The Monetary Authority of Singapore (MAS) has reprimanded the Singapore branch of JPMorgan Chase for breaching the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA).
MAS said JPMorgan contravened section 23(B)(3)(a) of the FAA by allowing two representatives, who were not appointed or provisional representatives, to provide the financial advisory service of advising others on its behalf from 26 November 2010 to 16 January 2013.
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Also, JPMorgan contravened section 99B(3) of the SFA by permitting four unauthorized representatives to carry out the regulated activities of dealing in securities and fund management, on its behalf during the above mention period.
"All financial institutions should have robust systems and controls to ensure that they do not permit any individual to conduct any type of financial advisory service under the FAA or regulated activity under the SFA on their behalf unless the individual is an appointed or provisional representative," the regulator said on its website.
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