Enforcement Actions
Published Date: 12 December 2019

MAS Revokes the Capital Markets Services Licence of CT Bright Investment Pte. Ltd.

 

The Monetary Authority of Singapore (MAS) 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, licence conditions, and failure to comply with MAS’ written direction. CTBI is no longer permitted to carry on business in fund management in Singapore following the revocation.

2 CTBI did not commence fund management activity within six months of licence issuance, and also did not seek an extension from MAS for the commencement of its fund management business, as required by MAS .

3 CTBI also failed to lodge numerous regulatory returns under the Securities and Futures Act (SFA) and Securities and Futures (Financial and Margin Requirements) Regulations, despite repeated reminders from MAS to CTBI and its Chief Executive Officer (CEO), Mr Tanawat Wansom.

4 In the ensuing supervisory engagements on the aforementioned breaches, MAS further uncovered CTBI’s breach of its licence condition, by failing to inform MAS on the resignation of one of its two directors, who was also its relevant professional and appointed representative, in early 2018. This also resulted in CTBI’s failure to meet the minimum competency requirementsPursuant to paragraph 3.7 of the Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies for licensed fund management companies of having at least two directors, relevant professionals and appointed representatives.

5 CTBI’s poor compliance track record and unresponsiveness culminated in a breach of a written direction that MAS issued to CTBI, addressed to its CEO, to explain the reason for the breaches of its regulatory obligations and licence conditions, and to direct it to put in place internal controls to prevent a recurrence of these breaches. CTBI and its CEO did not respond to or comply with the written direction.

6 MAS takes a serious view of CTBI’s and its CEO’s flagrant disregard of MAS’ rules, licence conditions and written direction. Pursuant to section 95(2)(da) of the SFA, MAS has revoked CTBI’s CMS licence, for failing to comply with MAS’ written direction to address the breaches of regulations and licence condition and to improve its internal controls.

*****

Additional Information

 

  1. Section 95(2)(da) of the SFA

Under section 95(2)(da) of the SFA, the Authority may revoke a capital markets services licence if it appears to the Authority that the capital markets services licence holder has failed to satisfy any of its obligations under or arising from the SFA or any written direction issued by the Authority under the SFA.