MAS Reprimands Managementplus (Singapore) Pte Ltd for Breach of the Securities and Futures (Licensing and Conduct of Business) Regulations (CAP. 289, Regulation 10)

1          On 12 June 2012, MAS reprimanded Managementplus (Singapore) Pte Limited [“MSPL”] 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.  MSPL 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 2011,  MSPL has contravened paragraph 5(7)(d) of the Second Schedule to the SF(LCB)Regs.  This was not MSPL’s first breach of the SF(LCB)Regs.  MSPL was warned on two previous occasions, for its late submission of SF(LCB)Regs Form 25 for financial years ended 31 December 2008 and 31 December 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