Response to "SGX should be more proactive against potential insider trading" - Business Times, 26 March 2014
27 March 2014
I refer to Mr Mak Yuen Tee’s letter “SGX should be more proactive against potential insider trading” (Business Times, 26 March 2014). Effective surveillance and robust investigations are part and parcel of the overall enforcement strategy in Singapore against capital market misconduct.
We take a serious view of all market misconduct, including insider trading and market manipulation. MAS spares no effort in conducting investigations into possible transgressions, and works closely with other statutory agencies to enforce the law against offenders. Rigorous actions are taken against those who breach our laws.
Since 2008, criminal prosecutions have successfully led to convictions in 33 market misconduct cases. In the same period, MAS has successfully obtained civil penalty judgments in 4 cases before the Singapore Courts, as well as entered into 14 civil penalty settlements. Importantly, all these settlement agreements include an admission of liability by the offender. All these enforcement actions and settlements are published. An effective enforcement regime with stringent penalties is absolutely necessary to deter market misconduct and maintain a fair, clean and transparent market environment in Singapore.
Executive Director (Strategic Planning & Communications)
Monetary Authority of Singapore