Monetary Authority of Singapore Annual Report 2011/2012
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MAS’ First Two Civil Penalty Court Actions

In 2011, the Court of Appeal (CA) issued written Grounds of Decision (GDs) for MAS’ first two civil penalty court actions. The first case involves the former Chief Risk and Financial Officer of a Singapore-listed company who contravened the insider trading prohibition in the SFA. The second case involves a Malaysian fund manager and its Chief Executive Officer who traded with the intention of creating a false or misleading appearance in the price of shares of a Singapore-listed company. In both cases, the CA upheld the High Court decisions and found the defendants liable. The GDs of these two cases provide judicial guidance on many issues relating to insider trading and false trading, and set precedents for future cases.