MAS Imposes Composition Amount of $30,000 on Coutts & Co Ltd for Contravention of Section 99B(3)(a) of the Securities and Futures Act (Cap. 289) ["SFA"]

1          On 5 May 2014, Coutts & Co Ltd [“Coutts SG”] paid a composition amount of $30,000 in respect of a contravention of section 99B(3)(a) of the SFA.

2         Section 99B(3)(a) of the SFA stipulates 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.

3          Coutts SG has contravened section 99B(3)(a) of the SFA as it allowed one of its representatives to carry on business in the regulated activity of fund management from 19 March 2013 to 26 July 2013 when he was not an appointed representative, provisional representative or temporary representative in respect of that type of regulated activity.

 

 All financial institutions should ensure that they do not permit any individual to conduct any type of regulated activity under the SFA on their behalf unless the individual is an appointed representative, provisional representative or temporary representative (as the case may be) in respect of that type of regulated activity

Last Modified on 26/11/2016