Ignorance is not an excuse.
Following the 2008 Financial Crisis, many market participants lost money and cried foul over sophisticated market instruments. They sought compensation from financial institutions who developed and sold such instruments. They reasoned that they were sold investment products that they did not fully understand and were ignorant of the risks involved.
Authorities needed a solution moving forward. The courts cannot always be entertaining such claims. And the solution was developed around the deemed awareness arising either from 1) One’s Relevant Personal Education 2) One’s Recent Instrument Handling Experience or 3) One’s Occupation. Access to the instrument is blocked until deemed awareness is established.
Pass the SGX online education programme to access as specified. i.e. (Daily Leverage Certificates)
Pass the ABS-SAS eLearning to access instruments as specified. i.e. (CFDs, Unit Trusts)
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