MAS Imposes a Composition Amount of $7,500 on

Travelex Singapore Pte Ltd for Conducting Regulated Activity without a Licence

On 16 April 2007, Travelex Singapore Pte Ltd ["Travelex"] paid a composition amount of $7,500 for the contravention of section 82 of the Securities and Futures Act. Travelex conducted business in the regulated activity of leveraged foreign exchange trading without the relevant Capital Markets Services ["CMS"] licence between 5 April 2001 and 19 December 2006.

2. Travelex had since stopped providing leveraged foreign exchange trading services, and has submitted an application for a CMS licence to conduct this regulated activity. The application is currently under review.


Carrying on regulated activities in the capital markets without a licence is an offence under Section 82 of the Securities and Futures Act. It is essential that companies carrying on business in any regulated activity be familiar with licensing and other requirements under the law.