MAS ISSUES REPRIMAND TO QUANTUM ASSET MANAGEMENT PTE LTD FOR BREACH OF THE SECURITIES AND FUTURES (LICENSING AND CONDUCT OF BUSINESS) REGULATIONS

1 On 15 April 2010, MAS reprimanded Quantum Asset Management Pte Ltd (“QAMPL”) for repeated late lodgment of Form 25 after the end of its financial year, such lodgment being required under the Securities and Futures (Licensing and Conduct of Business) Regulations (“SF(LCB)Regs”). QAMPL is an exempt fund manager under paragraph 5(1)(d) of the Second Schedule to the SF(LCB)Regs, undertaking fund management activity in Singapore on behalf of not more than 30 qualified investors.

2 Information to be filed in Form 25 includes the total assets under management of the exempt fund manager, and the total number of qualified investors whom the exempt fund manager undertakes such fund management activity on behalf of.  By failing to submit Form 25 for the financial year ended 31 March 2009, QAMPL has contravened paragraph 5(7)(d) of the Second Schedule to the SF(LCB)Regs, which requires an exempt fund manager to submit the form within 14 days after its financial year end.  This was not QAMPL’s first breach of the SF(LCB)Regs.  QAMPL was late in its submission of Form 25 on two previous occasions, in 2005 and 2007.

All financial institutions should comply with all relevant reporting requirements by submitting their statutory forms within the time period stipulated under the law.