• News Headlines – 3-4 Feb 2021

    [Singapore] MAS and SGX: Beware of risks related to trading incited by online discussions

    MAS News, 2 Feb 2021

    The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) advise the investing public to be on heightened alert to the risks related to trading in securities incited by online discussion forums and social media chat groups. The public should be aware that certain individuals may exploit this interest for their own benefit through “pump and dump” activities that can amount to market misconduct under the Securities and Futures Act. Any conduct that intentionally, knowingly, or recklessly creates a false or misleading appearance regarding the active trading, market or price of securities is prohibited under the SFA.

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    [Singapore] Singapore to proceed with Sora transition, even as Libor discontinuation may be pushed back

    Business Times, 2 Feb 2021

    Singapore will press ahead with its industry transition to the Singapore Overnight Rate Average (Sora) as the new interest rate benchmark by the end of this year, even as the discontinuation of a key global rate - the Libor - could be pushed to mid-2023. the proposed extension of Libor discontinuation also provides time to do more to actively transition legacy SOR contracts to Sora, and to deal with the "most challenging legacy transition issues". This transition is expected to be completed by end-2022, Leong Sing Chiong, deputy managing director (markets & development) at the MAS said.

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    [Hong Kong] Market Misconduct Tribunal sanctions Li Yik Shuen for insider dealing in Meadville Holdings Limited shares

    SFC Enforcement News, 3 Feb 2021

    The Market Misconduct Tribunal has ordered that Ms Li Yik Shuen be banned from dealing in securities in Hong Kong for two years, effective from 2 February 2021, after finding her culpable of engaging in insider dealing in the shares of Meadville Holdings Limited following proceedings brought by the SFC. Li has also been ordered to disgorge her profit of $546,817.43 from insider trading in Meadville shares.

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