MAS Issues Reprimand to Northstar Advisors

On 20 September 2012, MAS reprimanded Northstar Advisors Pte. Ltd. [“NAPL”] for repeated late lodgments of Form 25 (now repealed[1]) of the Securities and Futures (Licensing and Conduct of Business) Regulations [“SF(LCB) Regs”] after the end of its financial year. NAPL is an exempt fund manager under paragraph 5(1)(d) (now repealed) of the Second Schedule to the SF(LCB) Regs, undertaking fund management activity in Singapore on behalf of not more than 30 qualified investors.

Under the SF(LCB) Regs, information to be filed in SF(LCB) Regs Form 25 (now repealed) includes the total assets under management of the exempt fund manager, and the total number of qualified investors whom the exempt fund manager undertakes such fund management activity on behalf of. By failing to submit SF(LCB) Regs Form 25 (now repealed) within 14 days after its financial year end of 31 December 2011, NAPL has contravened paragraph 5(7)(d) (now repealed) of the Second Schedule to the SF(LCB) Regs. This was not NAPL’s first breach of the SF(LCB) Regs. NAPL was warned on two previous occasions, for its late submission of SF(LCB) Regs Form 25 (now repealed) for the financial years ended 31 December 2008 and 31 December 2010.

•