MAS IMPOSES A COMPOSITION AMOUNT OF $5,000 ON MR LAM CHEE CHOONG DAVE FOR CONDUCTING REGULATED ACTIVITY WITHOUT A LICENCE

1 On 15 August 2006, Mr Lam Chee Choong Dave, at that time a Capital Markets Services [CMS] Representative of State Street Global Advisors Singapore Limited, paid a composition amount of $5,000 for contravening section 83(1) of the Securities and Futures Act [SFA]. 

2 Mr Lam continued to conduct the regulated activity of fund management without a CMS Representative's licence between 1 October 2005 and 22 February 2006, after his licence expired on 30 September 2005.

Under the SFA licensing regime, a person carrying on business in any regulated activity has to hold a valid CMS Representative's licence.  MAS expects the individual to ensure compliance with requirements under the law at all times.