[Singapore] Two
individuals banned following convictions for providing false information to MAS
MAS, 2 Sept 2021
The MAS has issued prohibition orders against two former representatives
of UOB Kay Hian Private Limited (UOBKH), in which a four-year prohibition order
against Mr Lan Kangming and a three-year PO against Mr Wee Toon Lee, following
their convictions in the State Courts for offences involving dishonesty. During
an inspection conducted by MAS on UOBKH, MAS found that there were suspicions
that a due diligence report that had been prepared for the IPO of a company
listed on the Singapore Exchange’s Catalist Board had been amended post-IPO and
that Mr Lan and Mr Wee had provided false information to MAS. During
investigations, Mr Lan and Mr Wee made several false statements, including
affirming repeatedly that they had received the amended version of the report before
the IPO. Mr Lan and Mr Wee’s convictions for offences involving dishonesty, as
well as their conduct during MAS’ inspection, have given MAS reason to believe
that Mr Lan and Mr Wee have not and will not carry out regulated activities
under the SFA honestly.
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[Singapore] MAS bans
Binance.com from unlicensed payment services, red flags it with Investor Alert
List
Business Times, 2 Sept
2021
The MAS has stopped Binance.com from
carrying on its unlicensed payment services, and put the crypto exchange on its
Investor Alert List. On Thursday, an MAS spokesperson said the central bank has
reviewed Binance.com’s operations and is of the view that Binance, the operator
of Binance.com, may be in breach of the Payment Services Act (PS Act) for
carrying on the business of providing payment services to, and soliciting such
business from Singapore residents without an appropriate licence.
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[Mainland China] China's
finance regulators vow tighter supervision, new rules
Business Times, 6 Sept
2021
Chinese officials pledged to tighten
supervision in the financial services industry, suggesting a recent regulatory
onslaught on the private sector that sent shock waves globally is not over yet.
The central bank will close loopholes in its financial technology regulation,
and include all types of financial institutions, services and products into its
prudential supervision framework, Chen Yulu, deputy governor of the People's
Bank of China, said at the China International Finance Annual Forum.
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[Hong Kong] Circular to
licensed corporations engaged in asset management activities - Questionnaire on
asset management activities relating to private funds (other than hedge funds)
and managed accounts
SFC Circulars, 6 Sept
2021
The SFC will introduce a questionnaire for
selected licensed corporations to gain better insight into asset management
activities relating to private funds (other than hedge funds) and managed
accounts. The questionnaire will collect data and information about the
business activities of non-hedge fund managers, the types of private funds and
managed accounts they manage and their sizes, investments, types of investors,
leverage and risk management. The questionnaire will cover the period from 1
October 2020 to 30 September 2021. In late September 2021, selected licensed
corporations will receive an email from the SFC with the questionnaire and
guidance notes for completion. The completed questionnaire should be returned
to the SFC by 1 November 2021.
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