Page 169 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

Mdm Tan had pledged ACL and FEOL shares as collateral for share margin
purposes. For three consecutive days in May 2016, Mdm Tan purchased shares in

ACL and FEOL near or during the close of the days’ trading sessions, resulting in her

purchases artificially raising and setting the closing prices of these shares on all three

days. As the closing prices of these shares had an impact on the value of her collateral,

her collateral value increased correspondingly.

Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial

Crime), MAS, said, “Trading behaviour that has the effect of distorting prices

adversely affect the fair and orderly functioning of our capital markets. MAS will take

firm action against participants who are reckless as to whether their trades are likely

to create a false appearance in the prices of securities.”

*****

Additional information

(A) The civil penalty regime

A civil penalty action is not a criminal action and does not attract criminal

sanctions. The civil penalty regime, designed to complement criminal sanctions and

provide a nuanced approach to combat market misconduct, became operational at the

beginning of 2004.

Under section 232 of the Securities and Futures Act 2001, MAS may enter into

an agreement with any person for that person to pay, with or without admission of

liability, a civil penalty for contravening any provision of Part XII of the SFA. The

civil penalty may be up to three times the amount of the profit gained or loss avoided

by that person as a result of the contravention, or $2 million, subject to a minimum of

$50,000 (if the person is not a corporation) or $100,000 (if the person is a

corporation).

(B) False appearance with respect to the price of securities under section
197(1A)(b) of the Securities and Futures Act

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