MAS, CAD team up to investigate jointly market misconducts

SINGAPORE - The Monetary Authority of Singapore (MAS) has joined hands with the Commercial Affairs Department (CAD) to investigate market misconduct such as insider trading and market manipulation, a joint statement by the two agencies said today (March 17).

Under a new arrangement with immediate effect, MAS and CAD will consolidate their resources and expertise in the investigation of potential breaches against Part XII of the Securities and Futures Act. The two agencies will then decide whether the case is subject to civil penalty action or criminal prosecution.

Previously, MAS and CAD conducted investigations independent of each other.

With the new arrangement, MAS officers taking part in joint investigations will be gazetted as CAD officers, giving them the powers to search premises, seize items, and order financial institutions to monitor customer accounts.

By combining MAS' insights in the financial sector and CAD's experience in combating financial crime, the partnership will lead to more effective enforcement outcomes, MAS assistant managing director for capital markets Lee Boon Ngiap and CAD director Tan Boon Gin said.