Collective Investment, Property and Coin Schemes

NUS Law Working Paper No. 2018/013

NUS - Centre for Banking & Finance Law Working Paper 18/02

17 Pages Posted: 25 Apr 2018

See all articles by Hans Tjio

Hans Tjio

National University of Singapore (NUS) - Faculty of Law

Date Written: April 24, 2018


This paper sets out the decision of the UK Supreme Court in Asset Land Plc v FCA [2016] UKSC 17 where it was held that the land banking scheme there required authorization as a collective investment scheme. The HK definition is quite similar as to how authorisation works in practice which is that, without it, schemes can only be offered to sophisticated investors. The position in Singapore was and is different. Definitional changes were only made in 2017 to remove the concurrent requirements of pooling and external management, which kept land banking schemes outside the regulatory regime. These are not in force yet, which in Singapore means that they can be sold to the public generally (subject to consumer protection laws). Amongst other things to be discussed are how regulatory statutes should be interpreted, whether and how much deference should be given to the views of the regulators, and its ramifications for other areas like cryptocurrency and initial coin offerings.

Keywords: Securities, Collective Investment Schemes, REIT, Land Banking, Asset Land, Administrative Deference, Cryptocurrency, Initial Coin Offerings

Suggested Citation

Tjio, Hans, Collective Investment, Property and Coin Schemes (April 24, 2018). NUS Law Working Paper No. 2018/013. Available at SSRN: or

Hans Tjio (Contact Author)

National University of Singapore (NUS) - Faculty of Law ( email )

469G Bukit Timah Road
Eu Tong Sen Building
Singapore, 259776

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