Singapore regulator wants to increase penalties in unauthorised trading case

SINGAPORE (May 17): The Monetary Authority of Singapore is going to court to seek an increase in penalties handed down to a divorced couple for unauthorised stock trading.

The regulator is challenging sums of as much as $75,000 ordered by a district judge in March, according to its notice of appeal filed in the Singapore High Court. The punishments are at the low end of the $50,000 to $2 million MAS can seek under the city’s civil penalty regime.

The case is the latest indication that Singapore is taking enforcement of financial misconduct seriously. MAS secured its first conviction of a trader, sentenced to a 16-week jail term in the city’s first criminal spoofing case, in March and has set up a new unit to enhance surveillance.

---

Related Stories

• MAS imposes fine on JP Morgan Chase for failing to detect misconduct by its RMs
• Suntec REIT biggest beneficiary from MAS’s ‘looser’ leverage, ICR rules: OCBC
• Banks in Singapore can withstand multiple shocks: MAS

---