Sent by e-mail to me:
Minister Lim Hng Kiang (Deputy Chairman of MAS) said that it is not up to MAS to judge the merit of the investment product, yet MAS endorses the standard of clarity in the prospectus of the investment products.
He said that two legal laws, i.e. Financial Advisors Act and The Securities and Futures Act, are already in place, yet MAS, being the regulator empowered to enforce these laws, chooses not to exercise its power.
Full posting:
http://theonlinecitizen.com/2008/10/a-sleeping-authority/#comments
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