MAS Reprimands United Overseas Bank Limited for Contravention of Section 99B(3)(a) of the Securities and Futures Act (CAP. 289) ["SFA"] and Section 23B(3)(a) of the Financial Advisers Act (CAP. 110) ["FAA"]

1     On 18 May 2012 MAS reprimanded United Overseas Bank Limited ["UOB"] for contravention of section 99B(3)(a) of the SFA and section 23(B)(3)(a) of the FAA.

2     Section 99B(3) of the SFA provides that a principal shall not permit any individual to carry on business in any type of regulated activity on its behalf unless the individual is an appointed representative, provisional representative or temporary representative in respect of that type of regulated activity. Section 23B(3)(a) of the FAA stipulates that a principal shall not permit any individual to provide any type of financial advisory service on its behalf unless the individual is an appointed representative or provisional representative in respect of that type of financial advisory service.

3     UOB has contravened section 99B(3)(a) of the SFA and section 23B(3)(a) of the FAA as it had allowed 3 individuals to (a) conduct the regulated activity of advising on securities; and (b) provide financial advisory service on its behalf during the period from 26 November 2010 to 9 March 2011 before they were duly notified to the Authority as appointed representatives for the relevant type of regulated activity and financial advisory service and before the relevant type of regulated activity was entered against their names in the register.

4     UOB has confirmed with MAS that they have put in place policies and procedures to prevent future recurrence.

MAS expects all exempt capital markets services licensees and exempt financial advisers to ensure that they do not permit any individual to provide any type of regulated activity on its behalf unless the individual is an appointed or provisional representative in respect of that type of regulated activity.

 

 

 

 

Last Modified on 26/11/2016