MAS ISSUES REPRIMAND TO STATE STREET GLOBAL ADVISORS SINGAPORE LIMITED FOR CONTRAVENTION OF SECTIONS 253(1) AND 300(1) OF THE SECURITIES AND FUTURES ACT (Cap. 289) (the "SFA")

                  


1       State Street Global Advisors Singapore Limited (the "Company") was reprimanded by the Monetary Authority of Singapore ("MAS") on 29 November 2011 for contravention of section 253(1) of the SFA (read with section 302 of the SFA) and section 300(1) of the SFA (read with section 300(3C) of the SFA and regulation 21 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005) which, among others, imposes liability on a person making an offer of units in a collective investment scheme for a false or misleading statement contained in a prospectus, advertisement or publication.

2       For the period 1 April 2010 to 30 March 2011, the Company's offer of units in the SPDR® Straits Times Index ETF (previously known as the streetTRACKS® Straits Times Index Fund) ("the Fund") was accompanied by a prospectus which contained a false and misleading statement namely that the performance figures stated in the prospectus were materially higher than the actual figures. In addition, the notice of amendments dated 31 March 2011 and 6 June 2011 issued by the Company in relation to the Fund contained performance figures that were false and misleading.

3       MAS notes that the Company has since reviewed the process used in the preparation of the documents, and implemented additional processes and controls.


MAS expects a person making an offer of units in a collective investment scheme to take all reasonable steps to ensure that a prospectus, advertisement or publication in relation to a collective investment scheme does not contain any statements that are false or misleading.

Last Modified on 26/11/2016