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Tharman tweaks MAS prohibition orders upon appeal

Tharman tweaks MAS prohibition orders upon appeal

Source: Business Times
Date Published: 11 Oct 2018
Author: Annabeth Leow

People under MAS prohibition orders can appeal to the minister in charge. A three-person committee holds a hearing and submits a written report to the minister, which he considers in making his final decision.

Orders barring two men from doing some kinds of financial work were tweaked upon appeal to Deputy Prime Minister Tharman Shanmugaratnam, minister in charge of the Monetary Authority of Singapore (MAS), said the regulator on Wednesday.

Former Credit Suisse banker Lim Fang Wee, who is barred from carrying out activities regulated by the Securities and Futures Act (SFA) and Financial Advisers Act (FAA), had his ban reduced from four to three years. It kicked in on April 30 this year.

He is forbidden from being a director or a substantial shareholder of any capital market services firm or financial advisory firm regulated under those acts, and from serving on the management of such a firm.

Meanwhile, Kevin Scully, who used to head financial advisory firm NRA Capital, can now stay on as a substantial shareholder of that firm, but must undertake not to exercise any rights over his shares (beyond collecting dividends) in a way that would let him influence the management and operations of NRA.

Other terms of his three-year prohibition order remain unchanged. He has been blocked from offering financial advisory services under the FAA and serving as a director or on the management of a licensed financial advisory firm since Dec 18, 2017.

Mr Lim was given a prohibition order for deliberately hiding the identity of the true beneficial owner of three accounts with his former employer, while Mr Scully was found to have failed to ensure that NRA carried out its valuation service with the care, judgment and objectivity required.

People under MAS prohibition orders can appeal to the minister in charge. A three-person committee holds a hearing and submits a written report to the minister, which he considers in making his final decision.

Source: Business Times © Singapore Press Holdings Ltd. Permission required for reproduction.

 

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