As Singapore’s central bank, the Monetary Authority of Singapore (MAS) is vested with the responsibility to promote sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance.
JPMorgan Chase Bank, N.A., Singapore Branch was chastised by MAS for contraventions of section 23B (3)(a) of the FAA and section 99B (3)(a) of the SFA.
Section 23B (3)(a) of the FAA stipulates that a principal shall not permit any individual to provide any type of financial advisory service on its behalf unless the individual is an appointed or provisional representative in respect of that type of financial advisory service. Section 99B(3)(a) of the SFA stipulates that a principal shall not permit any individual to carry on business in any type of regulated activity on its behalf unless the individual is an appointed, provisional or temporary representative in respect of that type of regulated activity.
However, JPMorgan breached these by permitting unqualified individuals to administer financial advisory services and dealing in securities and fund management on its behalf between a period of 26 November, 2010 to 16 January, 2013, resulting in their repremandment by the Monetay Authority of Singapore