MAS SUSPENDS THE CAPITAL MARKETS SERVICES REPRESENTATIVE'S LICENCE OF MR YEO KENG SENG

1 On 23 October 2009, MAS suspended the Capital Markets Services ["CMS"] Representative's licence of Mr Yeo Keng Seng on the ground that he had engaged in conduct incompatible with a fit and proper person.

2  On 12 August 2009, Mr Yeo, a CMS Representative of Phillip Securities Pte Ltd, was found by the Singapore Exchange Securities Trading Limited’s ["SGX-ST"] Disciplinary Committee ["DC"] to have contravened SGX-ST rule 13.8.1(2) between 1 July 2005 and 31 October 2006 in that he had engaged in acts which were likely to lead to a false market in respect of the shares of Craft Print International Limited.  Mr Yeo was fined $25,000 and suspended for three months by SGX-ST's DC with effect from 27 August 2009. MAS took into consideration the disciplinary actions taken by SGX-ST's DC and suspended Mr Yeo's CMS Representative's licence for the same period, i.e. up to 27 November 2009.

All licensed persons must satisfy the fit and proper criteria at all times. MAS expects licensed persons to conduct their activities with integrity and to comply with market conduct rules and regulations, as well as other requirements under the law. MAS may take into consideration disciplinary actions taken by a market operator or other regulatory authorities in assessing whether a person is fit and proper for the purpose of deciding whether to grant, suspend or revoke a CMS Representative's licence.