MAS imposes composition amount of $50,000 on UOB Asset Management  Ltd for contraventions of Regulation 40(1) of the Securities and Futures (Licensing and Conduct of Business) Regulations ["SF(LCB)R"]

 

1     On 8 December 2011, UOB Asset Management Ltd ["UOBAM"] paid a composition amount of S$50,000 in respect of contraventions of regulation 40(1) of the SF(LCB)R, which requires a holder of a Capital Markets Services ("CMS") license, on a monthly basis, to furnish each of its customers with a statement  of account containing the particulars stated in regulation 40(2).

2     UOBAM reported that 48,769 customers were not furnished with monthly statements over the period from November 2004 to October 2010.

3     UOBAM voluntarily reported the contraventions, and as of 10 November 2010, has begun sending monthly statements of account to all relevant customers.

MAS seeks to highlight the importance of CMS licensees to adhere to regulation 40(1) of the SF(LCB)R, as it supports MAS’s objective of well-informed and empowered consumers.

Last Modified on 26/11/2016