MAS, CAD extend joint investigations to all capital markets, financial advisory offences

The joint investigations arrangement will be expanded to now cover all offences under the Securities and Futures Act and Financial Advisers Act.
The joint investigations arrangement will be expanded to now cover all offences under the Securities and Futures Act and Financial Advisers Act.PHOTO: ST FILE

SINGAPORE - The Monetary Authority of Singapore (MAS) and the police's Commercial Affairs Department (CAD) will jointly investigate all capital markets and financial advisory offences from Saturday (March 17).

In a joint statement on Tuesday, MAS and the Singapore Police Force said that this will allow greater efficiency and more effective enforcement of such offences.

The joint investigations arrangement will be expanded to now cover all offences under the Securities and Futures Act (SFA) and Financial Advisers Act, the statement said.

Launched in March 2015, the CAD-MAS Joint Investigations Arrangement began with both agencies collaborating on investigations into market misconduct offences under the SFA.

Examples of these offences include market manipulation and insider trading activities.

Since then, the authorities have secured convictions against three perpetrators of market misconduct.

The statement said that the new arrangement will allow both agencies to "consolidate their investigative resources and expertise and further improve the overall effectiveness of market misconduct investigations".

In the first case brought jointly by MAS and CAD, former DBS Vickers trader Dennis Tey Thean Yang was convicted in March 2017 for spoofing the securities market.

Tey was sentenced to 16 weeks' jail for employing a scheme to defraud two providers of contract for differences.

Two months later in May 2017, former CIMB Group banker Alan Tay Yeow Kee was found guilty of conducting insider trading in the shares of Qualitas Medical Group and welding products supplier Leeden. He was fined $180,000.

In January, Mok Piak Liang was convicted of false trading in the shares of Wilton Resources Corporation. He was jailed for four months.