Site Meter
« More AIJ related fallout in Japan | Main | Australian regulator launches consultation on additional hedge fund disclosure »
Thursday
Sep272012

Singapore MAS reprimands fund manager for continued breaches

The Monetary Authority of Singapore announced that it had reprimanded Northstar Advisors for failing to submit forms on time.  According to the MAS the reprimand came after two prior warnings for late forms. 

Monitoring adherance to due dates for forms is an essential part of the compliance regime in most countries and Singapore is no different in this regard.  The text of the MAS announcement is below:

MAS Issues Reprimand to Northstar Advisors Pte. Ltd. for Breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Regulation 10)

1          On 20 September 2012, MAS reprimanded Northstar Advisors Pte. Ltd. [“NAPL”] for repeated late lodgments of Form 25 (now repealed[1]) of the Securities and Futures (Licensing and Conduct of Business) Regulations [“SF(LCB) Regs”] after the end of its financial year.  NAPL is an exempt fund manager under paragraph 5(1)(d) (now repealed) of the Second Schedule to the SF(LCB) Regs, undertaking fund management activity in Singapore on behalf of not more than 30 qualified investors.

2          Under the SF(LCB) Regs, information to be filed in SF(LCB) Regs Form 25 (now repealed) includes the total assets under management of the exempt fund manager, and the total number of qualified investors whom the exempt fund manager undertakes such fund management activity on behalf of.  By failing to submit SF(LCB) Regs Form 25 (now repealed) within 14 days after its financial year end of 31 December 2011,  NAPL has contravened paragraph 5(7)(d) (now repealed) of the Second Schedule to the SF(LCB) Regs.  This was not NAPL’s first breach of the SF(LCB) Regs.  NAPL was warned on two previous occasions, for its late submission of SF(LCB) Regs Form 25 (now repealed) for the financial years ended 31 December 2008 and 31 December 2010.

All financial institutions should comply with all relevant reporting requirements by submitting their statutory forms within the time period stipulated under the law. MAS may take such breaches into account when considering actions to be taken for any future contravention of the applicable laws and regulatory requirements, or in the assessment of any future applications for licences or registrations.



[1] With effect from 7 August 2012, paragraph 5(7)of the Second Schedule to the SF(LCB) Regs has been replaced and substituted by paragraphs 5(7) to 5(7L) of the Securities and Futures (Licensing and Conduct of Business) (Amendment No. 2) Regulations 2012 with the implementation of the enhanced regulatory regime for fund management companies.

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.