Financial institutions in Singapore, whether licensed or exempt, are reminded to comply with all relevant regulatory obligations.
The Monetary Authority of Singapore (MAS) recently withdrew a fund manager’s status in Singapore as a registered fund management company because of the fund manager’s failure to comply with certain obligations imposed on it under the Securities and Futures (Licensing and Conduct of Business) Regulations. As a result of the withdrawal, the fund manager is no longer permitted to carry on the business of fund management in Singapore. The lapses leading to the withdrawal include the failure to do the following:
- Notify the MAS of changes in particulars, including its place of business, the resignation of its director, and changes to the personal particulars of its director (in each case within 14 days after such change has occurred)
- Submit an auditor’s report and accompanying financial statement within five months after its financial year end
- Comply with and furnish information requested by the MAS
The MAS’s decision demonstrates a willingness, in appropriate circumstances, to revoke a financial institution’s regulatory status under its supervisory purview. This decision is a timely reminder to financial institutions and capital markets intermediaries that operate in Singapore, including fund management companies, broker-dealers and corporate finance advisers, and senior management, of the importance of ensuring compliance with all regulatory and license obligations imposed on them.