Tuesday, October 28, 2008

Enforce the law

Sent by e-mail to me:

Minister Lim Hng Kiang (Deputy Chairman of MAS) said that it is not up to MAS to judge the merit of the investment product, yet MAS endorses the standard of clarity in the prospectus of the investment products.

He said that two legal laws, i.e. Financial Advisors Act and The Securities and Futures Act, are already in place, yet MAS, being the regulator empowered to enforce these laws, chooses not to exercise its power.

Full posting:
http://theonlinecitizen.com/2008/10/a-sleeping-authority/#comments
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5 comments:

Anonymous said...

already mentioned this

MAS has bigger issues to tackle

bigger FORWARD issues

October 28, 2008 8:46 AM
Anonymous said...

No help for the ordinary man if MAS put up the laws but refuses to implement. Worse they have their own interpretation of 'mis-selling' to help the FIs and the RMs.
Whose side is actually MAS on? I think MAS is finding a way out for the FIs and RMs at the expense of the investors.
First it dragged its feet when hell broke out and they said they were hiding behind watching and enjoying.
Then, came the Deputy who read from a prepared speech uttering nonsense
Then came another peice of nonsense
The came the PM who is probably the anchor speaker , gave a little bit of hope
Then you get clearer about the products. The GIC said it won't touch them with 20 foot pole.Then the professors of finance said they got burned too.
Back to the MAS, the deputy said everyone must read the prospectus and make informed decision.
I want to ask MAS, the chairman, the deputy, the MD how come GIC and the academia professors said the products are sooooo complicated for them and yet MAS siad the ordinary investors, the AH Peks and the Ah Sohs can make informed decision by reading the prospectus.
This is so ridiculous. Does MAS have conflict of interest or is it inefficeint? The laws are there and yet MAS is not applying them.
Why? something is wrong, really wrong.
i give up.

October 28, 2008 9:20 AM
Parka said...

Sad to say, unless there's concrete evidence that laws are breached, MAS won't be able to act.

So far, everything is still pretty gray.

October 28, 2008 10:25 AM
Unknown said...

Not as if MAS cares to give a proper sensible answer to why it refuses to take ANY actions.

NATO. as always.

October 28, 2008 11:49 AM
Unknown said...

To 9.20am

MAS purely has full of conflict of interset.


MAS chooses to apply laws that will benefit some party only la.

Everything is wrong, when they just step at the sideline, and say - "hey, investors, help yourself to complain - there are the 3 magic steps."

The 3 magic steps, I think all are very clear liao.

October 28, 2008 11:51 AM

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