Publication of Regulatory Actions For Market Conduct Breaches: 2005
Singapore, 1 February 2006...The Monetary Authority of Singapore (MAS) has taken a total of 32 formal regulatory and enforcement actions in 2005 for market conduct breaches. These are cases where MAS has exercised formal regulatory powers. The number includes actions taken in relation to DC William Insurance Brokers Pte Ltd, China Aviation Oil Holding Company and Mr. Yang Yomin, announced separately during 2005.
2 A breakdown of the regulatory and enforcement actions taken by MAS in 2005 is in Annex 1 .
3 MAS announced our policy on publishing formal regulatory and enforcement actions for market conduct breaches in November 2004. As a majority of the 32 breaches that we acted on in 2005 took place entirely or in part before the announcement of our publication policy, we are publishing only aggregate details of our actions in 2005. Going forward we will more regularly update the list of market conduct actions in accordance with our publication policy to better inform market participants of the conduct standards MAS expects them to meet.
4 In line with the practices for market conduct breaches in major overseas jurisdictions, MAS will not disclose confidential and commercially sensitive information obtained during our supervision.
5 Taking formal regulatory action is only one aspect of our overall supervisory work. We have a wide range of regulatory tools and some cases are more appropriately dealt with through informal actions such as a supervisory warning or working with the regulated institution to improve its internal compliance processes and procedures. We also prefer to proactively promote compliance with good market conduct standards. Accordingly, we work closely with our regulated institutions through inspections, off site reviews and discussions with industry participants, compliance officers and professional bodies to help ensure good standards of market conduct are maintained in the interests of a healthy, dynamic financial sector in Singapore.