MAS to Focus on Helping Brokers Detect Customer Market Abuse
- The regulator plans to do this by helping firms strengthen their internal controls.
The Monetary Authority of Singapore (MAS) has published its inaugural Enforcement Report today, which highlights the financial regulator’s enforcement priorities from July 2017 to December 2018, as well as sets out the enforcement actions taken during this time.
During the period, in terms of broker engagement, the MAS was particularly focusing on curbing “undesirable trading behaviour” before it escalated and reducing the negative impact made by on-going suspicious trading activities.
Furthermore, the Singaporean watchdog was also trying to shape broker conduct and culture through their management of such suspicious trading activities by encouraging them to compliment the regulator’s focus on deterring such activities.
MAS to Help Strengthen Brokerages' Internal Controls
Looking forward, the financial regulator will continue on this path of targeting suspicious trading and encourage brokers to keep a close eye for abnormal trading and potential market misconduct.
Specifically, in order to protect consumers and safeguard public trust in Singapore’s financial institutions, the regulator will focus its enforcement efforts to strengthen brokerage houses’ internal controls that will allow them to detect and deter market abuse.
The MAS will also continue to focus on surveillance and conduct investigations into suspected insider trading. Furthermore, the agency will continue to enforce anti-Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term as well as the accurate and timely disclosure of information by listed companies.
Gillian Tan
Source: Ontario Securities Commission
Commenting on the report, Gillian Tan, Executive Director (Enforcement), MAS said “As Singapore’s financial industry grows in size and complexity, so will the risks of financial misconduct."
“Enforcement plays a critical role in financial supervision through the detection, investigation and punishment of serious misconduct. This is intended to deter illegal and unethical behaviour and protect consumers.
“Building on last year’s Enforcement Monograph, the Enforcement Report provides detailed insights into MAS’ enforcement work and priorities, and provides the public and financial sector with a comprehensive picture of our ongoing efforts to preserve the integrity of Singapore’s financial markets.”
The MAS’ Enforcement Report will be published every 18 months. The reports also provide information on the time taken to complete investigations as well as key enforcement outcomes during the given period.
The Monetary Authority of Singapore (MAS) has published its inaugural Enforcement Report today, which highlights the financial regulator’s enforcement priorities from July 2017 to December 2018, as well as sets out the enforcement actions taken during this time.
During the period, in terms of broker engagement, the MAS was particularly focusing on curbing “undesirable trading behaviour” before it escalated and reducing the negative impact made by on-going suspicious trading activities.
Furthermore, the Singaporean watchdog was also trying to shape broker conduct and culture through their management of such suspicious trading activities by encouraging them to compliment the regulator’s focus on deterring such activities.
MAS to Help Strengthen Brokerages' Internal Controls
Looking forward, the financial regulator will continue on this path of targeting suspicious trading and encourage brokers to keep a close eye for abnormal trading and potential market misconduct.
Specifically, in order to protect consumers and safeguard public trust in Singapore’s financial institutions, the regulator will focus its enforcement efforts to strengthen brokerage houses’ internal controls that will allow them to detect and deter market abuse.
The MAS will also continue to focus on surveillance and conduct investigations into suspected insider trading. Furthermore, the agency will continue to enforce anti-Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term as well as the accurate and timely disclosure of information by listed companies.
Gillian Tan
Source: Ontario Securities Commission
Commenting on the report, Gillian Tan, Executive Director (Enforcement), MAS said “As Singapore’s financial industry grows in size and complexity, so will the risks of financial misconduct."
“Enforcement plays a critical role in financial supervision through the detection, investigation and punishment of serious misconduct. This is intended to deter illegal and unethical behaviour and protect consumers.
“Building on last year’s Enforcement Monograph, the Enforcement Report provides detailed insights into MAS’ enforcement work and priorities, and provides the public and financial sector with a comprehensive picture of our ongoing efforts to preserve the integrity of Singapore’s financial markets.”
The MAS’ Enforcement Report will be published every 18 months. The reports also provide information on the time taken to complete investigations as well as key enforcement outcomes during the given period.