MAS Reprimands Mr Ulysses Lau for Contravention of Section 99B(1) of the Securities and Futures Act (Cap. 289) ["SFA"]

1       On 24 December 2014, MAS reprimanded Mr Ulysses Lau [“Mr Lau”] for contravention of section 99B(1) of the SFA.

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

3       Mr Lau has contravened section 99B(1) of the SFA as he had acted as a representative of JPMorgan Chase Bank, N.A., Singapore Branch in respect of the regulated activity of dealing in securities from September 2013 to January 2014, when he was not an appointed, provisional or temporary representative for the regulated activity of dealing in securities.

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

Last Modified on 26/11/2016