MARKET CONDUCT REGULATORY ACTIONS
FROM 1 JAN 2006

Singapore, 17 May 2006... The Monetary Authority of Singapore (MAS) published formal regulatory actions taken since 1 Jan 2006 against three individuals and one licensed entity for market conduct breaches. Details of these actions can be found on the MAS Enforcement webpage. In addition, MAS also took other forms of regulatory and administrative action in another 47 cases.

2  MAS is publishing the details of our formal regulatory actions to signal clearly the market conduct standards MAS expects of market participants.  Formal regulatory action is only one of MAS' numerous supervisory tools. We use our enforcement powers when breaches occur but would prefer to focus our resources on supervising financial institutions so that they have in place robust compliance and risk management systems and processes. The primary responsibility for professional market conduct of a financial institution lies with its senior management.

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Note to editor: 

1. In a statement issued on 9 Nov 2004, MAS had announced that details of market conduct regulatory actions would be published where it is in the public interest to do so, where formal regulatory or enforcement action arises from:

1. significant breaches of the law, regulations or other regulatory requirements in relation to conduct issues;
2. failure to take proper remedial action in response to repeated warnings from MAS on matters of concern;
3. MAS' intent to signal to the market that certain conduct is clearly unacceptable and harmful to the reputation of the financial markets; or
4. the need for MAS to safeguard the interests of the customers of an individual financial institution.
   

2. In a statement issued on 1 Feb 2006, it was announced that MAS will more regularly update the list of market conduct actions in accordance with the Nov 2004 publication policy to better inform market participants of the conduct standards MAS expects them to meet.