MAS REVOKES THE CAPITAL MARKETS SERVICES REPRESENTATIVES'S LICENCE OF CHIA HOCK JOO ON GROUNDS OF CONVICTION

1 On 30 May 2008, the Capital Markets Services ["CMS"] Representative's licence of Mr Chia Hock Joo was revoked by the MAS.

2 Mr Chia, a CMS Representative of OCBC Securities Pte Ltd ["OSPL"], had on 23 May 2008 pleaded guilty to 3 charges of contraventions of section 201(b) of the Securities and Futures Act (Cap. 289).  He had engaged in a practice which operated as a deceit upon OSPL by conducting trades for the benefit of a customer under the accounts of other customers. He was sentenced to a total fine of S$120,000 on 23 May 2008.

Engaging in deceptive acts in connection with the subscription, purchase or sale of securities undermines the integrity of our capital markets.  MAS expects all licensed persons to conduct their activities with integrity and to comply with market conduct rules and regulations, as well as other requirements under the law.