Investors

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Integrating through Apex AscendOS?
The product guidance on this page applies to you. The endpoints, fields and statuses are Monark's; use the AscendOS equivalents listed in Building on Apex AscendOS.

An investor's status governs what they can do. It applies to individual and entity investors alike, and it is driven by what your platform has recorded about them — principally their accreditation.

Investor status

Status	What it permits	Next
`Pending`	Nothing. A newly created investor cannot view the marketplace, SPVs or investments, or interact with the system. Passing full PII at creation does not change this.	`Limited`
`Limited`	Can view the marketplace — live SPVs and prospective offerings — and can submit indications of interest. Cannot subscribe to an SPV.	`Active`
`Active`	Can create and complete subscriptions in live SPVs.	`Inactive`, `Limited`
`Inactive`	No access. Either the investor's PII has been removed, or they are otherwise barred. Investors who close their brokerage account may land here.	`Pending`

What moves an investor to Active

Recording accreditation is what activates an investor. In the current model that means accrediting the account:

PUT /primary/v2/account/{accountId}/accreditation

Accrediting the account activates its owners. See Accreditation for the fifteen statuses and what each asserts.

Important: Accreditation expires after twelve months. An investor whose accreditation has lapsed is refused at order time with "Accreditation has expired", regardless of their status. Store the date, and prompt before it lapses rather than at the point of order.

An investor recorded as NOT_APPLICABLE — known not to be accredited — is refused with "Investor is not accredited" unless the offering permits non-accredited investors. NOT_SPECIFIED, meaning not yet collected, keeps the investor usable and is not subject to the expiry.

KYC status

Monark performs KYC and AML checks on investors who subscribe to an SPV, triggered once a subscription is created. The checks vary by the jurisdiction of the platform the investor subscribed through. Monark updates the investor's KycStatus when the check completes.

Status	Meaning	Next
`Pending`	Reviewed, and additional information is required. Monark works with your platform to remediate or collect it.	`Passed`, `Rejected`, `ManualReviewRequired`
`ManualReviewRequired`	The check could not be resolved automatically and is with a reviewer.	`Passed`, `Rejected`
`Passed`	Cleared with no errors or outstanding requests. Remains `Passed` for two years.	`Pending`, `Rejected`
`Rejected`	The investor should not be permitted to subscribe. Rare, and reserved for extreme circumstances.	—

Important: An investor's KYC must be Passed for their subscriptions to reach Complete. A subscription can be created, signed and moved to Processing while KYC is still outstanding — so a pending check does not block the investor, but it does block the close.

Where Monark has a KYC reliance letter in place with your platform, investors associated with it have KycStatus set to Passed automatically.

Advisors

An investor may be associated with more than one financial advisor. financialAdvisorIds carries the full list.

Note: The singular financialAdvisorId is obsolete. It returns the single advisor id where an investor has exactly one, and null otherwise — so an investor with two advisors reads as having none. Use financialAdvisorIds.

Reading an investor

A v2 party id doubles as a v1 investor id, so:

GET /primary/v1/investor/{partyId}

returns the investor record, including status, accreditationStatus, accreditationUpdatedAt and type. See Investor Accounts.

Next steps

Recording how an investor qualifies: Accreditation
Creating the parties and accounts: Investor Accounts
What a subscription does next: Transactions