MAS Imposes Composition Amounts of $15,000 on Primebay Ltd (trading as International Financial Services), $5,000 on Peter Alexander Cross and $5,000 on Matthew Philip Smalley for Contraventions under the Financial Advisers Act

1  Primebay Ltd (trading as International Financial Services) ["IFSHK"], has paid a composition amount of $15,000 for contravention of section 6(1) of the Financial Advisers Act (“FAA”). Two of its consultants, Mr Peter Alexander Cross ["Mr Cross"] and Mr Matthew Philip Smalley ["Mr Smalley"] have each paid a composition amount of $5,000 for contraventions of section 7(1) of the FAA. 

2  Under Section 6(1) of the FAA, no person shall act as a financial adviser in Singapore in respect of any financial advisory service unless he is authorised to do so in respect of that financial advisory service by a financial adviser's licence or is an exempt financial adviser. During the period between January 2004 and May 2006, IFSHK allowed Mr Cross and Mr Smalley to conduct financial advisory services in Singapore without holding a valid financial adviser’s licence under the FAA, and hence contravened section 6(1) of the FAA.

3 Under Section 7(1) of the FAA, no person shall act as or hold himself out to be a representative of a licensed financial adviser unless that person holds a representative's licence related to that financial adviser. Both Mr Cross and Mr Smalley had conducted financial advisory services without holding a representative's licence with IFSHK and hence contravened section 7(1) of the FAA.