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SINGAPORE : The Monetary Authority of Singapore (MAS) on Tuesday said it will lift the ban on the sale of structured notes for six financial institutions with immediate effect.
The six institutions are CIMB Securities, DMG & Partners Securities, Kim Eng Securities, OCBC Securities, UOB Kay Hian and Phillip Securities.
MAS said these institutions have taken measures to rectify all the weaknesses identified in the authority's investigations in the wake of the Lehman Brothers minibond scandal.
The institutions have also reviewed and strengthened their internal processes and procedures for the provision of financial advisory services across all investment products.
Under MAS' directions, the financial institutions were required to appoint an external person to review their action plan and report on its implementation.
CIMB Securities appointed Ernst & Young, DMG & Partners Securities appointed KPMG, Kim Eng Securities appointed Stamford Law Corporation, OCBC Securities and Phillip Securities appointed PricewaterhouseCoopers, while UOB Kay Hian appointed Deloitte & Touche as their external person.
MAS said the appointed external persons have completed their review and said they are satisfied with the action plans and their implementation by the financial institutions.
The six financial institutions have publicly pledged their commitment to effectively implement various measures on an ongoing basis in order to deliver fair dealing outcomes to their customers.
These include stepping up training and supervision of their staff and enhancing the policies and procedures on their sales and advisory process.
MAS said it will hold the Board and Senior Management of the financial institutions accountable for meeting this commitment.
MAS lifted a similar ban from DBS Bank, Maybank and the Royal Bank of Scotland or RBS in February this year.
The six financial institutions are also taking steps to incorporate the proposals in MAS' Consultation Paper on Regulatory Regime for Listed and Unlisted Investment Products issued in January this year. - CNA/ms
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