Dear Mr. Tan,
In some prospectuses I came across recently, I have noticed that there are statements on various pages of the same prospectus saying that the product should not be retailed to USA citizens.
Hope that SM Goh will get MAS to study this and learn from USA to protect Singapore citizens.
XL
we are surprised why the products cannot be sold to US citizen ? Then the authorities here should also ensured why they are allowed to be sold to locals. Thanks
ReplyDeleteRegards
Patrick
us citizens can't buy any investment products becoz of tax laws if i'm not wrong
ReplyDeleteThese products cannot be sold to US Persons because they are not registered in USA; and not because of product suitability or that US government is protecting its citizen.
ReplyDeleteIf I may offer a possible explanation.
ReplyDeleteThe USA consumer rights law is extremely powerful. If a US citizen buys this product and there is a fiasco, the FIs and Issuers can be sued to the millions. So these bond issuers sell them in "3rd world" countries to protect themselves from foreign lawsuits.
- VS Lingam
I agree with VS Lingam. The financial institutions dare not sell these toxic products in the USA because they will face the wrath of the regulator and the court.
ReplyDeleteThe regulatory regime in Singapore is too light. This is why they are able to sell these bad products here. The elderly folks got hit the hardest.
They can't be sold to US citizens for tax reasons. Nothing to do with protection.
ReplyDeleteYes, its due to tax reasons. After reading the blog, i find a few people like to blame singapore or anywhere/anyone except US. =)
ReplyDelete