MAS ISSUES REPRIMAND TO LUMEN ADVISORS PTE LTD FOR BREACH OF THE SECURITIES AND FUTURES (LICENSING AND CONDUCT OF BUSINESS) REGULATIONS (CAP. 289, REGULATION 10)



1  On 30 November 2011, MAS reprimanded Lumen Advisors Pte Ltd ["LAPL"] for repeated late lodgments of Form 25 of the Securities and Futures (Licensing and Conduct of Business) Regulations ["SF(LCB)Regs"] after the end of its financial year, such lodgments being required under the SF(LCB)Regs. LAPL is an exempt fund manager under paragraph 5(1)(d) of the Second Schedule to the SF(LCB)Regs, undertaking fund management activity in Singapore on behalf of not more than 30 qualified investors.

2  Under the SF(LCB)Regs, information to be filed in SF(LCB)Regs Form 25 includes the total assets under management of the exempt fund manager, and the total number of qualified investors whom the exempt fund manager undertakes such fund management activity on behalf of.  By failing to submit SF(LCB)Regs Form 25 within 14 days after its financial year end of 31 December 2010, LAPL has contravened paragraph 5(7)(d) of the Second Schedule to the SF(LCB)Regs.  This was not LAPL’s first breach of the SF(LCB)Regs.  LAPL was late in its submission of Form 25 on three previous occasions, in 2005, 2006 and 2008. LAPL has also failed to submit Form 25 in 2007 and 2009.

All financial institutions should comply with all relevant reporting requirements by submitting their statutory forms within the time period stipulated under the law. The Authority may take such breaches into account when considering actions to be taken against the Company for any future contravention of the applicable laws and regulatory requirements, or in the assessment of any future applications for licences or registrations.

Last Modified on 26/11/2016