MAS Reprimands Singapore Consortium Investment Management Limited for Contravention of Section 99B(3) of the Securities and Futures Act (CAP. 289) ["SFA"]

1          On 8 May 2014, MAS reprimanded Singapore Consortium Investment Management Limited [“SCIML”] for contravention of section 99B(3) of the SFA.

2          Section 99B(3) of the SFA stipulates that a principal shall not permit any individual to carry on business in respect of any regulated activity on its behalf unless, amongst others, the individual is an appointed representative, provisional representative or temporary representative in respect of that type of regulated activity.

3          SCIML contravened section 99B(3) of the SFA as it allowed four employees, who were not appointed representatives, provisional representatives or temporary representatives under the SFA, to conduct the regulated activity of dealing in securities.

All financial institutions should have robust systems and controls to ensure that they do not permit any individual to conduct any type of regulated activity under the SFA or provide any financial advisory service under the FAA on their behalf unless the individual is an appointed, provisional or temporary representative in respect of that type of regulated activity or financial advisory service.

Last Modified on 26/11/2016