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HomeIndustry NewsSingaporean regulator revokes license of CT Bright Investment
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Singaporean regulator revokes license of CT Bright Investment

The Monetary Authority of Singapore (MAS) today announces that it has revoked the Capital Markets Services license of CT Bright Investment Pte. Ltd. (CTBI).

The revocation, which got into effect on December 9, 2019, is due to numerous breaches of MAS’ rules, licence conditions, and failure to comply with MAS’s written direction. As a result, CTBI is no longer permitted to carry on business in fund management in Singapore.

The regulator explains that CTBI did not start fund management activity within six months of licence issuance. The company did not seek an extension from MAS for the commencement of its fund management business, as required by MAS, either.

In addition, CTBI failed to file numerous regulatory returns under the Securities and Futures Act (SFA) and Securities and Futures (Financial and Margin Requirements) Regulations, in the face repeated reminders from MAS to CTBI and its Chief Executive Officer Mr Tanawat Wansom.

MAS further identifief CTBI’s breach of its licence condition, as the company failed to inform MAS on the resignation of one of its two directors, who was also its relevant professional and appointed representative, in early 2018. This also resulted in CTBI’s failure to meet the minimum competency requirements for licensed fund management companies of having at least two directors, relevant professionals and appointed representatives.

CTBI’s poor compliance track record and unresponsiveness culminated in a breach of a written direction that the regulator issued to CTBI, addressed to its CEO, to explain the reason for the breaches of its regulatory obligations and licence conditions, and to direct it to put in place internal controls to prevent a recurrence of these breaches. CTBI and its CEO did not respond to or comply with the written direction.

The watchdog takes a serious view of CTBI’s and its CEO’s flagrant disregard of MAS’ rules, licence conditions and written direction. Pursuant to section 95(2)(da) of the SFA, MAS has revoked CTBI’s licence for failing to comply with MAS’ written direction to address the breaches of regulations and licence condition and to improve its internal controls.

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