Merrill Lynch International Bank has paid a composition amount of S$27,000 for contravening section 99B(3)(a) of the Securities and Futures Act (SFA) of the Monetary Authority of Singapore (MAS).

Date: June 15, 2012

Tags: Merrill Lynch, Singapore, Enforcement

Merrill Lynch International Bank has paid a composition amount of S$27,000 for contravening section 99B(3)(a) of the Securities and Futures Act (SFA) of the Monetary Authority of Singapore (MAS).

Section 99B(3)(a) of the SFA provides that a principal shall not permit any individual to carry on business in any type of regulated activity on its behalf unless the individual is an appointed representative, provisional representative or temporary representative in respect of that type of regulated activity.

Merrill Lynch has contravened section 99B(3)(a) of the SFA as it had permitted seven of its representatives to conduct the regulated activity of fund management before the regulated activity was duly reflected against their names in the public register during the period from 26 November 2010 to 1 April 2011; and 83 during the period from 26 November 2010 to 31 August 2011.

The firm has confirmed to MAS that it has put in place relevant policies and procedures to prevent a recurrence of such contravention.

More details: http://www.mas.gov.sg/news_room/enforcement/2012/Merrill_Lynch_International_Bank.html