MAS ISSUES REPRIMAND TO STERLING KNIGHT (PTE) LTD FOR BREACHES UNDER THE FINANCIAL ADVISERS REGULATIONS

1 Sterling Knight (Pte) Ltd ("SKPL") was reprimanded by MAS on 28 November 2008 for late submission of annual statutory returns under the Financial Advisers Regulations ("FAR").

2 SKPL, an insurance broker registered under the Insurance Act, is exempted from holding a Financial Adviser licence to act as a financial adviser in Singapore pursuant to Section 23(1)(c) of the Financial Advisers Act. Regulation 37(1)(a) and 37(1)(e) of the FAR require an exempt financial adviser to submit a statement of placement of direct life insurance business handled by the exempt financial adviser (Form 16) and an audited statement of insurance broking premium account (Form 24) within five months from the financial year end. SKPL was late in its submission of the forms by more than three months.

3 SKPL was previously warned by MAS in March 2008 for late submission of statutory returns.

All financial institutions, whether licensed or exempt, should ensure that they submit the statutory returns on a timely manner. This is necessary for the proper supervision of the financial institutions by the Authority.