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OUR MISSION
OUR OBJECTIVES
 
Supervision
Inspections and
Supervisory Reviews
New Legislation
Enhancing Regulatory Frameworks
Market and Business Conduct
Risk Management
B THE FINANCIAL SECTOR: KEY SUPERVISORY
AND REGULATORY INITIATIVES
 
  Market and Business Conduct 51
 
Enhancing Market Discipline  
51
 
Survey on Establishment and Maintenance of
 
the Insurance Broking Premium Account  
51
 
 
Box 11 – MoneySENSE  
52
 
Enhancing Consumer Recourse  
54
 
Financial Industry Disputes Resolution Centre Launched  
54
 
Box 12 – Investigating Across Borders  
55
 
  MARKET AND BUSINESS CONDUCT

Enhancing Market Discipline
 

MAS announced its policy on publishing formal regulatory and enforcement actions for market conduct breaches in November 2004. Between January 2005 and March 2006, MAS took a total of 38 formal regulatory and enforcement actions against companies and individuals for market conduct breaches. These comprised the composition of fines (29), the imposition of civil penalties (4), the revocation of representatives’ licences (3), as well as the issuance of written directions (1) and a reprimand (1). The majority of actions taken involved the failure of substantial shareholders to notify the securities exchange of material information on substantial shareholdings and changes to these shareholdings on a timely basis. This is an offence under section 137 of the SFA. For the period January 2005 to March 2006, MAS also took other forms of regulatory and administrative action in another 157 cases. Publication of regulatory and enforcement actions is intended to signal clearly the market conduct standards MAS expects of market participants.