SINGAPORE (Dec 12): The Monetary Authority of Singapore (MAS) has revoked the Capital Markets Services Licence of CT Bright Investment, following numerous breaches of rules and licencing conditions.
According to MAS, CTBI did not commence fund management activity within six months of licence issuance, as required. It also did not seek an extension from MAS for the commencement of its fund management business.
Furthermore, CTBI did not lodge numerous regulatory returns under the Securities and Futures Act (SFA) and Securities and Futures (Financial and Margin Requirements) Regulations, despite repeated reminders from MAS to CTBI and its CEO, one Tanawat Wansom.
In addition, CBTI has failed to respond to or comply with MAS’ written direction to address the breaches and to strengthen its internal controls to prevent recurrence. CTBI is no longer permitted to carry on business in fund management in Singapore following the revocation.
“MAS does not tolerate such wilful disregard of MAS’s regulatory expectations and directions,” says Lee Boon Ngiap, MAS's assistant managing director.
“In spite of repeated attempts to reach out to CTBI and the CEO, the firm remained unresponsive. MAS will take stern action against financial institutions that do not abide by MAS’s directions, and will revoke the licences of financial institutions that are not serious about carrying on regulated activities,” he adds.