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.