MAS reprimands JPMorgan Singapore for contravening laws

JPMORGAN Singapore on Wednesday was reprimanded by the Monetary Authority of Singapore (MAS) for contraventions of the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA).

The bank had permitted two representatives - who were not appointed or provisional representatives - to provide financial advisory services on its behalf from Nov 26, 2010 to Jan 16, 2013.

It had also permitted four representatives - who were not appointed, provisional or temporary representatives - to deal in securities and fund management on its behalf in the same period.

Separately, MAS reprimanded an individual named Ulysses Lau for contravening the SFA. He had acted as a representative of JPMorgan Singapore in the dealing of securities from September 2013 to January 2014, when he was not an appointed, provisional or temporary representative in the dealing of securities.