SINGAPORE: The Monetary Authority of Singapore announced on Thursday that it has revoked the Capital Markets Services Licence of CT Bright Investment .
According to MAS, CTBI did not start any fund management activities within six months of receiving its licence, and did not seek an extension as required by regulations.Despite repeated reminders addressed to CTBI and its CEO Tanawat Wansom, the company also failed to lodge numerous regulatory returns under the Securities and Futures Act and Securities and Futures Regulations.
As a result, CTBI also failed to meet the minimum competency requirements for licensed fund management companies of having at least two directors, relevant professionals and appointed representatives.In view of the breaches, MAS then issued a written direction to CTBI, addressed to its CEO, to explain the reason for the breaches of its regulatory obligations and licence conditions.
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