MAS Reprimands Mr Ray Mok Tuck Hwa for Contravention of Section 23B(1)(a) of the Financial Advisers Act (Cap.110) ["FAA"] and Section 99B(1) of the Securities and Futures Act (Cap.289) ["SFA"]

1          On 5 March 2014, MAS reprimanded Mr Ray Mok Tuck Hwa ["Mr Mok"] for contraventions of section 23B(1)(a) of the FAA and section 99B(1) of the SFA.

2          Section 23B(1)(a) of the FAA stipulates that no person shall act as a representative in respect of any type of financial advisory service under the FAA, or hold himself out as doing so, unless he is an appointed or provisional representative in respect of that type of financial advisory service.  Section 99B(1) of the SFA stipulates that no person shall act as a representative in respect of any type of regulated activity under the SFA, or hold himself out as doing so, unless he is, amongst others, an appointed representative, provisional representative or temporary representative in respect of that type of regulated activity.

3          Mr Mok has contravened section 23B(1)(a) of the FAA as he had acted as a representative of Coutts & Co Ltd [“Coutts SG”] in respect of the financial advisory service of advising others, either directly or through publications or writings, and whether in electronic, print or other form, concerning any investment product from 26 November 2010 to 6 July 2012, when he was not an appointed or provisional representative in respect of that type of financial advisory service.  Mr Mok has also contravened section 99B(1) of the SFA as he had acted as a representative of Coutts SG in respect of the regulated activity of trading in futures contracts from 26 November 2010 to 6 July 2012, when he was not an appointed representative, provisional representative or temporary representative for the regulated activity of trading in futures contracts.

Any individual conducting any regulated activity under the SFA or providing any financial advisory service under the FAA, on behalf of the individual’s principal, must be an appointed, provisional or temporary representative in respect of that type of regulated activity, or an appointed or provisional representative in respect of that type of financial advisory service.  This ensures that individuals conducting regulated activities or providing financial advisory services are fit and proper and comply with the relevant requirements under the SFA or FAA respectively.

Last Modified on 26/11/2016