The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) will now jointly investigate market misconduct such as insider trading, the two agencies said in a joint statement released yesterday.
Previously, the two agencies would conduct investigations independent of each other, based on whether the targeted offence was likely to be a civil penalty or criminal prosecution case.
The new arrangement will involve the MAS and CAD jointly tackling offences listed under Part XII of the Securities and Futures Act. These include providing misleading market information and manipulating prices of futures contracts.
Joining forces allows both agencies to consolidate their resources and expertise. The MAS has insights in the financial sector that will complement the CAD's experience in combating financial crime.
This will lead to more effective enforcement outcomes, said the MAS' assistant managing director for capital markets, Mr Lee Boon Ngiap, and CAD director Tan Boon Gin.
As part of the new partnership, which takes effect immediately, MAS officers taking part in joint investigations will be gazetted as CAD officers. This will give them the powers to search premises, seize items and order financial institutions to monitor customer accounts.
Once investigations are concluded, both agencies will decide whether a case is subject to civil penalty or criminal prosecution.
This article was first published on March 18, 2015.
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