MAS Imposes Composition Amount of $4,250 on Atorka Group hf. for Contravention of Section 137 of the Securities and Futures Act [“SFA”]

1          Atorka Group hf. [“Atorka”] had contravened section 137 of the SFA, in force at the material time, which required substantial shareholders of listed companies to notify the securities exchange of changes in their shareholdings. On 9 September 2013, Atorka paid a composition amount of $4,250 in respect of the breach.

2          Atorka was late in notifying the Singapore Exchange Securities Trading Limited of the change in its deemed shareholdings in Asia Environment Holdings Ltd [“AEHL”] which took place on 15 September 2010. In addition, Atorka had not notified AEHL of the above-mentioned change within the stipulated timeframe.

Substantial shareholders are required to provide timely notification of changes in their shareholdings. This is necessary for the proper functioning of a fair, efficient and transparent market.

Last Modified on 26/11/2016