MAS Reprimands Ferrell Asset Management Pte Ltd for Breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations (CAP. 289, Regulation 10) and the Financial Advisers Regulations (CAP. 110, Regulation 2)

1     On 29 February 2012, MAS reprimanded Ferrell Asset Management Pte Ltd ["FAMPL"] for breaches of paragraph 5(7)(d) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations ["SF(LCB)Regs"] and regulation 37(2)(d)  of the Financial Advisers Regulations ["FAR"].

2     Paragraph 5(7)(d) of the SF(LCB)Regs stipulates that a declaration in Form 25 should be lodged with MAS within 14 days after the end of the financial year of FAMPL. Information to be filed in 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.  This is not FAMPL’s first breach of the SF(LCB)Regs.  FAMPL was warned for its late submission of Form 25 in 2006 and in 2010.

3     Regulation 37(2)(d) of the FAR stipulates that a declaration in Form 23 should be lodged with MAS within 14 days after the end of the financial year of FAMPL. Information to be filed in Form 23 includes the total number of accredited investors whom FAMPL has acted on behalf of.

4     By failing to submit (i) Form 25 as required by the SF(LCB)R within 14 days after its financial year end of 31 December 2010; and (ii) Form 23 as required by the FAR within 14 days after its financial year end of 31 December 2009 and 31 December 2010, FAMPL has contravened paragraph 5(7)(d) of the Second Schedule to the SF(LCB)R and regulation 37(2)(d) of the FAR.  This is not FAMPL’s first breach of the FAR.  FAMPL was warned for its late submission of Form 23 in 2010.

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 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