CMFAS RES5 FAA & FA Regulations question: net financial assets of S$0.6 million and income of S$200,000 in the past

A client with net personal assets of S$1.6 million, net financial assets of S$0.6 million and income of S$200,000 in the past 12 months asks to be treated as an 'accredited investor'. Under Section 4A of the SFA (as applied in the FAA framework), he:

• A Qualifies — his net personal assets of S$1.6m exceed the S$1 million threshold that applies to individuals
• B Qualifies — his S$200,000 income exceeds the S$150,000 threshold for income in the past 12 months
• C Qualifies — the three tests can be combined, and his assets and income together exceed the required total
• D Does not qualify — he falls short of all three tests: S$2m net personal assets, S$1m net financial assets, S$300,000 income