MAS IMPOSES A COMPOSITION AMOUNT OF $1,250 ON ROLAND RABANG PAGDANGANAN FOR FAILING TO NOTIFY THE AUTHORITY OF HIS SUBSTANTIAL CHANGE IN SHAREHOLDING

1 On 12 August 2010, Mr Roland Rabang Pagdanganan [“Mr Roland”] – a financial adviser’s representative of IPP Financial Advisers Pte Ltd [“IPPFA”] - paid a composition amount of $1,250 for contravention of regulation 10 of the Financial Advisers Regulations [“FAR”].

2 Under regulation 10(1) 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 Form 18.  In 2010, Mr Roland failed to notify the Authority of his change in shareholdings within 14 days.  The submission was late by 3 months.  

3 Mr Roland was previously warned by the Authority for his failure to inform the Authority of his change in address in 2009.

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.