The Monetary Authority of Singapore has revoked the capital markets services licence of an asset and wealth management firm headquartered in Singapore.
The Monetary Authority of Singapore (MAS) has revoked the capital markets services licence (CMSL) of One Asia Investment Partners (OAIP) with effect from 11 April 2017.
This means that OAIP has ceased to be a licensed fund management company and is no longer permitted to carry on business in fund management in Singapore.
Effective Management Oversight
The MAS stated that the board of directors and the management team of OAIP had not demonstrated that they were able to manage OAIP effectively. OAIP’s financial condition deteriorated and subsequently OAIP was issued a winding up order by the High Court of Singapore.
Accordingly, MAS has revoked OAIP’s CMSL under section 95(5)(a) of the Securities and Futures Act (Cap. 289) (SFA) on the grounds that OAIP is in the course of being wound up in Singapore.
The board of directors of every financial institution has a duty to ensure that the firm has effective management oversight over its operations and financials, and that the firm remains compliant with MAS’ rules and regulations at all times, the regulator said.
