Big steps forward to cultivate better market conduct and boost confidence
TWO significant events unfolded recently that underscore efforts by the Singapore authorities to futureproof the regulatory framework and deter misconduct in its financial markets.
A week ago, the Monetary Authority of Singapore (MAS) released a report that captured its enforcement chops over an 18-month period up to December 2018. The inaugural report provided rare insights into the nature of the regulator's probes and focus areas that have in turn led to fines and convictions of market intermediaries such as financial institutions, traders and advisers.
The enforcement outcomes over the period included one criminal conviction for false trading, fines worth nearly S$17 million on over 40 financial institutions, 19 orders barring individuals from working in the city state's financial sector, plus 223 warnings, 37 reprimands, 31 letters of advice and 444 supervisory reminders issued mostly to financial institutions and individuals.
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