MAS Imposes Composition Amount of $10,000 on Maiora Asset Management Pte. Ltd. for Late Regulatory Submissions Due to Poor Controls

1    On 25 January 2017, Maiora Asset Management Pte. Ltd. (MAMPL) paid a composition amount of S$10,000 for a series of late submissions of auditor’s reports and audited financial statements to the Monetary Authority of Singapore (MAS) between 2013 and 2015.

2    Between 2013 and 2015, MAMPL failed to put in place adequate financial controls and maintain proper records to enable timely preparation of its auditor’s reports and audited financial statements, despite repeated supervisory reminders. This resulted in repeated late submissions of these documents to MAS. Consequently, MAMPL is in breach of paragraph 5(7J) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations. Although these late submissions did not result in any customer detriment, MAS is disappointed with the prolonged delay by the previous and current boards of directors to rectify the shortcomings in MAMPL’s bookkeeping and controls over a three-year span.

3    The timely submission of accurate returns by financial institutions is necessary for effective supervision by MAS. The board of directors of every financial institution has a duty to ensure that the firm has effective management oversight and the necessary internal controls over financial reporting to comply with MAS’ rules and regulations at all times.

Last Modified on 30/03/2017