MAS Imposes a Composition Amount of $15,000 on Elpis Financial Pte Ltd for Contravention of Section 13(1) of the Financial Advisers Act ["FAA"]

1          Elpis Financial Pte Ltd ("Elpis") paid a composition amount of $15,000 on 8 March 2013 for contravening section 13(1) of the FAA.

2          Elpis breached a condition of its financial adviser’s licence by allowing one of its representatives to conduct financial advisory services in Singapore without that representative holding a valid financial adviser’s representative’s licence under the FAA from 6 October 2006 to 29 October 2006. A breach of a licence condition constitutes a contravention of section 13(1) of the FAA.

MAS expects all licensed financial advisers to comply with the provisions of the FAA, Financial Advisers Regulations and the conditions of their licence at all times.

Last Modified on 26/11/2016