According to the MAS, the company contravened two sections of the Securities and Futures Act, which impose liability on a person making an offer of units in a collective investment scheme for a “false or misleading statement" contained in a prospectus, advertisement or publication.
Between 1 April, 2010 and 30 March, 2011, the firm’s offer of units in the SPDR Straits Times Index ETF (previously the streetTRACKS Straits Times Index Fund) was accompanied by a prospectus with performance figures which were “materially higher than the actual figures”, the regulator found.
In addition, the MAS said, a notice of amendments dated 31 March, 2011 and 6 June, 2011, issued by State Street Global Advisors regarding the fund, contained inaccurate data.
The regulator noted that the company has since reviewed the process used in the preparation of such documents, and implemented additional processes and controls.
State Street Global Advisors, the asset management business of State Street Corporation, has more than 2,400 employees worldwide.
