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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

Box 12 Investigating Across Borders
 

As financial transactions become increasingly global in nature, wrongdoings in capital markets are likely to span multiple jurisdictions. To safeguard the integrity of our markets, MAS must be prepared to pursue cases involving such wrongdoings.

In February 2006, MAS took civil penalty action against two individuals who used a share trading account located in Hong Kong to carry out insider trading in shares of a company listed in Singapore. The action was the result of investigation work carried out by MAS in Singapore, and in Hong Kong with the assistance of the Hong Kong authorities using existing mutual cooperation arrangements. This case highlights the importance of international regulatory cooperation in ensuring market integrity in cross border transactions.

The two individuals paid a total of S$305,000 in civil penalties to MAS without court action. This enforcement action is a clear signal that MAS is prepared and able to pursue infractions of our securities law, even where perpetrators seek to avoid detection and enforcement through the use of cross border transactions.