Tuesday, November 04, 2008

MAS has the power to investigate and bring a court action

Posting #68 in
http://theonlinecitizen.com/2008/11/1017-hav-signed-fourth-petition-to-mas/#comment-29561

Statement by Mr. Lee Hsien Loong in 2006


25. Market discipline also requires an effective enforcement regime. To preserve investor confidence, penalties for transgressions must be swift and appropriate. MAS now has the power to investigate and bring a court action for market misconduct under the new civil penalty regime. This will complement the existing criminal penalty regime administered by CAD.”


In the first Petition signed by 983 investors, there was a call for MAS or CAD to investigate into any wrong doing by the financial institutions that created or marketed the product. So far, there is no news on this matter.

I hope that they will "investigate and bring a court action for market misconduct".

6 comments:

Concerned said...

How come we have not seen any action taken against any FIs or RMs despite so much noise being made?

CC said...

Gosh, this is a statement in 2006????

wah, i hope he din say that, just because conditions were rosy at that time.

And, Now is the time to upheld that statement. Walk the talk.

C said...

The FIs KNEW of the HIGH RISKS and sold High Notes as "VERY SAFE" to investors who trusted the brand name and ended up being "INSURERS" of the entities!!

The "can do no wrong" FIs fight to keep their assets while the investor, LEFT NAKED FROM THE BEGINNING bears ALL THE LOSS and the anguish.

Now, the all mighty and powerful FI want the investor to PROVE their case.

They should complete a 16 question form and submit to us too!!! and we'll see if satisfies our requirements.

We are waiting and we WILL remember this. It's not just about money lost, it's about integrity.

10,000 may be a small percentage of the population. But there is a tipping point.

Who, besides Mr Tan, is here to stand up for the common man?

CCS

zhummmeng said...

If there is no enforcement there is NO regulation. Regulation must be accompanied by enforcement. Market discipline can only be forged by enforcement.The market definitely needs vigorous regulation to prevent another debacle

CC said...

the weakest link, it is - the person enforcing the regulation.

Anonymous said...

WRONG

the weakest link is the PERSON assuming the Regulation Formulator, the Enforcer, the Issuer AND the 'Order Executor' ahead of him would do their jobs, that he wont have to necessarily bear the burden of 100% the accountability for the last 20% of the road.

They have a Name for that last Person. It Sucks so much it is censored.

Blog Archive