Monetary Authority of Singapore Fines Three Arrows Capital Founders for Securities Law Violations
Summary:
Founders of Three Arrows Capital (3AC), Kyle Davies and Zhu Su, have been issued a nine-year prohibition order by Singapore's Monetary Authority (MAS) for alleged securities law violations. They are banned from regulated activities and cannot manage or hold substantial shares in any capital market services business. MAS found them guilty of various infractions, including failure to notify the central bank of a new business representative and providing false information.
The founders of Three Arrows Capital (3AC), Kyle Davies and Zhu Su, have been slapped with a nine-year prohibition order by the Monetary Authority of Singapore (MAS) after allegedly violating the country's securities laws. According to MAS, the duo will be restricted from engaging in regulated activities and are prohibited from managing, serving as directors, or holding substantial shares in any capital market services business for the duration of the prohibition period, which started on September 13. MAS justified their decision by highlighting Su and Davies' failure to inform the central bank about 3AC's new business representative, provision of false information to the regulator, and absence of an adequate risk management framework. We will continue to update you on this developing story.
Published At
9/14/2023 3:51:03 AM
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