MAS Reprimands OANDA Asia Pacific Pte Ltd for Contravention of Section 28A(2) of the Monetary Authority of Singapore Act (CAP. 186) ["MAS Act"]

                On 28 June 2012, MAS reprimanded OANDA Asia Pacific Pte Ltd [“OAPPL”] for contravention of section 28A(2) of the MAS Act.

2             Section 28A(2) of the MAS Act stipulates that the Monetary Authority of Singapore (the "Authority") may by regulations require a financial institution registered, licensed, approved or regulated by the Authority under any written law to be a member of such approved dispute resolution scheme and to comply with such terms of membership of the scheme as may be prescribed. Regulation 4(2) of the MAS (Dispute Resolution Schemes) Regulations 2007 ["MAS(DRS)R"] states that every financial institution described in Part I of the Second Schedule shall be a member of at least one of the schemes specified in the First Schedule. The First Schedule to the MAS(DRS)R provides that the approved dispute resolution scheme is that operated by the Financial Industry Disputes Resolution Centre Ltd ["FIDReC"].

3             OAPPL has contravened section 28A(2) of the MAS Act as it was not a member of the approved dispute resolution scheme operated by FIDReC for the period between 11 September 2009 and 7 September 2011 .

4             OAPPL has confirmed to MAS that they have since rectified this and have been a member of FIDReC since 8 September 2011.

MAS expects a Capital Markets Services licensee to take all reasonable steps to comply with the provisions of the MAS Act, the MAS (Dispute Resolution Schemes) Regulations 2007 and all applicable regulatory requirements at all times.

Last Modified on 26/11/2016