TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issue manager
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Kenneth Lim
30 October 2014
Singapore Exchange (SGX) chief regulatory officer Richard Teng has resigned, less than a year after being promoted, to become chief executive of the regulator of Abu Dhabi Global Market (ADGM).
Mr Teng, who took on his current role in January following the retirement of former SGX chief regulatory and risk officer Yeo Lian Sim, will leave on Feb 28, 2015. SGX said it is currently reviewing candidates.
Abu Dhabi Global Market is a financial zone aimed initially at the private banking, wealth management and asset management sectors and which will formally launch in 2015.
Mr Teng was deputy chief regulatory officer from January 2012 until his promotion, and head of issuer regulation and head of enforcement and market surveillance before that. Before joining SGX, he was director of the corporate finance division at the Monetary Authority of Singapore.
Other regulatory and risk heads within SGX include Agnes Siew-Koh, who took on the role of head of clearing risk following Ms Yeo’s retirement; head of IPO admissions Frieda Choong; head of listing compliance June Sim; head of listing policy and product admission Jill Hong; head of member supervision Grace Mok; head of surveillance regulation Kelvin Koh; head of regulatory development and policy Chew Chin Yee; and head of legal Eli Cohen.
Mohamed Nasser Ismail, former head of the issuer regulation unit at SGX, is now leading a team focusing on small and medium enterprises for the exchange.
Mr Teng took over the reins of regulating the marketplace just a few months after the October 2013 penny stock crash. A raft of regulatory changes have been proposed since then. Some of those changes, such as reducing board lot sizes, have been welcomed by most observers; other measures, such as plans to impose a minimum trading price for mainboard companies and collateral requirements for trades, have raised a storm among certain market stakeholders.
SGX chief executive Magnus Bocker said: “He was instrumental in establishing a direct listing framework for China-incorporated companies on the exchange, introducing a regulatory framework for secondary listings and augmenting safeguards in the stock market. While we will all miss him, we are also very proud that he has been presented with the opportunity to shape the regulatory landscape internationally.”
In a statement issued by Abu Dhabi Global Market, Mr Teng said: “I look forward to the exciting journey of establishing an open, efficient and integrated eco-system that meets the dynamic economic needs of the global market. There is no doubt that ADGM will play a pivotal role in shaping the future of the international financial landscape.”
ADGM chairman Ahmed Ali Al Sayegh said: “Richard brings a wealth of expertise and experience in the financial sector and particularly in establishing robust regulatory frameworks.”
SGX shares closed at S$6.91 on Wednesday, lower by 0.4 per cent or three cents, before the announcement.