The Monetary Authority of Singapore (MAS) has revoked the Capital Markets Service (CMS) License of CT Bright Investment (CTBI) due to numerous breaches of MAS' rules and licence conditions, the regulator announced.
CTBI did not start fund management activities within six months of the issuing of its licence, and did not seek an extension to commence its fund management business as required by the MAS.
The company also did not lodge numerous regulatory returns under the Securities and Futures Act, and Futures (Financial and Margin Requirements) Regulations, despite repeated reminders to the company and its chief executive Tanawat Wansom.
MAS does not tolerate such wilful disregard of MAS’ regulatory expectations and directions"
"MAS does not tolerate such wilful disregard of MAS' regulatory expectations and directions. In spite of repeated attempts to reach out to CTBI and the CEO, the firm remained unresponsive. MAS will take stern action against financial institutions that do not abide by MAS' directions, and will revoke the licences of financial institutions that are not serious about carrying on regulated activities," said Lee Boon Ngiap, assistant managing director (Capital Markets), MAS.
CTBI had also in 2018 breached its licence condition by not informing the MAS of the resignation of one of its two directors - who was the company's relevant professional and appointed representative.
CTBI is no longer permitted to carry on business in fund management in Singapore, the regulator added. The revocation took effect on 9 December.