The Monetary Authority of Singapore (MAS) has revoked the Capital Markets Services Licence of CT Bright Investment.

Due to «numerous breaches» of rules, license conditions, and failure to comply with the regulator’s written direction, the Monetary Authority of Singapore (MAS) has revoked the Capital Markets Services Licence of CT Bright Investment (CTBI).

The revocation took effect on Monday, said MAS in a statement on Thursday. As such, CTBI is no longer permitted to carry on business in fund management in Singapore. For a company to conduct activities regulated under the Securities and Futures Act, it is required to hold a Capital Markets Services Licence.

Did Not Start

The firm in question did not start any fund management activities within six months of receiving its license and did not seek an extension as required by regulations. This is despite repeated reminders addressed to CTBI and its chief executive Tanawat Wansom.

The company also failed to lodge numerous regulatory returns under the Securities and Futures Act and Securities and Futures (Financial and Margin Requirements) Regulations. Upon further investigation, MAS found that CTBI failed to notify it of the resignation of one of CTBI's two directors in early 2018. This meant that CTBI failed to meet the minimum competency requirements for licensed fund management companies of having at least two directors, relevant professionals, and appointed representatives.

Wilful Disregard

MAS has since issued a written direction to CTBI, to ask for an explanation for the breaches of its regulatory obligations and license conditions. It also directed CTBI to put in place internal controls to prevent a recurrence of these breaches. However, CTBI and its CEO did not respond or comply with the written direction. 

«MAS does not tolerate such wilful disregard of MAS’ regulatory expectations and directions,» said Lee Boon Ngiap, Assistant Managing Director (Capital Markets) of MAS. «In spite of repeated attempts to reach out to CTBI and the CEO, the firm remained unresponsive.»