Enforcement Actions

Information on formal regulatory and enforcement actions taken by MAS for breaches of the Securities and Futures Act (Cap. 289), the Financial Advisers Act (Cap. 110) and the Insurance Act (Cap. 142) is published on this page. The information will remain on this page for a period of five years from the date of publication except for prohibition orders which are still in force after the expiry of the five year period. Information on such prohibition orders will remain on this page until they cease to be in force.

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15 Sep 2015

MAS Reprimands Willis (Singapore) Pte Ltd for Contravention of Section 35ZE of the Insurance Act (Cap. 142) [“IA”]

Insurance Act, Section 35ZE

07 Sep 2015

MAS Issues Prohibition Order against Mr Lau Chee Heong in relation to the Employment of Manipulative and Deceptive Devices

Securities and Futures Act, Sections 201

02 Sep 2015

MAS Imposes Composition Amount of $15,000 on Mercer (Singapore) Pte. Ltd. for Contraventions of Section 23B(3) of the Financial Advisers Act (Cap.110) ["FAA"] and the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [“FAA-N13”]

Financial Advisers Act, Section 23B(3), FAA-N13

30 Jul 2015

MAS Imposes Composition Amount of $5,000 on Aviva Ltd for Contravention of Section 23B(3) of the Financial Advisers Act (Cap.110) ["FAA"]

Financial Advisers Act, Section 23B(3)

29 Apr 2015

MAS Takes Civil Penalty Action against Lim Oon Cheng and Lim Huey Yih for Insider Trading

Securities and Futures Act, Sections 219 and 197

08 Apr 2015

MAS Reprimands CMC Markets Singapore Pte Ltd for Contravention of Regulation 24A of the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations (Rg.13) [“SF(FMR) Regs”]

Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations, Regulation 24A

19 Mar 2015

MAS Takes Civil Penalty Action and Issues Prohibition Order against Tan Hua Ann for False Trading

Section 197(1)(b) of the Securities and Futures Act (SFA)

12 Feb 2015

Former China Sky CEO Huang Zhong Xuan pays civil penalty of $2.5 million and offers to surrender 10% of his shareholdings in China Sky

Securities and Futures Act, Section 199 and Section 203

09 Feb 2015

MAS Reprimands Sea And Land Insurance Brokers Pte Ltd for Contraventions of Section 32(1) of the Financial Advisers Act (Cap.110) ["FAA"], Regulation 20(1) of the Financial Advisers Regulations ["FAR"] and Regulation 10 of the Insurance (Intermediaries) Regulations ["IIR"] Read with Section 36(1) of the Insurance Act (Cap. 142) ["IA"]

Financial Advisers Act, Section 32(1), Financial Advisers Regulation, Regulation 20(1) and Insurance (Intermediaries) Act, Regulation 10 read with Section 36(1) of the Insurance Act

14 Jan 2015

MAS Issues Prohibition Orders Against Tay Meng Hui from Carrying on Business as an Insurance Intermediary and Providing any Financial Advisory Service

Insurance Act, Section 35V(1)(a) and Financial Advisers Act, Section 59(1)(d)

Last Modified on 26/11/2016