Daily News Headlines

  • News Headlines – 3-7 Sept 2021

    [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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