SINGAPORE - Two former finance professionals have had prohibition orders imposed on them varied after an appeal to the minister in charge of the Monetary Authority of Singapore (MAS).
Former Credit Suisse banker Lim Fang Wee has had his four-year ban reduced to three years.
Mr Lim was barred on April 30 from carrying out activities regulated under the Securities and Futures Act (SFA) and financial advisory services under the Financial Advisers Act (FAA).
The order also bars him from being a management team member, director or substantial shareholder of any capital market services firm or financial advisory firm under the two Acts.
Mr Kevin Scully, the former chief executive of financial advisory firm NRA Capital, has now been allowed to stay on as a substantial shareholder of the FAA-licensed firm.
But he must submit an undertaking to the MAS - and inform the directors and management of NRA - that he will not exercise any rights over his shares in a way that lets him influence the management and operations of the firm beyond collecting dividends.
His prohibition order - which keeps him from offering financial advisory services under the FAA and serving as a management staff member or director in a licensed financial advisory firm - otherwise remains in force for three years from 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.
Mr Scully was found to have failed to ensure that NRA carried out its valuation service with the care, judgment and objectivity required.
People who had prohibition orders imposed by the MAS can appeal to the minister in charge - Deputy Prime Minister Tharman Shanmugaratnam.
A three-person Appeal Advisory Committee then holds a hearing and submits a report to the minister.