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<ul><li>MAS issues nine-year prohibition orders against Zhu Su and Kyle Livingston Davies, former executives of Three Arrows Capital, for contraventions of financial regulations.</li><li>The orders follow a series of regulatory breaches, including failure to notify MAS about employment changes and providing false information.</li><li>The prohibition orders took effect on September 13, 2023, barring the accused from engaging in any regulated activity under the Securities and Futures Act.</li></ul>The Monetary Authority of Singapore (MAS) has <a href="https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2023/mas-issues-prohibition-orders-against-three-arrows-capital-zhu-su-and-kyle-livingston-davies" rel="noopener noreferrer nofollow">imposed</a> nine-year prohibition orders on Zhu Su and Kyle Livingston Davies, former senior executives of Three Arrows Capital Pte Ltd (TACPL). The orders, effective from September 13, 2023, were issued for multiple violations of the Securities and Futures Act 2001 (SFA) and Securities and Futures (Licensing and Conduct of Business) Regulations (SFR).The prohibition orders restrict Zhu and Davies from participating in any regulated activities and bar them from holding directorship or substantial shareholding in any capital market services firm under the SFA. This action follows MAS&#39;s <a href="https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2022/mas-reprimands-three-arrows-capital-for-providing-false-information-and-exceeding-assets-under-management-threshold" rel="noopener noreferrer nofollow">reprimand</a> of TACPL in June 2022 for providing false information, failing to notify changes in directorship and shareholdings, and exceeding the permissible assets under the management threshold for a registered fund management company.MAS&#39;s subsequent investigation revealed <a href="https://www.theguardian.com/technology/2022/jun/29/three-arrows-capital-to-become-latest-casualty-of-crypto-crash" rel="noopener noreferrer nofollow">additional contraventions</a> committed by TACPL between August 2020 and January 2022. These included the failure to notify MAS about the employment of Cheong Jun Yoong Arthur as a portfolio manager and the provision of false information regarding his employment. Moreover, TACPL lacked an appropriate risk management framework for cryptocurrency and digital asset investments.Read full article at <a href="https://cryptotale.org/mas-takes-stern-action-against-three-arrows-capital-executives/" rel="noopener noreferrer nofollow">CryptoTale.</a>

MAS Takes Stern Action Against Three Arrows Capital Executives

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