Financial institutions in Singapore, whether licensed or exempt, are reminded to comply with all relevant regulatory obligations.
The Monetary Authority of Singapore (MAS) recently withdrew a fund manager’s status in Singapore as a registered fund management company because of the fund manager’s failure to comply with certain obligations imposed on it under the Securities and Futures (Licensing and Conduct of Business) Regulations. As a result of the withdrawal, the fund manager is no longer permitted to carry on the business of fund management in Singapore. The lapses leading to the withdrawal include the failure to do the following:
The MAS’s decision demonstrates a willingness, in appropriate circumstances, to revoke a financial institution’s regulatory status under its supervisory purview. This decision is a timely reminder to financial institutions and capital markets intermediaries that operate in Singapore, including fund management companies, broker-dealers and corporate finance advisers, and senior management, of the importance of ensuring compliance with all regulatory and license obligations imposed on them.
If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following Morgan Lewis lawyers: