Singapore, 22 March 2019… The Minister in Charge of the Monetary Authority of Singapore (MAS) has shortened the duration of the prohibition orders made by MAS against Ms Zheng Xuemei from two years to one year.
2 On 17 May 2018, MAS announced the issuance of prohibition orders against Ms Zheng for a period of two years, with effect from 14 May 2018. The orders prohibit her from performing any regulated activity under the Securities and Futures Act (SFA) and from providing any financial advisory service under the Financial Advisers Act (FAA). She is also prohibited from taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.
3 MAS had issued the prohibition orders on the grounds that (i) Ms Zheng had not honestly carried out her duties to her client as an appointed representative of a financial institution, and (ii) Ms Zheng’s performance as an appointed representative was unsatisfactory.
4 Ms Zheng subsequently appealed to the Minister against MAS’ decision. Following the hearing by MAS’ independent Appeals Advisory Committee (AAC), the Minister has decided to reduce the length of the prohibition orders.
***
Additional information
Any person who is aggrieved by MAS’ decision to issue a prohibition order against him is entitled to appeal to the Minister in charge of MAS1. When such an appeal is made, an Appeal Advisory Committee (AAC) comprising three members will be constituted from a panel comprising members from the financial services industry, as well as the public and private sectors, as appointed by the Minister2. The AAC will conduct a hearing, and may summon any person to give evidence or produce any document necessary for the inquiry3. MAS and the appellant may also make oral submissions during the hearing. After the hearing, the AAC will submit a written report to the Minister which the Minister will take into consideration in making his final decision.
1 Under section 101A(5) of the SFA and section 59(4) of the FAA
2 Under section 310 of the SFA and section 91 of the FAA
3 This procedure is set out in the Securities and Futures (Appeals) Regulations 2005 and the Financial Advisers (Appeals) Regulations