In response to media queries received in relation to the proposed merger of ESR REIT and Sabana REIT, MAS would like to clarify that our regulatory framework does not prohibit a shareholder group from owning substantial stakes in two REIT managers managing REITs invested in the same property class. Under the Securities and Futures Act, there are regulatory safeguards to mitigate potential conflicts of interest.
Variation of Prohibition Orders against Ms Zheng Xuemei
Singapore, 22 March 2019… The Minister in Charge of the Monetary Authority of Singapore (MAS) has shortened the duration of the prohibition orders made by MAS against Ms Zheng Xuemei from two years to one year.
2 On 17 May 2018, MAS announced the issuance of prohibition orders against Ms Zheng for a period of two years, with effect from 14 May 2018. The orders prohibit her from performing any regulated activity under the Securities and Futures Act (SFA) and from providing any financial advisory service under the Financial Advisers Act (FAA). She is also prohibited from taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.
3 MAS had issued the prohibition orders on the grounds that (i) Ms Zheng had not honestly carried out her duties to her client as an appointed representative of a financial institution, and (ii) Ms Zheng’s performance as an appointed representative was unsatisfactory.
4 Ms Zheng subsequently appealed to the Minister against MAS’ decision. Following the hearing by MAS’ independent Appeals Advisory Committee (AAC), the Minister has decided to reduce the length of the prohibition orders.
Any person who is aggrieved by MAS’ decision to issue a prohibition order against him is entitled to appeal to the Minister in charge of MAS