MAS and CAD to Jointly Investigate All Capital Markets and Financial Advisory Offences
Singapore, 13 March 2018… The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force announced today that they will extend the Joint Investigations Arrangement to cover all offences under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA). This will allow for greater efficiency and more effective enforcement of capital markets and financial advisory offences. The expansion in the scope of the Joint Investigations Arrangement will commence from 17 March 2018.
2 This arrangement will allow both agencies to consolidate their investigative resources and expertise and further improve the overall effectiveness of market misconduct investigations.
3 The CAD-MAS Joint Investigations Arrangement was launched in March 2015 , when both agencies collaborated to co-investigate market misconduct offences under Part XII of the SFA, such as market manipulation and insider trading activities. To-date, the joint investigations have secured conviction against three perpetrators of market misconduct. Several other cases are also before the courts, including persons involved in the alleged manipulation of shares in Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd.
1 Please refer to the MAS’ and CAD’s joint press statement on 17 March 2015. 2 The three convictions secured under the joint investigations are: (1) Dennis Tey Thean Yang, convicted in March 2017, for employing a scheme to defraud two providers of contract for differences; (2) Alan Tay Yeow Kee, convicted in May 2017, for insider trading in the shares of Qualitas Medical Group Limited and Leeden Limited; and (3) Mok Piak Liang, convicted in January 2018, for false trading in the shares of Wilton Resources Corporation Limited.