MAS IMPOSES A COMPOSITION AMOUNT OF $2,500 ON CAROL SEAH AH KIAT FOR FAILING TO NOTIFY THE AUTHORITY OF HER SUBSTANTIAL CHANGES IN SHAREHOLDINGS

1 On 15 February 2009, Ms Carol Seah Ah Kiat [“Ms Seah”] – a financial adviser’s representative of Wynnes Financial Advisers Pte Ltd [“WFA”] - paid a composition amount of $2,500 for contraventions of regulation 10 of the Financial Advisers Regulations [“FAR”]. Ms Seah is the Chief Executive Officer of WFA.

2 Under regulation 10 of the FAR read with regulation 5 of the FAR, a financial adviser’s representative has to notify the Authority within 14 days, of any change in his particulars in the form prescribed in the FAR.  In two instances in 2006, Ms Seah failed to notify the Authority of her changes in shareholdings.  She made late submissions of between 24 and 29 months.  

3 Ms Seah was previously warned by the Authority in 2006 for a contravention of regulation 10 of the FAR.

Financial advisers’ representatives should notify MAS of changes in their particulars in a timely manner, within the stipulated time period. This is necessary for the proper supervision of representatives by the Authority.