MAS Issues Reprimand to Frontier Wealth Management Pte Ltd for Breach of the Securities and Futures (Licensing and Conduct of Business) Regulations

1     On 29 December 2011, MAS reprimanded Frontier Wealth Management Pte Ltd (“FWM”) 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, as required under SF(LCB)Regs. FWM is an exempt fund manager under paragraph 5(1)(d) of the Second Schedule to the SF(LCB)Regs.

2     Under the SF(LCB)Regs, 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.  By failing to submit Form 25 within 14 days after its financial year ended on 31 Dec 2010, FWM has contravened paragraph 5(7)(d) of the Second Schedule to the SF(LCB)Regs.  This was not FWM’s first breach of the SF(LCB)Regs.  FWM was also late in its submission of Form 25 for financial years 2005, 2007 and 2008.

All financial institutions should comply with all relevant reporting requirements by submitting their statutory forms within the time period stipulated under the law. 

 

Last Modified on 26/11/2016