Compliance
Singaporean Regulator Lifts Ban On DBS, RBS And Maybank
The
Monetary Authority of Singapore has lifted the ban on three
of the ten financial institutions prohibited from selling
structured notes in the wake of the Lehman Brothers minibond
crisis.
DBS Bank,
Royal Bank of Scotland, and
Malayan Banking are now allowed to sell structured notes
after being banned from doing so since July 2009.
The other distributors, Kim Eng Securities, OCBC Securities,
Phillip Securities, and CIMB-GK Securities are still barred,
while UOB Kay Hian and DMG & Partners Securities have sought more
time to implement changes to their operations. Hong Leong Finance
had already ceased to sell. Among the issues that led to the July
decision were lax internal process and lack of trained
relationship managers.
MAS said that an independent reviewer had been appointed to
scrutinise the institutions' plans, implementation strategies,
remuneration and training process, and other related issues.
The decision was welcomed by the three banks.
