The Monetary Authority of Singapore (MAS) has reprimanded RVP One and its chief executive officer (CEO), Viktor Panisch, for breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR).
As required by SFR, the registered fund management company failed to submit several pieces of information. This included financial returns for FY2020 - FY2022 and annual declaration for FY2023; changes to its shareholding structure and the resignation of a director; and information concerning its fund management business, including the location of its employees, shareholding structure and details of a new fund.
As RVP’s CEO and director, Panisch was solely responsible for ensuring that RVP complied with MAS’ regulatory requirements, says the central bank in its July 30 statement.
MAS found that despite Panisch’s knowledge of RVP’s breaches, he had failed to take adequate measures to ensure that RVP complied with MAS’ regulatory requirements.
This occurred in spite of MAS sending multiple reminders to RVP to make the relevant submissions.
MAS takes a serious view of such egregious non-compliance with regulatory requirements and expects all financial institutions to take their reporting requirements seriously.
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