Singapore, 12 December 2019… The Monetary Authority of Singapore (MAS) today announced that it has revoked the Capital Markets Services (CMS) Licence of CT Bright Investment Pte. Ltd. (CTBI) with effect from 9 December 2019, due to numerous breaches of MAS’ rules and licence conditions. CTBI also failed to respond to or comply with MAS’ written direction to address the breaches and to strengthen its internal controls to prevent recurrence. CTBI is no longer permitted to carry on business in fund management in Singapore following the revocation. For details, please refer to the statement of our enforcement action at link. (Note: The link is no longer available.)

2          Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said, “MAS does not tolerate such wilful disregard of MAS’ regulatory expectations and directions. In spite of repeated attempts to reach out to CTBI and the CEO, the firm remained unresponsive. MAS will take stern action against financial institutions that do not abide by MAS’ directions, and will revoke the licences of financial institutions that are not serious about carrying on regulated activities.”

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