Singapore regulator reprimands UOB

Keywords:

MAS, Singpore, UOB, Enforcement

The Monetary Authority of Singapore has reprimanded United Overseas Bank for allowing three individuals to provide financial advisory service on its behalf before they were duly notified to the regulator as appointed representatives for the relevant type of financial advisory service.

According to a statement, UOB has contravened section 99B (3)(a) of the Securities and Futures Act (SFA) and section 23(B)(3)(a) of the Financial Advisers Act (FAA).

Section 99B(3) 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.

Section 23B(3)(a) of the FAA stipulates that a principal shall not permit any individual to provide any type of financial advisory service on its behalf unless the individual is an appointed representative or provisional representative in respect of that type of financial advisory service.

UOB has confirmed with MAS that it has put in place policies and procedures to prevent future recurrence.

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