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PR Newswire
17-03-2015, 09:02 PM
Interesting arrangement...
MAS and CAD to jointly investigate market misconduct offences
SINGAPORE (Mar 17): The Monetary Authority of Singapore, the republic’s de facto central bank, along with the Commercial Affairs Department of the Singapore Police Force, say they will start joint probes of market misconduct, such as insider trading and market manipulation.
The two agencies, which previously conducted separate investigations, will decide whether violations are criminal or civil in nature.
“With joint investigations, MAS and CAD will now jointly investigate all potential market misconduct offences from the outset. The decision on whether a case is subject to civil penalty action or criminal prosecution will be made when investigations are concluded,” the agencies said in a joint statement.
Under the new arrangement, MAS and CAD will consolidate their investigative resources and expertise, drawing significant synergies from MAS’ role as a financial regulator and CAD’s financial crime investigation and intelligence capabilities.
“The new arrangement also allows for greater coordination when formulating enforcement policies in the area of market misconduct,” the agencies added.
The arrangement will also improve the overall effectiveness of market misconduct investigations.
MAS officers taking part in the joint investigations are gazetted as Commercial Affairs Officers, giving them the same criminal powers of investigation as CAD officers.
Such powers include the ability to search premises and seize items, and to order financial institutions to monitor customer accounts.
http://www.theedgemarkets.com/sg/article...t-offences
MAS and CAD to jointly investigate market misconduct offences
SINGAPORE (Mar 17): The Monetary Authority of Singapore, the republic’s de facto central bank, along with the Commercial Affairs Department of the Singapore Police Force, say they will start joint probes of market misconduct, such as insider trading and market manipulation.
The two agencies, which previously conducted separate investigations, will decide whether violations are criminal or civil in nature.
“With joint investigations, MAS and CAD will now jointly investigate all potential market misconduct offences from the outset. The decision on whether a case is subject to civil penalty action or criminal prosecution will be made when investigations are concluded,” the agencies said in a joint statement.
Under the new arrangement, MAS and CAD will consolidate their investigative resources and expertise, drawing significant synergies from MAS’ role as a financial regulator and CAD’s financial crime investigation and intelligence capabilities.
“The new arrangement also allows for greater coordination when formulating enforcement policies in the area of market misconduct,” the agencies added.
The arrangement will also improve the overall effectiveness of market misconduct investigations.
MAS officers taking part in the joint investigations are gazetted as Commercial Affairs Officers, giving them the same criminal powers of investigation as CAD officers.
Such powers include the ability to search premises and seize items, and to order financial institutions to monitor customer accounts.
http://www.theedgemarkets.com/sg/article...t-offences
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