According to the MAS, Frontier is a repeat offender. Singapore-based Frontier, which was launched in 1996, could not immediately be reached for comment.

The MAS officially slapped the wealth manager with a warning after it failed to submit Form 25 of the Securities and Futures Regulations after the end of its financial year, as required under SF Regulations, according to an emailed statement from the MAS.

Under the regulation, information to be filed in Form 25 includes the total assets under management of the fund manager, and the total number of qualified investors whom the fund manager undertakes such fund management activity on behalf of. 

By failing to submit Form 25 within 14 days after its financial year ended on 31 Dec 2010, Frontier has contravened part of the regulation. This was not Frontier’s first breach of the rules. Frontier was also late in its submission of Form 25 for financial years 2005, 2007 and 2008.