MAS revokes CT Bright Investment's CMS license

CBTI breached numerous rules and license conditions, says MAS.

The Monetary Authority of Singapore (MAS) has revoked the Capital Markets Service (CMS) License of CT Bright Investment (CTBI) due to numerous breaches of MAS’ rules and licence conditions, the regulator announced.

According to MAS, CTBI failed to respond or comply with the regulator’s written direction to address the breaches and to strengthen its internal controls to prevent recurrence.

CTBI is no longer permitted to carry on business in fund management in Singapore, the regulator added.

The revocation took effect on 9 December.

“MAS does not tolerate such wilful disregard of MAS’ regulatory expectations and directions. In spite of repeated attempts to reach out to CTBI and the CEO, the firm remained unresponsive. MAS will take stern action against financial institutions that do not abide by MAS’ directions, and will revoke the licences of financial institutions that are not serious about carrying on regulated activities,” said Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS.