Legitimate to expect disclosures on rebates for bond sales: MAS
SOME form of disclosure on rebates for bond sales by private banks is important, and a legitimate expectation, Monetary Authority of Singapore (MAS) managing director Ravi Menon said.
Speaking to the media on Tuesday, he said though that banning such rebates is "a rather draconian step". He added that the larger focus is that financial institutions must deal with their customers fairly.
The practice of private bankers earning a rebate from selling bonds to clients has come under scrutiny, amid worries that several high-yield bonds held by private-banking investors are now under pressure.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Crypto firm sues SEC to fend off oversight of Ethereum
Snap beats first-quarter expectations, shares jump 25%
Google parent announces first-ever dividend; beats on sales, profit; shares soar
Baltimore’s trapped ships start leaving as new channel opens
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada