The Monetary Authority of Singapore (MAS) объявило a reprimand for Three Arrows Capital (3AC) for providing false information and exceeding the allowed assets under management threshold.
The firm violated the Securities and Futures Act of 2001 and the Securities and Futures Rules. MAS has been examining the matter since June 2021.
The management company licence obtained in August 2013 allowed dealing with up to 30 qualified investors and assets up to 250 million SGD.
In fact, 3AC exceeded this threshold on two occasions — between July and September 2020, and from November 2020 to August 2021.
On 1 September 2021, 3AC transferred management of its sole fund to an offshore company registered in the British Virgin Islands. In February 2022 it resumed management of part of the fund’s assets. On 29 April, 3AC notified MAS of its intention to wind up the Singapore entity with effect from 6 May 2022.
The company did not disclose that the offshore vehicle and 3AC shared a common shareholder. It also failed to notify MAS in the required timelines about changes in management and ownership.
Earlier this week, the Virgin Islands High Court постановил ликвидировать хедж-фонд Three Arrows Capital.
In June, the Monetary Authority of Singapore пригрозил to crack down relentlessly on violations in the cryptocurrency industry.
Earlier, the regulator in Dubai said that 3AC did not hold a license to operate in the emirate.
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