MAS REVOKES THE CAPITAL MARKETS SERVICES REPRESENTATIVE LICENCE OF MR MOW AH KWEE FOR BREACH OF LICENCE CONDITION

1  On 9 February 2006, the Capital Markets Services ["CMS"] representative licence of Mr Mow Ah Kwee was revoked by the MAS, as he had contravened a condition under his CMS representative licence. This is an offence under section 88(3) of the Securities and Futures Act

2  Mr Mow, a CMS representative of DBS Vickers Securities (Singapore) Pte Ltd, had admitted to contravening a licence condition under his CMS representative licence, which prohibits the use of the account of a person to trade for another person who is not the account holder.

3  Mr Mow was cooperative and forthcoming throughout the course of MAS' investigation.

The use of the account of a person to trade for another person who is not the account holder is subject to possible abuse and manipulation. This undermines the integrity of our capital markets.  MAS expects a licensed person to comply with his licence conditions and all requirements under the law at all times.