According to the Monetary Authority of Singapore (MAS), Frontier Wealth Management – an independent financial advisory company – is classified as an exempt fund manager under the Securities and Futures (Licensing and Conduct of Business) regulations.
As such, the firm is required to file information, including its total assets under management and the number of clients for whom it undertakes fund management activity, using Form 25.
By failing to submit Form 25 within 14 days of the end of its financial year, on 31 Dec 2010, Frontier Wealth Management contravened the regulations. This was not the first time it had breached the rules, the MAS noted, and followed late submissions for 2005, 2007 and 2008.
