In determining the value of an individual’s net personal assets for the purposes of subsection (1)(A), the value of the individual’s primary residence –
(a) is to be calculated by deducting any outstanding amounts in respect of any credit facility that is secured by the residence from the estimated fair market value of the residence; and
(b) is taken to be the lower of the following:
(i) the value calculated under paragraph (a);
(ii) $1 million.
The definitions may be subject to such modifications as the Authority may prescribe for any specified provision of this Act.