ROBUST, TRUSTED, DYNAMIC AND

PURPOSEFUL FINANCIAL CENTRE

A ROBUST FINANCIAL CENTRE
ENFORCEMENT

Enforcement Actions
In April 2015, the highest civil penalty quantum ever imposed by MAS in a single case was announced. Civil penalty action was taken against an individual and his niece for committing insider trading while they were in possession of price-sensitive and non-public information relating to a share acquisition and a mandatory general offer. The individual had also admitted to false trading contraventions. The total civil penalty imposed was S$11,838,000.

In another case, MAS took civil penalty action against a former Managing Director of a foreign bank for insider trading after he traded on price-sensitive and non-public information relating to a proposed acquisition. The defendant had acquired this information in the course of his work. He paid a civil penalty of S$434,912. This case was significant as the defendant, who also headed the foreign bank's investment banking operations at the time of the contravention, was based overseas and had committed the offence of insider trading by trading through his wife's bank account in Singapore.

MAS also took action against two remisiers. The first case was a civil penalty action against a remisier for insider trading after he traded on price-sensitive and non-public information regarding a proposed delisting and cash offer. He paid a civil penalty of S$110,000 and was also prohibited from engaging in regulated activities for a period of two years. In the second case, MAS had reason to believe that a remisier had engaged in a deceptive act when he traded in a client's securities accounts for his own benefit. To prevent possible further misconduct, MAS prohibited the remisier from engaging in regulated activities for a period of two years.

Between April 2015 and March 2016, MAS took a total of 368 regulatory and enforcement actions against companies and individuals for breaches under the SFA and the Financial Advisers Act (FAA). These actions included reprimands, composition fines, civil penalties and prohibition orders. Where they involve significant breaches of law and regulations in relation to conduct issues, MAS publishes details of our market conduct regulatory actions. In this regard, MAS published a total of eight formal regulatory and enforcement actions against companies and individuals under the SFA and FAA.