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The Monetary Authority of Singapore (MAS) has just announced today that
MAS has taken civil penalty enforcement action against three employees of the
Government of Singapore Investment Corporation Pte Ltd (GIC) for breaches of the
Securities and Futures Act of Singapore based on its findings that those
employees did insider trading involving Japanese securities market. This kind of insider trading is a so-called cross border transaction which is a securities transaction in a Japanese securities market by a foreign resident. The enforcement action by MAS has come as a result of our request of investigation into and providing information of a suspicious case of insider trading, which was detected by the Securities and Exchange Surveillance Commission of Japan (SESC), based on the bilateral Memorandum of Understanding (MOU) with MAS on the sharing of information on securities matters. This case is a fruit of international regulatory cooperation to combat with cross border market misconduct. SESC appreciates MAS for its cooperation and will continue to advance such international cooperation. |
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