Ex-UOB Kay Huan remisier Tan Hua Ann penalised S$157,000 for false trading


Posted by Joel CHUA Yong Sheng, Year 3 undergrad at the School of Business, Singapore Management University

Ex-remisier penalised S$157,000 for false trading

POSTED: 19 Mar 2015 16:57
Former UOB Kay Hian remisier Tan Hua Ann is not allowed to conduct business in any regulated activity under the Securities and Futures Act, among other prohibitions, for two years after making S$62,723 through false trading.SINGAPORE: The Monetary Authority of Singapore (MAS) on Thursday (Mar 19) announced that former UOB Kay Hian remisier Tan Hua Ann had admitted to false trading and had paid a S$157,000 civil penalty.

On Oct 20, 2011, Mr Tan entered a false sell order to create a false appearance in the indicative opening price for an Exchange-Traded Fund, Lyxor UCITS ETF MSCI AC Asia Ex Japan (LA10), during the pre-open phase before the start of Singapore Exchange’s trading day,’ the regulator said. Through this, he made personal gains of S$62,723.

MAS said it took civil penalty action against Mr Tan, who admitted to contravening section 197(1)(b) of the Securities and Futures Act (SFA) and cooperated fully during the investigation.

Beyond the civil penalty, which was meted without court action, MAS also issued a prohibition order to Mr Tan. With this order, Mr Tan would not be able to conduct business in any regulated activity under the SFA or act as a representative in respect to any such activities for two years. He is also not allowed to take part in the management of any holder of a capital market services licence or any person exempt from holding a capital market services licence, according to the press release.

This matter was referred to MAS by Singapore Exchange Securities Trading Limited.

Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: “MAS will take firm action against any form of false trading or manipulation as such actions affect investors’ confidence in the market.

“When a licensed person knowingly commits such misconduct, MAS will not hesitate to prohibit such person from carrying out regulated activities for an appropriate period to deter such conduct and protect the investing public.”


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