MAS reprimands asset firm for poor compliance
The Monetary Authority of Singapore (MAS) has reprimanded Taiyo AM for being repeatedly late in its submissions to the regulator, in some cases by more than three years.
MAS said in a enforcement action note that Taiyo had delayed more than once the submission of its annual declaration and auditor reports and changes to its representatives.
The submission of its annual declaration and auditor reports for 2014, 2015 and 2016 were late by two years. The required notification to the regulator of the changes in the appointment and cessation of its director was late more than three years.
The firm only submitted the required documents after queries and reminders from the regulator. MAS said it takes a serious view of such poor compliance consciousness.
Thomas Tey Eng Chee, the remaining director at Taiyo, has been reprimanded for his failure to ensure that the firm had adequate controls to comply with MAS regulations.
A former director at Taiyo also failed to discharge his duties while he was a director of another fund management company, One Asia Investment Partners, whose capital markets services licence was revoked by MAS last year after it was ordered by the court to be wound up.
“MAS will take this dereliction of duties into account if and when the ex-directors apply to hold an appointment in a financial institution in Singapore and/or carry on regulated activities under the Securities and Futures Act,” the watchdog said.
Incorporated in Singapore, Taiyo is a registered fund management company permitted only to serve up to 30 qualified investors, and manage assets of not more than S$250 million, according to MAS.
Due to its limited clientele and managed assets size, it is not subject to the full set of rules that apply to a licensed fund management company.