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Singapore strengthens investigation over market misconduct

Xinhua, March 17, 2015 Adjust font size:

The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force said on Tuesday that they will jointly investigate market misconduct with immediate effect.

The two will work on offenses such as insider trading and market manipulation under Part XII of Singapore's Securities and Futures Act (SFA), a press release issued by both departments said, adding that such arrangement will enhance the enforcement process and bring about greater efficiency.

MAS and CAD have been investigating market misconduct offenses independently, based on an initial assessment of whether the offense is likely to be a civil penalty or criminal prosecution case.

Under the new arrangement, MAS and CAD will consolidate their investigative resources and expertise. Such collaboration gives both greater coordination when formulating enforcement policies in the area of market misconduct, and help improve the overall effectiveness of market misconduct investigations.

Lee Boon Ngiap, assistant managing director of capital markets at MAS and Tan Boon Gin, director of CAD affirmed the joint investigation arrangement as an important refinement to the regime, saying that the new arrangement would deliver more effective enforcement outcomes that would further strengthen public trust and confidence in Singapore's capital markets. Endi