In a statement released today, the regulator said CIC, after an investigation, had been fined S$4m (£2m,€2.5m)) for its failings which were:
- to evidence that the clients had met the requisite requirements under the Securities and Futures (Professional Investor) Rules;
- to adequately assess the investment experience of its clients as required under the Code of Conduct; and
- to obtain signed declarations from clients who agreed to be treated as professional investors as required under the Code of Conduct
The SFC said, in agreeing to resolve the case, CIC has agreed to engage an independent reviewer, to be agreed by the regulator, to review its internal controls in relation to identification and treatment of professional investors and the provision of investment advice. CIC has also agreed to implement all recommendations to be made by the reviewer.
