MAS Issues Prohibition Order Against a Managing Director for Unlicensed Securities Dealing

The Monetary Authority of Singapore (MAS) has issued an eight-year prohibition order (PO) against Ms Nancy Tan Mee Khim, following her conviction for consenting to Noble Consulting Group Pte Ltd (Noble) carrying on a business of dealing in securities without holding a capital markets services licence under the Securities and Futures Act 2001 (SFA).

Under the PO, which took effect on 18 May 2022, Ms Tan is prohibited from performing any regulated activity or from taking part in the management of, acting as a director of, or becoming a substantial shareholder of a holder of a capital markets services firm under the SFA.

Between July 2013 and December 2015, Ms Tan was the managing director of Noble, a company in the business of helping small and medium enterprises raise funds from the public. Noble organised multiple seminars, participated in investment exhibitions, created and disseminated marketing materials to potential investors and raised a total of $15,355,000 from 145 members of the public. The Investment or Loan Agreements that the investors entered into with Noble's client companies were found by the State Courts to be debentures, a form of securities.

On 3 June 2020, Ms Tan was convicted under section 82(1) read with section 331(1) of the SFA for consenting to Noble carrying on a business of dealing in securities without holding a capital markets services licence. She was sentenced to 8 months' imprisonment. On 5 March 2021, Ms Tan's appeal against her conviction and sentence was dismissed by the High Court.

Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, "Persons dealing in securities and capital market products must take steps to ensure that they comply with the licensing requirements under the Securities and Futures Act. MAS' licensing regime protects members of the public by admitting only fit and proper persons, who must carry out regulated activities in accordance with business conduct and other requirements. MAS will take stern action against errant companies and individuals who conduct regulated activities without a licence."