THE Monetary Authority of Singapore (MAS) has reprimanded registered fund manager RVP One and its chief executive for breaching the Securities and Futures (Licensing and Conduct of Business) Regulations.
On Tuesday (Jul 30), MAS said that RVP failed to submit information about its financial returns for fiscal years 2020 to 2022, as well as an annual declaration for FY2023.
It also did not inform MAS of changes to its shareholding structure and the resignation of a director, as well as other information such as employees’ locations and details of a new fund.
CEO and director Viktor Panisch was responsible for ensuring that the company complied with MAS’ regulatory requirements, said the authority.
But MAS found that Panisch, despite knowing about the breaches, did not take adequate steps to ensure RVP’s compliance, said the authority.
“RVP’s and Panisch’s breaches occurred despite MAS sending multiple reminders to RVP to make the relevant submissions or furnish MAS with the required information,” it added. “MAS takes a serious view of such egregious non-compliance with regulatory requirements.”
Under the Securities and Futures Regulations, a registered fund management company is expected to notify MAS of changes to its company, directors, representatives and relevant professionals or shareholders within 14 days of the change.
It also requires a company to submit an annual declaration and an auditor’s report within one and five months after the end of each of its fiscal years, respectively. A company also needs to provide MAS information concerning its business in fund management.
MAS added that it expects all financial institutions to take their reporting requirements seriously. It also urged CEOs and directors to carry out their duties effectively.
