MAS Imposes Composition Amount of $2,500 on Harry F. Hopper III for Contravention of Section 137 of the Securities and Futures Act [“SFA”]

1          Harry F. Hopper III had contravened section 137 of the SFA which requires a substantial shareholder of a listed corporation to notify the listed corporation of a cessation in the substantial shareholder’s interest within two business days after becoming aware of the cessation of interest. On 12 March 2014, Harry F. Hopper III paid a composition amount of $2,500 in respect of the breach.

2          Harry F. Hopper III was late in notifying euNetworks Group Limited [“euNetworks”] of the cessation of his interest in euNetworks which took place on 23 September 2013. 

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

Last Modified on 26/11/2016